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Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its first quarter results and resolved the dispute with its principal supplier involved in the construction of its HPA plant in Quebec. First quarter highlights include cash and short-term investments of $20.2 million and cash flows from operating activities of $1.0 million.
As quoted in the press release:
First Quarter Highlights:
- Began non-commercial operation of the HPA plant resulting in shipments to prospective customers of the first HPA samples of 99.99% (4N) or greater purity
- Announced exclusive worldwide agreement with Veolia Environmental Services
- Announced patents were awarded in China and Russia
- Cash and Short-Term Investments of $20.2 million
- Other Current Assets of $4.7 million
- Non-current Investment tax credits receivable of $23.7 million
- Increase in Property, Plant and Equipment of $10.8 million net of a $3.8M increase in refundable investment tax credits
- Accounts Payable and Accrued Liabilities of $8.1 million
- Provision for Billing Dispute of $14.3 million
- Comprehensive loss of $0.5 million or $0.003 per share
- Cash flows from operating activities of $1.0 million
- Cash flows used for investing activities of $21.3 million
- Subsequent to quarter end, announced that:
- Mr. Glenn R. Kelly will join Orbite as its Executive Vice-President and Chief Operating Officer, effective May 21, 2013
- Trading of its Convertible Debentures as of May 13, 2013 on the TSX
- An agreement resolving the dispute with its principal supplier involved in the construction of its HPA plant
Orbite Aluminae Inc. President and Chief Executive Officer, Richard Boudreault, said:
We made important operational progress in the first quarter. When Orbite began shipping customer samples of high-purity alumina during the reporting period, we achieved a major milestone that we have been working towards for several quarters. Looking ahead, we intend to build on our first quarter momentum by improving the purity and capacity of our high-purity alumina plant, and advancing our proposed red mud remediation and smelter-grade alumina projects.
Click here to read the Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) press release
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