FRANKLIN, Ind., Oct. 22, 2019 (GLOBE NEWSWIRE) — IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF)
today announced that it has signed a two-year supply agreement with a
leading global manufacturer of semiconductor and electronics assembly
equipment under which IBC will supply Beralcast® 363 cast components in
multiple design configurations over a two-year period.
Subject to the parameters set forth in the supply agreement, all purchase orders are at the discretion of the purchaser, and no proceeds may be realized under the supply agreement. However, if minimum order quantities are received, the agreement may result in purchase orders totaling approximately US$2.5 million over the term of the agreement.
IBC has supplied Beralcast® components to this customer for more than 10 years, and recently completed a collaboration with the customer to further optimize the design of IBC’s Beralcast® part.
“High-performance automation and manufacturing are great applications for Beralcast® materials,” said IBC Engineered Materials President Ben Rampulla. “Robotics, precision manufacturing, and automated assembly equipment use sophisticated designs and complex components to meet demanding design criteria and critical tolerances. IBC’s Beralcast® components are ultra-lightweight, with high modulus and excellent thermal characteristics, and are ideally suited to applications requiring high precision and performance. We are excited to be involved in precision manufacturing and to continue to expand our long-term relationship with this customer.”
IBC Board Chairman Mark Smith commented: “We are pleased to be strengthening our relationship with a recognized global leader in this industry sector, and we look forward to supporting them for many years to come. IBC’s collaboration with this customer to improve the design of our Beralcast® part illustrates how IBC works in partnership with our customers to maximize the design and effectiveness of the products we deliver. Those product development partnerships are key to building long-term relationships with our customers and helping to better meet their current and future needs.”
Beralcast® alloys are ideally suited to many applications where lightweight, high modulus, and cost are critical performance factors. The principal Beralcast® alloys are three times stiffer than aluminum with 22% less weight and can be substituted for aluminum, magnesium, titanium, metal matrix composites as well as pure beryllium or powder metallurgy beryllium-aluminum.
On Behalf of the Board of Directors:
Mark Smith, Chairman
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
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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 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-V under the symbol “IB” and the OTCQB under the symbol “IAALF”.
Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “will”, “may” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, IBC’s expectations as to purchase orders issued under the supply agreement, the total value of such purchase orders over the term of the agreement, its ability to meet the terms of the agreement, and its success in product development collaboratives with its customers. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. 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.
Please see “Risks Factors” in our Annual Information Form available under the Company’s profile at www.sedar.com, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws. Source: IBC Advanced Alloys, Inc.
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