PRESS RELEASE
For immediate release
ORBIT SHAREHOLDERS MOBILIZE TO AVOID BANKRUPTCY The creditors of Orbite Technologies Inc. have one last opportunity to avoid dismantling. Montreal, November 19th, 2019 - Despite the recent public announcement of the bankruptcy and dissolution of its board of directors, Orbite Technologies Inc. still has an ace in its sleeve: the support of its creditors and the mobilization of its shareholders to monetize this proven technology. To do this, they want to get external engineering expertise within 4 weeks and get more than 50% of the proxy shares to take back control of the company.
Orbite's process is working and, currently, only a mechanical breakdown has pushed the company into this cul-de-sac. This expertise will help develop the required modification to the current calcinator or find the alternative to start commercial production. To date, no such expertise has been confirmed by former management.
"It's impossible for us to give up. Beyond the financial losses of shareholders and creditors, the bankruptcy of Orbite is also the loss of tens of millions invested in the research and development of this unique technology over the years, not counting the investments of our governments. Before its patents and plant are in the hands of other investors, we must act! Affirms Lorenzo D'Alesio, spokesperson of Orbite shareholders.
All shareholders of Orbite Technologies Inc. are invited to contact Orbite Shareholders' Group
as soon as possible at
actionnairesorbite@gmail.com to obtain the power of attorney to represent their interests. The goal is to raise 50.1% of the outstanding shares by proxy to be able to negotiate with the Trustee (P.W.C.) and the creditors prior to the dismantling, which could be authorized by the court on
November 26, 2019.
Lorenzo D'Alesio was appointed as spokesperson by a committee of Orbite shareholders. With more than 10 million proxy shares following the recent mobilization, he has been a proud supporter of Orbite Technology for a decade. He has proven over the years that he is the right person to defend the interests of investors and creditors.
With the external engineering expertise and the majority of the shares, the shareholders' group wishes to retrieve Orbite Technologies Inc. from the CCAA (Companies' Creditors Arrangement Act). Together with the creditors, the grouping would be ready to act as a buyer, if the situation so requires, and thus form a new board of directors and then restart the activities.
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Mr. Lorenzo D’Alesio,
shareholder and spokesperson:
Orbite Shareholders' Group actionnairesorbite@gmail.com 514-297-7867