Orbite Technologies Inc EORBF

Nov. 29, 2019 Orbite Provides Corporate Update

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Nov. 29, 2019

PRESS RELEASE ORBITE TECHNOLOGIES INC. NEX: ORT.H Orbite Provides Corporate Update Laval, Qubec, November 29, 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. CCAA Court extends the Stay Period As announced on November 1, 2019, the CCAA Court issued an order pursuant to the CCAA providing for a Stay Period until November 26, 2019. On November 26, 2019 the CCAA Court granted a motion filed by the Company and issued an order extending the Stay Period until December 13, 2019. The extension of the Stay Period was granted to provide the Monitor, on behalf of Orbite, to allow enough time to carry out the following: • Continuing the discussions with potential purchasers / investors / strategic partners that have submitted expressions of interest under the SISP; • The filing and hearing of an application for approval of a SISP transaction, if any; The Cap-Chat plant is under care and maintenance by the requisite Orbite operating staff and all other employees have been laid off. There can be no guarantees that the Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.

 

https://s2.q4cdn.com/622589029/files/doc_news/2019/11/2019-11-29-ORT-PR-Corporate-Update-FINAL.pdf