Orbite Provides General Update: Outotec Calcinator Contract Signed; EDC Funds Incoming
Date : 03/27/2014 @ 8:58AM
Source : Marketwired
Stock : Orbite Aluminae, Inc. (QX) (EORBF)
Quote : 0.27 0.0761 (39.25%) @ 11:10AM
Orbite Provides General Update: Outotec Calcinator Contract Signed; EDC Funds Incoming
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Orbite Provides General Update: Outotec Calcinator Contract Signed; EDC Funds Incoming
MONTREAL, QUEBEC--(Marketwired - Mar 27, 2014) - Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Corporation"), today provided a general update on its activities and announced that it had finalized negotiations with Outotec and executed the calcination system supply contract.
As communicated in its March 17 HPA project update, Orbite selected Outotec to supply and deliver the new calcination system for its HPA facility. Detailed contract negotiations have been finalized and the supply contract, which includes penalties related to performance and late delivery, has been executed. The contract also foresees incentives for enhanced performance and early delivery. Subsequent to the execution of the contract and as contemplated, the funds from the previously announced interest free loan from Economic Development Canada are being received over the next few days.
Orbite continues to work towards a 12 month execution timeline, with commissioning in December 2014 and commercial operations to commence in January 2015. Full production capacity at 3 tpd is anticipated for Q1 2015.
Glenn Kelly, CEO of Orbite, stated, "We continue to progress well and are on schedule for meeting our twelve month execution timeline and the finalization of the equity investment by the Government of Quebec is also proceeding as planned. Accordingly, I want to reemphasize that we are moving forward as per plan and are not aware of any undisclosed material changes or corporate developments that would account for the recent variations in share price or increased trading volumes. Consequently, we have requested that the relevant regulatory authorities conduct a formal investigation into the recent trading activity."
