IBC Advanced Alloys Provides 2013 Year-End Corporate Update
July 02, 2013 — (Source: Marketwired) — IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) (“IBC” or the “Company”) is pleased to provide a 2013 year-end corporate update prior to the completion of its audited year-end financial statements and management’s discussion and analysis (“MD&A”) that will be filed by October 29, 2013.
The Company is aware that there has been a recent increase in trading activity of the Company’s shares and a decline in its stock price. The Company confirms that it is not aware of any adverse material changes in the operations of, or prospects for, the Company that would explain this activity.
The Company has seen steadily improving manufacturing performance for fiscal Q4 2013 compared to fiscal Q3 2013. In the quarter ended June 30, 2013, both the Copper Division, headquartered in Franklin, Indiana and the Engineered Materials Division based in Wilmington, Massachusetts generated higher revenues than in the previous quarter. Additionally, the Company has experienced incremental improvements in forward visibility reflecting a cautious, but still subdued, customer base. While these developments are encouraging, the economic environment is still muted and even with improved quarterly performance management advises that customers remain conservative.
In June 2013, the Company repaid its debt obligation to Sandton Credit Opportunities Fund II, LLP on schedule. This debt elimination is a positive development for the Company as it removes encumbrances over assets and so provides the opportunity to consolidate all operational borrowing with a single lender. In addition, management now has greater flexibility with day-to-day operations as it has fewer limitations on financial and other transactions between the Company’s manufacturing entities.
IBC’s Engineered Materials Division continues to identify and develop opportunities for its Beralcast® family of ultra-light high-modulus beryllium aluminum alloys, which have excellent materials properties that are well suited to aerospace applications in particular. The most recent quarter has been very productive on this front and the Company has signed three memoranda of understanding (“MOU”) and development agreements with potential aerospace customers. Additionally the Company has signed an MOU with a commercial designer and engineer of high performance bicycle components to examine IBC’s advanced alloys for specific cycling applications. The Company is engaged in a variety of other business development initiatives relating to its proprietary Beralcast® technology and expects further disclosures in due course.
The Company remains committed to its beryllium oxide (“BeO”) enhanced nuclear fuels research and, as disclosed earlier this year, has extended its R&D agreement with Purdue and Texas A&M universities to December 31, 2013. IBC also continues to fund work by the Massachusetts Institute of Technology’s (“MIT”) Center for Advanced Nuclear Energy Systems regarding advanced BeO nuclear fuel characterization studies. Dr. Sean McDeavitt, the BeO nuclear fuel lead investigator from Texas A&M, will present a project overview and update paper at the American Nuclear Society’s Top Fuel conference in September 2013. IBC’s BeO nuclear fuel research is gathering interest from regulators, government and other industry participants as, in the wake of the Fukushima tragedy, the importance of safer and accident-tolerant fuels is being increasingly recognized.
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About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of sectors including aerospace, automotive, telecommunications and a range of industrial applications. IBC has 83 employees and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQX under the symbol “IAALF”.
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
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