IBC Advanced Alloys Awarded $1.9 Million in New Business from Major U.S. Defense Contractor
FRANKLIN, Ind., Aug. 31, 2020 (GLOBE NEWSWIRE) — IBC Advanced Alloys Corp., (TSX-V: IB; OTCQB: IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, is pleased to announce that it has been awarded $1.9 million in new orders for investment-cast, beryllium-aluminum (“BeAl”) components from a major U.S. defense contractor.
The purchase order is for additional BeAl components currently manufactured by IBC, as well as for new BeAl components, both of which the company expects to produce by the end of 2020.“IBC is pleased to have been awarded this new business, which expands our production of one key defense product and gives us an opportunity to win additional business on new beryllium-aluminum parts with potential significant long-term upside,” said Ben Rampulla, President of IBC’s Engineered Materials division, which specializes in cast BeAl products.“IBC’s ability to produce investment-cast, near-net-shape beryllium-aluminum components with complex geometries is unique in this industry, and we are pleased to see our Engineered Materials division’s business continuing to expand,” said Mark Smith, IBC’s CEO and Chairman. “The key to IBC’s continuing growth is performance, performance, performance, and that is precisely what this team is focused upon.”To learn more about IBC, please see the Company’s newest video and other information on our website at https://www.ibcadvancedalloys.com.On Behalf of the Board of Directors:
“Mark A. Smith”
CEO & ChairmanCONTACTS:Mark A. Smith, CEO and Chairman
Jim Sims, Investor and Public Relations
+1 (303) 503-6203
@IBCAdvanced $IB $IAALFABOUT IBC ADVANCED ALLOYS CORP.IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC’s Copper Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC’s Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC’s has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. The Company’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQB under the symbol “IAALF”.CAUTIONARY STATEMENTSThe 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 forward-looking statements regarding the value of the purchase order mentioned, IBC’s expection that it will deliver the parts requested under the purchase order by the end of 2020, and IBC’s expectation that it can expand the number and variety of beryllium-aluminum components for defense systems. Although IBC believes that the expectations reflected in this forward-looking statement are reasonable, forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statement. The forward looking statements made by the Company in this press release are based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. IBC makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law. Additional information identifying risks and uncertainties is contained in IBC’s filings at www.sedar.com.