Business
Orbite Announces Fourth Quarter and Full Year 2015 Results
Orbite Announces Fourth Quarter and Full Year 2015 Results.
About this update from Orbite Technologies Inc
[{"type":"text","content":"\n \n \n Orbite Announces Fourth Quarter and Full Year 2015 Results\n \n \nOrbite Announces Fourth Quarter and Full Year 2015 Results\n \n MONTREAL, QUEBEC--(Marketwired - Mar 31, 2016) - Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) (\"Orbite\", or the \"Company\") announced today the filing of its Financial Statements for the fourth quarter and year ended December 31, 2015. During the fourth quarter, the Company reported a loss before net finance expense (income) and taxes of $3.9 million, down 23.5% from $5.1 million for the same period in 2014. For the full year, loss before net finance expense (income) decreased by 13.9%, or $2 million, from $14.4 million to $12.4 million, as compared to fiscal 2014.\n As at December 31, 2015, the Company had an aggregate cash and short-term investments balance of $2.6 million, and positive working capital (current assets less current liabilities) of $4.2 million. Subsequent to year end, in fiscal 2016 to date, the Company has raised capital, strengthening its working capital position, with net proceeds of $10 million through a bought deal financing and the exercise of share purchase warrants. \n All dollar amounts are in Canadian dollars unless stated otherwise. \n Full year and Subsequent Events Highlights \n Operational\n \n \n Throughout the year, the Company progressed well towards completion and commissioning of its high purity alumina facility in Cap-Chat. Pictures documenting the construction phase can be found on the Company's website at http://bit.ly/1U5E1pk \n \n On March 7, 2016, the Company confirmed the installation of critical calcination system components, which had been withheld by a supplier in breach of the contract between the two companies. The Company also confirmed commissioning of the feed system for delivering Aluminum Chloride Hexahydrate crystals (\"ACH\") into the decomposer and completion of the cold start-up of the decomposer and calciner and associated air and steam supply system, as well as the testing and cold start-up of the acid capture system of the decomposer. These are the initial steps towards hot commissioning of the calcination system and subsequent full commissioning and start-up of the plant. \n \n On March 15, 2016, the Company announced that due to the complexity of the piping to be installed at its HPA plant, and the tight quarters for install...