IBC Wins More Than $1.0 Million in New Business from Raytheon for Beryllium Alloy Parts for the F/A-18 Super Hornet Aircraft
FRANKLIN, Ind., April 08, 2021 (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 announced that it has received purchase orders for beryllium alloy parts totaling more than US$1.0 million that are used in Raytheon Technologies‘ (NYSE: RTX) Advanced Targeting Forward Looking Infrared (ATFLIR) system for the U.S. Navy’s F/A-18 Super Hornet aircraft.
The purchase orders represent new business for IBC and involve the production of several parts for the ATFLIR system, including the Pitch Gimbal Housing, over the next 18 months. The ATFLIR system is produced by Raytheon’s Intelligence & Space division. More information on the ATFLIR system can be seen here: https://www.raytheon.com/capabilities/products/atflir
“We are very pleased to have been chosen by Raytheon to manufacture these high-performance beryllium alloy components for the F/A-18 Super Hornet’s ATFLIR system,” said Mark Smith, IBC’s CEO and Chairman. “The extraordinary cost-effectiveness of IBC’s near-net-shape beryllium-aluminum casting technology continues to attract more business to the Company from both defense and commercial manufacturers. Our team is especially proud to be able to manufacture these strategic components in a manner that strengthens U.S. national defense capabilities and helps to reduce costs to the U.S. Department of Defense.”
Mark Smith added. “The IBC team’s relentless focus on performance and manufacturing efficiency continues to drive growth in our mission-critical alloys business, and I am very proud of our team’s ability to serve our current customers with excellence while also winning new business.”
On Behalf of the Board of Directors:
Mark Smith, CEO and Chairman
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About 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”.
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 a forward-looking statement regarding the prospective revenues associated with the Raytheon purchase orders referenced. 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.