Orbite Technologies Inc EORBF

Orbite Board resigns - no liability insurance coverage

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https://s2.q4cdn.com/622589029/files/doc_news/2019/10/18/Press-release-Oct-18-EN.pdf

Orbite Provides Corporate Update
Laval, Qubec, October 18, 2019 - Orbite Technologies Inc. (NEX: ORT.H) (“Orbite” or the
“Company”) today provided an update on its plan to emerge from CCAA protection.
Definitions of the capitalized terms used herein can be found at the end of this press release.
Sale and Investment Solicitation Process (SISP)
As announced on October 7, 2019, the Monitor, in concert with Orbite, continues its discussions
with certain bidders in the SISP process. The CCAA Court had extended the Stay Period until
October 29, 2019.
The Company will provide further updates as developments occur.
Resignation of Directors and Officers of the Company
As a result of the Company’s insurers not granting an extension to the Directors and Officers
Insurance Policy, all Directors and Officers of the Company have resigned, effective today. This
includes all Board members as well as the Chief Executive Officer, the Chief Financial Officer, and
the Chief Operating Officer. The aforementioned members of management will remain, for the time
being, employees of Orbite but will report to the Monitor and will be called upon as needed to move
the Company through the SISP process.
Definitions
CCAA: Companies’ Creditors Arrangement Act.
CCAA Court: Quebec Superior Court.
Monitor: PricewaterhouseCoopers Inc.
Stay Period: Period of time during which there is a stay of all proceedings against the Company.
There can be no guarantees that the Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.