IBC Advanced Alloys Announces Delay in Filing Annual Financial Statements
FRANKLIN, IN (October 29, 2018) – IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announces that the filing of its audited annual financial statements for the fiscal year ended June 30, 2018 and its management’s discussion and analysis relating to the Annual Financial Statements (collectively, the “Required Filings”) will be delayed beyond the filing deadline of October 29, 2018. The Company expects to file the Required Filings on or before Friday, November 9, 2018.
The Company’s late filing of the Required Filings is due to delays resulting from determining the proper presentation of the Company’s convertible debt. The Company’s management is diligently working through the various issues in order to expedite the finalization of the Required Filings.
As a result of this delay, the Company has applied to the British Columbia Securities Commission and other relevant securities regulatory authorities under applicable securities legislation for the issuance of a management and insider cease trade order (“MCTO”) in connection with the anticipated filing delay. If an MCTO is granted, it will prohibit the Chief Executive Officer and Chief Financial Officer, and possibly the directors and other insiders of the Company, from trading in securities of the Company for so long as the Required Filings have not been completed.
The issuance of an MCTO would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the Company to trade in the Company’s securities.
In the event a MCTO is granted, the Company intends to satisfy the provisions of the alternative information guidelines under National Policy 12-203 – Management Cease Trade Orders by issuing biweekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
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Duncan Heinz, President, CEO and Director
Jim Sims, Investor and Public Relations
IBC Advanced Alloys Corp.
+1 (303) 503-6203
@IBCAdvanced $IB $IAALF
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”.
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 statements. Although IBC believes that the expectations reflected in these 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.