🕐29.10.09 - 17:51 Uhr
Beralcast Business Acquisition Update
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Re: News Releases - Thursday, October 29, 2009
Beralcast Business Acquisition Update
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VANCOUVER, BC -- October 29 2009 -- IBC Advanced Alloys Corp.
(TSX-V:
IB) ("IBC" or the "Company") is pleased to provide an update on a
proposed business purchase of a specialty alloy manufacturing business
originally announced in a May 20, 2009 news release.
In May 2009, IBC entered into a letter of intent to acquire the US
patents; trade name rights to "Beralcast(r)"; proprietary know-how;
manufacturing equipment; plans for a new manufacturing plant; marketing
and supply agreements; and US beryllium stockpile bidding requirements
and bona fides.
These assets will be acquired through the purchase of
Beralcast(r) Corporation, a private US company that IBC intends to
acquire for consideration of US$2,250,000 in cash and US$2,000,000 in
IBCs common shares.
IBC is working on a definitive purchase and sale
agreement with the vendor, who is at arms length to IBC.
No finders
fee is payable in connection with the proposed purchase.
Completion of this transaction is subject to several conditions
including raising sufficient capital to fund the purchase; entering
into an employment contract with the proposed president of Beralcast(r)
Corporation; the acquisition of all the assets listed above by
Beralcast(r) Corporation; customary due diligence and approval by the
boards of directors of IBC; shareholders of the target company; and the
TSX Venture Exchange.
There can be no assurance that these conditions
will be satisfied or that the transaction will be completed as proposed
or at all.
If the transaction does complete as proposed, it is likely
that the vendor will hold more than 10% of IBCs outstanding common
shares and will accordingly be classified as an insider under Canadian
securities laws.
In the 1960s, Starmet Corporation, in cooperation with Lockheed Martin,
developed a binary alloy of beryllium-aluminum, which has been copied
by others.
Later, Starmet developed a castable metal matrix composite
beryllium aluminum alloy now manufactured as Beralcast(r) which no one,
to the best of the manufacturers knowledge and inquiry, has been able
to duplicate.
Other companies have developed casting processes for
beryllium-aluminum alloys, but, other than Beralcast(r), none are
commercially available to the best of IBCs knowledge.
Beralcast(r)
alloys are more than three times stiffer than aluminum with 22% less
weight and can be precision-cast to simple and complex configurations.
Beralcast(r) is ideally suited for certain demanding semiconductor
manufacturing equipment, computer components and other commercial and
aerospace applications and allows for a near-net shape to be cast for
maximum manufacturing efficiencies.
"We have identified Beralcast(r) as highly complementary to our
existing alloy production operations" commented Anthony Dutton, IBCs
president and CEO.
"It would add a higher margin proprietary product
that is well suited to our focus on the aerospace sector.
Our
relationship with Kazatomprom and Ulba Metallurgical Plant will be
helpful to developing this business segment".
More information can be
accessed in IBCs presentation, which is available at its website
www.ibcadvancedalloys.com.
About IBC Advanced Alloys Corp.
IBC Advanced Alloys Corp.
is an integrated rare metals manufacturer and
distributor of beryllium-based alloys and related products serving a
variety of industries including nuclear energy, automotive,
telecommunications and a range of industrial applications.
IBC has 59
employees and is headquartered in Vancouver, Canada with production
facilities in Pennsylvania, Indiana and Missouri.
Additionally, IBC
owns prospective beryllium properties in the Western US and Brazil
covering approximately 9,500 hectares.
IBC is creating a dynamic global
beryllium and advanced alloys company.
IBCs common shares are traded
on the TSX Venture Exchange under the symbol "IB".
For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email:
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.
Legal Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements," as that term
is defined in Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended.
Statements in this news release which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future.
Such forward-looking statements include, among
others, the expectations and/or claims, as applicable, that: (i) IBC is
creating a dynamic global beryllium and advanced alloys company and
(ii) IBC proposes to purchase the business of Beralcast.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors.
Such factors include, among others:
(i) the risk that IBC does not execute its business plan; (ii) the
inability of IBC to keep pace with market requirements; (iii) IBCs
inability to maintain key relationships with suppliers and customers;
(iv) IBC not being able to retain key employees; (v) competitors
providing better or cheaper products; (vi) markets for IBCs products
not developing as expected; (vii) IBCs inability to finance its
operations or growth; (viii) inability to obtain all necessary
government and regulatory approvals; (ix) the inability to effectively
market IBCs products, including the establishment of viable
relationships with third parties; (x) fluctuating beryllium prices may
negatively impact IBCs business plans and strategies; and (xi) the
availability of appropriate exemptions from prospectus and registration
requirements..
These forward-looking statements are made as of the date
of this news release and IBC assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results
could differ from those projected in the forward-looking statements.
Although IBC believes that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there can be
no assurance those beliefs, plans, expectations, or intentions will
prove to be accurate.
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Copyright (c) 2009 IBC ADVANCED ALLOYS CORP (IB) All rights reserved.
For more information visit our website at
http://www.ibcadvancedalloys.com/ or send
mailto:
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