FRANKLIN, INDIANA--(Marketwired - May 24, 2017) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQB:IAALF) ("IBC" or the "Company"), a leading beryllium and copper advanced alloys company, is pleased to announce that its Copper Alloys division has successfully completed and commissioned a new solution annealing furnace and quench tank. The unit's operational start marks the completion of the major component of the Copper division's capital improvement program and positions IBC to expand sales of copper alloy products in existing and new markets.
According to Mark Wolma, President of IBC's Copper Alloys division: "Our new annealing furnace will dramatically improve repeatability during the annealing process by automating many aspects of annealing that previously were done manually. By removing operator variability, this unit also will improve product consistency and will allow us to deliver to our customers more consistent heat-treated properties from batch to batch across our copper alloy product line."
Designed and built by HTF Inc., of Sturgeon Bay, Wisconsin, the unit is a gas-fired loader box style furnace that was uniformity tested to AMS2750. This will allow IBC to meet demand for copper alloy products that must be heat treated to AMS-H-6875, API 6A, and ASTM B196 and B194 specifications.
One such industry where copper alloy products generally must meet these and other specifications is the oil and gas industry, which is experiencing growth as evidenced by significantly higher rig counts over the past yeari. IBC currently produces copper alloy products for the oil and gas industry, is seeking to expand sales into that sector.
"The effort by the Copper Alloys team to get this advanced system operational has been exceptional and comes at an important time, as it expands our capabilities and potential reach into key markets for our copper alloy products," said Major General Duncan Heinz (USMC, ret.), President, CEO, and Director of IBC. "The new furnace will position us to ramp up production for both existing and new customers."
IBC's other operating division, Engineered Materials, announced last week the successful installation and commissioning of its primary capital equipment upgrade, a Vacuum Induction Melting furnace for producing cast beryllium-aluminum products in its Wilmington, MA manufacturing facility.
IBC Appoints Mark A. Smith As Board Chair
The Company also announced that Mark A. Smith has been appointed as Chairman of the IBC Board of Directors.
Mr. Smith joined the IBC Board in May 2016. He has 36 years of experience in operating, developing, and financing mining and strategic materials projects in the Americas and abroad. A registered professional engineer and attorney, Mr. Smith is the Executive Chairman, President, and Chief Executive Officer of NioCorp Developments Ltd. (TSX:NB)(OTCQX:NIOBF)(FRANKFURT:BR3) and is the President and CEO of Largo Resources Ltd. (TSX:LGO)(OTCQB:LGORF). He was the largest single participant in the IBC's 2016 private placement and currently owns approximately 8% of outstanding IBC shares on an undiluted basis.
"The IBC team has worked hard over the past year to implement the major capital improvements program that we launched in June of 2016 so that we could expand our production capabilities and capacity," said Mr. Smith. "With the successful installation of new furnaces in both of IBC's operating divisions, that program is now largely complete, and we are intensely focused on the successful execution of our business plan going forward."
General Heinz added: "Mark Smith's leadership and strategic vision has been a tremendous asset to IBC, and it has helped to position the Company to be able to take advantage of multiple growth opportunities we see on the horizon. The Board is very pleased with his appointment as Chair."
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
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".
CAUTIONARY STATEMENTS
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 manufacturing activities 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.
i As a general indicator of economic activity in the oil and gas sector, the total number of oil and natural gas rigs crossed the 900 mark for the week ended May 19, 2017 for the first time since May 1, 2015, according to the oil field services firm Baker Hughes Inc. This is the 18th consecutive increase in the U.S. weekly rig count since January 13, 2017. Total rig count in North America for the week ended May 19 was 986, which represents a 120% increase over the rig count of one year earlier. Worldwide rig count as of the end of April 2017 is up 35% over the year-ago period, according to Baker Hughes.
