MONTRÉAL, QUÉBEC--(Marketwired - Sept. 28, 2016) -


Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite", or the "Company"), announces the closing of a private placement offering (the "Offering") of convertible debentures for an aggregate principal amount of $8.5 million (the "Debentures"), secured against the Company's investment tax credit receivables resulting from capital expenditures at its HPA plant in Cap-Chat, Quebec for the Company's 2015 financial year. Each Debenture is comprised of $1,000 principal amount bearing interest at a rate of 7% annually, maturing 2 years from the date hereof and convertible into class A shares of the Company ("Common Shares") at a price of $0.44.

"We are very pleased with being able to cost effectively monetize in full our 2015 Investment Tax Credits," stated Glenn Kelly, CEO of Orbite. "This allows us to reimburse the $7.6 million bridge loan entered into with Investissement Québec in November 2015, and supplement our working capital."

Echelon Wealth Partners Inc. acted as sole agent in respect of the Offering and received a cash commission equal to 4% of the gross proceeds raised. In addition, 772,727 broker warrants were issued as compensation, with each such warrant exercisable by the holder thereof into one Common Shares of the Company at a price of $0.44 for a period of 3 years from the date hereof.

The Offering was conducted on a private placement basis exempt from the prospectus requirements of applicable securities laws and the Debentures and underlying Common Shares are subject to a mandatory four-month hold period.

This release does not constitute an offer for sale of securities nor a solicitation for offers to buy any securities. The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Orbite

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, including 37 patents and 91 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.

Forward-looking statements

Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 30, 2016 on SEDAR, including those under the headings "Recent increase in budgeted capital costs will require additional financing and may adversely impact our prospects", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames".

The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.

Contact Information:

Marc Lakmaaker, External Investor Relations Consultant

For Media Inquiries:
Scott Anderson, External Media Relations Consultant