MONTREAL, QUEBEC--(Marketwired - June 5, 2013) - Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (" Orbite " or the " Corporation ") today announces that its Board of Directors has adopted a majority voting policy for election of directors. Orbite also announces the resignation of three members of its Board of Directors.
Majority Voting Policy
Orbite's Board of directors recently adopted a majority voting policy pursuant to which, the proxy forms for the election of directors will permit the shareholders of the Corporation to vote in favour of or to withhold from voting for each director nominee separately. The Chair of the Board will ensure that the number of votes, in favour of and withheld from voting, for each director nominee is recorded and made public at the Annual General Meeting, and promptly press released thereafter. If the number of proxy votes withheld for a particular director nominee is greater than the votes in favour of such nominee, such director nominee shall promptly submit his/her resignation to the Chair of the Board following the applicable Shareholders' meeting, effective upon acceptance by the Board.
No later than ninety (90) days following the applicable Shareholders' meeting, the Board shall accept the resignation unless the Board determines, acting reasonably, that such resignation may have a material adverse effect on the Corporation or its operations. In considering whether or not to accept the resignation, the Board will consider all factors deemed relevant including, without limitation, the stated reasons, if any, why Shareholders withheld votes from the election of that nominee, the length of service and the qualifications of the director whose resignation has been submitted, such director's contributions to the Corporation and the Corporation's governance guidelines. Following the Board's decision on the resignation, the Board shall publicly disclose their decision whether to accept the applicable director's resignation including the reasons for rejecting the resignation, if applicable.
This policy does not apply where an election involves a proxy battle, i.e., where proxy material is circulated in support of one or more nominees who are not part of the director nominees supported by the Board.
The full text of the majority voting policy is available on the Corporation's website.
Resignations from the Board of Directors
The Corporation announces that, subsequent to their decisions not to stand for re-election at the next Annual General Meeting of shareholders, which resulted in the appointments of Mr. Peter Crossgrove, Mr. Pascal Decary and Mr. Claude Lamoureux to the Board of Directors, as announced on May 21, 2013, and consequent of a decision to maintain the size of its Board at nine members, Mr. Toby Gilsig, Mr. Charles Chevrette and Mr. Michael Hanley have resigned from the Board of Directors.
"On behalf of the Board, I would like to thank Mr. Gilsig, Mr. Chevrette and Mr. Hanley for their dedication and service to the Corporation over the past several years," said Lionel Leveillé, Chairman of the Board of Directors.
About Orbite
Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that is expected to produce alumina and other high-value by-products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, without generating any wastes, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. Orbite has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to begin construction of a Veolia-operated plant in 2014. The Corporation owns the intellectual property rights to nine patents and 32 pending patent applications in 10 different countries. Its intellectual property portfolio now contains 14 intellectual property families.
For more information on the Corporation or to download the corporate presentation please visit: www.orbitealuminae.com
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 Corporation 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 Corporation 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 Corporation'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 28, 2013 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation 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.
