Vancouver, BC – May 31, 2012 – IBC Advanced Alloys Corp. (TSX-V: IB OTCQX: IAALF) (“IBC” or the “Company”) has released its unaudited third quarter financial statements for the quarter ended March 31, 2012, and provides an update.
Financial:
- Third quarter sales were $5,565,000 up 5% compared to the previous quarter ended December 31, 2011;
- Three-month loss was $1,174,000, down 20% compared to the previous quarter ended December 31, 2011;
- Cash on hand was $2,927,000 and working capital was $3,744,000;
- By comparison in the third quarter of fiscal 2011, customers ramped up orders prior to the Engineered Materials plant relocation. As a result, third quarter sales in fiscal 2011 were unusually strong;
- IBC liquidity has improved since the last fiscal year end of June 30, 2011. Bank debt, loans and notes payable are down from $8,223,000 to $4,991,000 at March 31, 2012;
- The Company’s management’s discussion and analysis, filed on SEDAR (www.sedar.com) has a complete discussion of the results of operations, financial position and liquidity and capital resources.
Simon Anderson, CFO of IBC commented “We are encouraged with the progress at both our copper alloys and engineered materials manufacturing operations and are pleased to see improving operating performance over the fiscal year. We have trimmed and streamlined expenses while continuing to invest in longer term business development projects and other expansion initiatives.”
May 2012 Special Meeting Results
On May 18, 2012 IBC’s shareholders approved, by a margin of over 96%, a resolution authorizing the board of directors to consolidate the issued and outstanding common shares of the Company on the basis of up to ten old shares for one new share of IBC. The board of directors has not yet determined the final share consolidation ratio nor if or when the consolidation will take effect.
Utah Exploration Program
As reported in its February 7, 2012 news release, IBC is in the process of submitting over 5000 samples, from 35 drill holes, to ALS-Minerals for geochemical analyses and quantitative beryllium analysis. The Company’s original expectations were that preliminary results would be available by May 2012. Due to logistical pressures and back-ups at the testing labs, the complete assaying of the drill samples has been delayed. The Company’s revised time estimate for the completion of the assay results is now early July 2012.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 80 employees and is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. Additionally, IBC owns prospectiveberyllium properties in the western US covering approximately 7,640 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQX under the symbol “IAALF”.
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email: [email protected]
Website: www.ibcadvancedalloys.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.
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, limited availability of raw materials, 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 manufacturingactivities therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements. 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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