FRANKLIN, IN (October 16, 2023) – IBC Advanced Alloys Corp. (TSX-V:IB; OTCQB:IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces that it has won a new purchase order for its beryllium-aluminum alloy products from Lockheed Martin, the maker of the F-35 Lightning II aircraft and many other defense systems.
The value of the new order is approximately $7.38 million, which the Company expects to fulfill in 2023 and 2024.
“This is an important order for IBC and our team looks forward to delivering strategic alloy products to help Lockheed and the U.S. Department of Defense meet global national defense mission objectives,” said Mark Smith, IBC’s CEO and Chairman.
IBC also announced that it is currently exploring strategic options with potential partners, investors, and others with regard to its Massachusetts-based Engineered Materials Division, which produces beryllium-aluminum alloy components for defense and commercial applications, including potential joint ventures, a restructuring, a sale, or other options.
On Behalf of the Board of Directors:
Mark Smith, CEO and Chairman
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@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 and Massachusetts. 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 forward-looking statements regarding the expected fulfillment and revenues associated with the purchase order and the Company exploring strategic options for its Engineered Materials Division. 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 including, without limitation, that a strategic transaction involving its Engineered Materials Division will proceed, 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.sedarplus.ca.