IBC’s Innovative Casting Technology for Beryllium-Aluminum Alloys, Which Helps to Reduce Costs, Leads to the Award by Lockheed Martin of a Second Part on the F-35 for IBC
Orders Represent a 24% Increase in Value Over IBC’s Previous 3-Year Contract With Lockheed Martin
FRANKLIN, IN (December 9, 2020) – IBC Advanced Alloys Corp. (TSX-V:IB; OTCQB:IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces that Lockheed Martin (NYSE:LMT) has awarded IBC new purchase orders totaling approximately $9.7 million to produce two aerospace-qualified beryllium-aluminum components for the F-35 Lightning II aircraft over the next 26 months.
One purchase order involves production of the azimuth gimbal housing unit used in the F-35’s Electro-Optical Targeting System (EOTS). IBC has manufactured this part for Lockheed Martin since 2015 using the Company’s high-performance Beralcast® beryllium-aluminum investment cast alloy.
In a new development, Lockheed Martin also awarded IBC an order to produce a second part for the F-35 – the gimbal mounting ring – which is also used in the EOTS. IBC worked in close partnership with Lockheed Martin in developing a process for producing the ring using IBC’s innovative investment casting technology.
The total value of the new purchase order is approximately US$9.7 million over 26 months, which represents a 24 percent increase over previous three-year purchase order from Lockheed Martin.
“These purchase orders represent a significant increase in sales for the Company’s beryllium-aluminum business, and that has been a key goal of our business growth strategy,” said Mark Smith, IBC’s CEO and Chairman. “The award by Lockheed Martin of a new component for the F-35 illustrates the cost-effectiveness of using beryllium-aluminum investment castings for a variety of applications in both defense and commercial sectors. IBC’s production expertise allows us to produce these mission-critical parts in a way that delivers cost savings to Lockheed Martin and to the Department of Defense.”
“Mission #1 at IBC is performance, performance, performance,” Mr. Smith added. “Our success in expanding our book of business with Lockheed Martin illustrates what can be done with a relentless focus on performance, and I am very proud of the team’s success in this effort.”
“A lot of hard work by the IBC team and by our customer Lockheed Martin was invested in developing a process for producing the gimbal mounting ring using investment cast technologies, and I am very pleased that we achieved this significant milestone,” said Ben Rampulla, President of IBC’s Engineered Materials division. IBC’s high-performance beryllium-aluminum casting alloys are able to deliver the cutting-edge performance that the F-35 platform requires. We look forward to continuing to serve Lockheed Martin’s needs and to expand that business as opportunities allow.”
On Behalf of the Board of Directors:
Mark Smith, CEO and Chairman
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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”.
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 a forward-looking statement regarding the revenues associated with the Lockheed Martin contract. 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 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.