FRANKLIN, INDIANA -- (Marketwired) -- 07/17/17 -- IBC Advanced Alloys Corp. (TSX VENTURE: IB)(OTCQB: IAALF) ("IBC" or the "Company") a leading beryllium and copper advanced alloys company, announced today that it has issued a Progress Report to its shareholders, available for viewing on the web at https://goo.gl/fqKE8D as well as SEDAR.
The Progress Report from IBC Board Chairman Mark Smith and President, Director, and CEO Major General Duncan Heinz (USMC, ret.) provides updates on a variety of efforts being made by the Company to meet its goal of achieving profitability for the first time in its modern history. The Company reiterated that its goal is to swing to profitability in 2017.
Highlights from the progress report include the following:
-- The Company has now completed the major components of its capital improvements program, launched in 2016, including installation and operational status of advanced production furnaces in both its copper alloys and beryllium alloys divisions. -- Sales are up across both of IBC's operating divisions, as evidenced in the Company's financial disclosure for the quarter ended March 31, 2017. In particular, sales to the semiconductor manufacturing sector have experienced strong growth compared to the first nine months of fiscal 2016. The Company also is securing new orders from new customers, such as the contract IBC announced recently with Raytheon for beryllium- aluminum products. -- IBC's work to supply beryllium-aluminum products for Lockheed Martin's F-35 Joint Strike Fighter is likely to accelerate, as production of this fighter jet evolves from its current low rate of initial quantities to full-rate production. -- The Company's financial performance has improved markedly over the past year. As outlined in the Company's most recently filed financial results, which cover the quarter ending March 31, 2017, IBC posted strong sequential sales gains, booked the highest revenue in four quarters, and continued to narrow its losses. -- The Company recently completed a C$1.4 million capital raise, driven largely by existing IBC shareholders, which will help provide sufficient day-to-day working capital as a bridge to profitability.
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
@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".
This communication 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 communication. 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 communication. 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 communication 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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IBC Advanced Alloys Corp.
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