Orbite Eligible for Additional Investment Tax Credits
Company estimates it will receive up to $7.5 million in ITCs related to 2015
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/26/15 -- Orbite Aluminae Inc. (TSX: ORT)(OTCQX: EORBF) ("Orbite" or the "Company") today announced that the Company has determined it is eligible to receive refundable investment tax credits (ITCs) on its investments in the Gaspe region incurred during 2015, 2016 and 2017.
ITCs receivable were limited to a maximum of $30 million, which Orbite had reached for the years 2012 through 2014. However, this ceiling applies to three year intervals and a new three-year interval began on January 1st, 2015. According to Quebec tax regulations, companies making investments in manufacturing and processing equipment in the Gaspe region are eligible for a 32% return in the form of refundable ITCs. The Company has received confirmation from its tax consultants that it should be eligible to receive up to $7.5 million in tax credit refunds for fiscal 2015.
As it has done in the past, the Company intends to leverage these refundable tax credits towards the finalization of its financing plan for its High Purity Alumina Facility, presently under construction in Cap-Chat, Quebec.
About Orbite
Orbite Aluminae Inc. is a Canadian clean technology based mineral-processing and resource development 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, Quebec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallee deposit. The Company's portfolio contains 15 intellectual property families, including 17 patents and 95 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, Quebec, 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 31, 2015 on SEDAR.
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.
Contacts:
TMX EQUICOM
Marc Lakmaaker
External Investor Relations Consultant
1-800-385-5451, ext. 248
For Media Inquiries:
TMX EQUICOM
Scott Anderson
External Media Relations Consultant
1-800-385-5451, ext. 252
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Unternehmensinformation / Kurzprofil:
Datum: 26.05.2015 - 11:30 Uhr
Sprache: Deutsch
News-ID 395642
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contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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