Orbite Receives First $6 Million Installment of Quebec Investment Tax Credits

MONTRÉAL, QUÉBEC--(Marketwired - July 22, 2014) - Orbite Aluminae Inc. (TSX:ORT) (OTCQX:EORBF) ("Orbite", or the "Corporation") announced today it has received a first installment of $6 million related to its 2012 Québec Investment Tax Credits. The funds were due to the Corporation in relation to equipment purchased for manufacturing and processing in the Gaspé region during the 2012 financial year.

This first $6 million and subsequent funds the Corporation receives upon reimbursement of the 2012 and 2013 investment tax credits will be deposited in a segregated account and serve as security for the convertible debentures issued in 2012. The Corporation anticipates receiving the balance of its 2012 investment tax credits during the remainder of 2014, with payments for 2013 expected in 2015.

Prior to this payment, the Corporation had a balance of $27.7 million in Québec Investment Tax Credits to be received, of which $19.7 million relates to the 2012 financial year, $6 million to the 2013 financial year, and $2 million for 2014 as of the date hereof. The Corporation anticipates accruing another $2.3 million during the remainder of 2014 such that total Québec Investment Tax Credits under this program should reach approximately $30 million following completion of its HPA facility at Cap-Chat.