VANCOUVER, BC – International Beryllium Corporation (TSX-V: IB) (“IBC” or the “Company”) is pleased to announce that it has successfully closed the acquisition of Freedom Alloys, Inc. (“Freedom”), a Pennsylvania-based beryllium manufacturing company.
This transaction is further to the Company’s news release dated March 5, 2008, which announced the signing of a share purchase agreement (the “Agreement”) to acquire Freedom. Pursuant to the Agreement, IB paid US$10,000,000 made up of US$9,034,441 in cash and 1,693,963 common shares ( the “IBC Shares”) with a deemed value of US$0.57 per share. The IBC Shares are subject to a hold period which expires on September 10, 2008.
“We are very pleased to have successfully completed the acquisition of Freedom Alloys”, stated Anthony Dutton, President and CEO of International Beryllium. “We have already forged an excellent working relationship with their senior management and whole team. Freedom Alloys is a profitable and growing company with a strong and expanding position in the global beryllium market”, continued Dutton, “and is a cornerstone of IBC’s core strategy of vertical integration and consolidation in the beryllium market. We look forward to working together to evaluate future acquisition and growth opportunities as we build the IBC/Freedom brand across the market”.
“The acquisition of Freedom by IBC represents an important milestone for our company as we join forces with a shared vision and strategy for growth and expansion in the global beryllium and related alloys market,” said Michael Fisher, CEO and Founder of Freedom Alloys. “We believe Freedom’s experience and deep understanding of the beryllium market will make a significant contribution to the excellent potential of our combined company”, continued Fisher, “and we are very excited by the growth opportunities we have already identified in the short time we have been working with International Beryllium”.
This acquisition was approved by the TSX Venture Exchange (“TSX-V”) on May 6, 2008.
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
About International Beryllium Corporation
International Beryllium Corporation is a global exploration and development company focused on beryllium, beryllium oxides and beryllium master alloys. Beryllium and related alloys are used in a broad range of specialized industrial applications such as nuclear power, defence, electronics and automotive. International Beryllium’s common shares are traded on the TSX Venture Exchange under the symbol IB.
International Beryllium Corporation
Anthony G. Dutton, CEO
(604) 689-1515 ext 111
Email: [email protected]
Website: www.internationalberyllium.com
This news release was prepared by management of IBC, which takes full responsibility for its contents. 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.
Legal Notice Regarding Forward Looking Statements
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 operates, industry conditions, 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, 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 operations and mineral exploration, therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. 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.
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