BRIEF-Orbite Technologies Update on HPA Plant Costs, Completion and Commissioning

Tue Mar 15, 2016 8:11am EDT
 
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March 15 (Reuters) - Orbite Technologies Inc

* May postpone certain activities, which will push back start of commercial production into Q2 of 2016

* Provides update on HPA plant costs, completion and commissioning

* Orbite Technologies says co's current financial resources are insufficient to cover such additional construction costs

* Exploring financing alternatives, such as leveraging its $5.6 million of 2016 investment tax credits as security for a non-dilutive bridge loan

* Orbite Technologies says capital costs initially projected must be increased by about $9.9 million

* Will push back start of commercial production into Q2 of 2016 instead of Q1 as previously contemplated

* Current financial resources insufficient to cover additional construction costs; currently exploring financing alternatives

* Revised total external capital cost budget of project is now $56.2 million up from $46.3 million previously contemplated Source text for Eikon: Further company coverage: