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Orbite Receives First Instalment of 2014 Investment Tax Credits
Orbite Receives First Instalment of 2014 Investment Tax Credits.
About this update from Orbite Technologies Inc
[{"type":"text","content":"\n \n \n Orbite Receives First Instalment of 2014 Investment Tax Credits\n \n \nOrbite Receives First Instalment of 2014 Investment Tax Credits\n \n MONTREAL, QUEBEC--(Marketwired - May 11, 2016) - Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) (\"Orbite\" or the \"Company\") today announced that it received a first payment in the amount of $3.2 million from tax authorities in Quebec for investment tax credits (\"ITC\") relating to equipment purchased for manufacturing and processing in the Gaspe region during the 2014 financial year. This ITC payment represents approximately 80% of the $4.0 million of ITCs expected to be received for 2014, while the Company has received 100% of the ITCs for the 2012 and 2013 financial years. \n The sums received will be used to pay down a portion of the Company's 2015 credit facility. \n Aggregate ITCs received to date for the Cap Chat Facility total $29.2 million. The Company has a balance of $13.0 million in ITCs to be received, of which $0.8 million relates to the 2014 financial year, approximately $8.5 million to the 2015 financial year, and an estimated $3.7 million for 2016 as of the date hereof. The Company anticipates accruing an additional $2.8 million during the remainder of 2016 such that total ITCs under this program should reach approximately $45 million for the completion of its HPA facility at Cap-Chat. The Company also expects to accrue additional ITCs in 2017 related to the investments for the increase in plant capacity and the conversion of the extraction section.\n About Orbite\n 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 16 intellectual property families, incl...