IBC Advanced Alloys Secures Extension of Line of Credit and Term Loan Facility with BMO Harris Bank
FRANKLIN, Ind., Oct. 24, 2019 (GLOBE NEWSWIRE) — IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announces that it has secured a renewal of its existing line of credit and term loan facility with BMO Harris Bank (”BMO”). The renewal of both the BMO line of credit and term loan facility extends the facility until September 30, 2020. Approximately $3.5 million is available to the Company under the line of credit, and the term loan has a maximum of approximately $1.2 million.
“We want to thank BMO Harris Bank for its continuing support of and partnership with IBC as we work to achieve the outstanding growth potential I see for this Company and its mission-critical alloy products,” said Mark A. Smith, IBC Board Chairman.For more information on IBC and its innovative alloy products, go here.On Behalf of the Board of Directors:“Mark A. Smith”Mark A. Smith, Board ChairmanContact:Mark A. Smith, Board Chairman
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: email@example.com@IBCAdvanced $IB $IAALF #Beryllium #BeralcastAbout 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 Alloys 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 StatementsNeither 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 or its customers operate, including the semiconductor manufacturing and oil and gas industries, 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, limited availability of raw materials, 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.