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Gold/Mining/Energy : Orbite Aluminae

EORBF 0.000001000

-99.7%

May 27 12:27 PM EST

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To: LoneClone who wrote (6538)	6/29/2018 4:18:51 PM
From: Sultan	Read Replies (1) of 6560

Bad news Orbite Provides Corporate Update LAVAL, Québec, June 29, 2018 (GLOBE NEWSWIRE) -- Orbite Technologies Inc. (“Orbite” or the “Company”) today provided an update on on its continuing efforts to emerge from insolvency protection. Appeal of the decision on the motion against its insurer for indemnification On November 16, 2017, the Company announced it had filed a motion against its insurer Royal Sun Alliance for the payment of approximately $23.3 million to recover the costs associated with repairing the heating element system of the calcination equipment and the fixed costs incurred during the downtime experienced. The court has rendered a decision on February 23, 2018 which denied the motion filed by Orbite. As announced on March 6, 2018, Orbite appealed the decision. The Court of Appeal rendered its decision yesterday and confirmed the decision of the Superior Court. Consequently according to the decision, the insurance company does not have to indemnify Orbite pursuant to its insurance claim.

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