/EINPresswire.com/ -- MONTREAL, QUEBEC--(Marketwired - May 16, 2017) - Orbite Technologies Inc. ("Orbite" or the "Company") (OTCQX:EORBF) announces that further to its press release of April 17, 2017, the Toronto Stock Exchange ("TSX") has de-listed its securities as of the close of business today for failure to meet the continued listing requirements of the TSX.

The Company has filed to have its common shares listed on the NEX board towards a possible relisting, as a first step, on the TSX Venture Exchange ("TSX-V") when and if the Company emerges from creditor protection and meets the listing requirements of the TSX-V. The listing on the NEX board is expected to become effective in the next few days however trading will remain suspended until further notice.

It is expected that the listing on the NEX board will allow the Company to file for the listing of its common shares on the TSX-V, on a simplified and cost-efficient basis. There can be no guarantees that the Company will be successful in obtaining the listing of its common shares on the TSX-V or on any other stock exchange.

The Company is currently under the protection of the Companies Creditors Arrangements Act and the Initial Order issued provides for an initial stay of all proceedings until May 29^th, 2017 and appoints PricewaterhouseCoopers as monitor of the business and financial affairs of the Company.

The Company's goal remains to put in place the required financing to emerge from insolvency protection and protect the interests of all stakeholders, including its shareholders.

About Orbite

Orbite Technologies Inc. is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. The Company's portfolio contains 15 intellectual property families, including 45 patents and 48 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In particular, statements concerning (i) the ability to put in place the required financing to emerge from insolvency protection, and (ii) the ability of the Company to list its securities on the TSX-V or on any other exchange are all forward-looking statements. In this document, words such as "may"," confident", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. Factors that could impact the Company's expectations expressed in the forward looking statements include (i) with respect to financing, the inability to find lenders willing to provide financing or at terms acceptable to the Company, a deterioration in market or economic conditions limiting the supply of funds by lenders or increasing the cost thereof, actions or demands for repayment by existing lenders and other factors impacting financing, and (ii) with respect to the listing of the securities, the inability to meet, on a timely basis, the exchange's requirements. Risks, uncertainties and other factors that could affect anticipated results and future events also include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on May 15, 2017 on SEDAR, including those under the headings "Going Concerns", Commercial Operation of HPA Plant", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames" which are described in the MD&A filed on March 31, 2017.

The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.