FRANKLIN, IN – (July 8, 2020) – IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) is pleased to announce that the IBC Board of Directors has appointed Mark Smith, IBC Board Chairman, as Chief Executive Officer (“CEO”) of the Company effective immediately.
“I am honored to take on this position and I look forward to working even more closely with IBC’s highly talented team as we intensify the effort to unleash the full potential of this unique and strategically important Company and the mission-critical alloys products we manufacture,” said Mr. Smith. “IBC achieved net profitability in the calendar second quarter, in spite of impacts from the COVID pandemic, and the team and I are committed to building on that success in the quarters and years ahead.”
Mr. Smith will retain his role as IBC Chairman.
As the Company’s largest individual shareholder, Mr. Smith has served on the Board of IBC since 2015 and as its Chairman since 2017. He has more than 38 years of experience in the mining, mineral processing, and advanced materials industries. Mr. Smith also serves as CEO and Executive Chairman of NioCorp Developments Ltd. (TSX:NB, OTCQX:NIOBF), which works with IBC through a cooperative development agreement on aluminum-scandium alloys. More information on Mr. Smith can be seen here.
In association with the appointment, the Company granted Mr. Smith options to purchase up to 2,000,000 common shares at an exercise price of $0.15 per share (the “Options”) vesting as follows: 25% on the date of grant; 25% 12 months after the date of grant; 25% 24 months after the date of grant; and 25% 36 months after the date of grant. The options are to expire five years from the date of grant and are to be governed by the terms of the Company’s Stock Option Plan.
On Behalf of the Board of Directors:
“Simon J. Anderson”
# # #
Mark A. Smith, Chairman of the Board
@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. 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, the future success of the Company. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control including: enhanced uncertainty in global financial markets as a result of the current COVID-19 pandemic; the impact of general economic conditions in the areas in which the Company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with manufacturing activities, 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. As a result of these risks and uncertainties, 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.
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.