Orbite Provides Corporate Update

MONTRÉAL, QUÉBEC--(Marketwired - July 27, 2017) - Orbite Technologies Inc. (NEX:ORT.H) ("Orbite" or the "Company") today provided an update on its continuing efforts to emerge from insolvency protection for the benefit all of its stakeholders. Petition to the CCAA Court to extend the Stay Period and approve a DIP Financing As announced on May 24, 2017, the Superior Court of Québec (the "CCAA Court") granted a motion filed by the Company under the Companies' Creditors Arrangement Act ("CCAA") and issued an amended and restated order namely to extend the initial stay of all proceedings from May 29, 2017 to August 4, 2017 (the "Stay Period"). The Company filed on July 26, 2017 a motion to the CCAA Court seeking (1) the extension of the Stay Period to November 30, 2017 and (2) the approval of a $6.8 million debtor-in-possession ("DIP") financing from the holders of Orbite's 7% Convertible Secured Debentures due September 28, 2018 (the "2015 ITC Debentures") and a related DIP super-priority charge over the Company's assets. The terms and conditions of the DIP financing are set forth in a credit facility between the Company and Computershare Trust Company of Canada in its capacity as trustee for the holders of 2015 ITC Debentures. If approved by the CCAA Court, the DIP financing would serve for working capital and other general corporate purposes as well as to pay fees and expenses related to Orbite's restructuring process, and is expected to close two business days after the day an order approving the DIP financing is received. The Company will provide further updates as developments occur. There can be no guarantees that the DIP financing will be approved by the CCAA Court and implemented or that Company will otherwise be successful in its restructuring efforts and will emerge from CCAA protection.