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IBC Advanced Alloys Appoints Nuclear Fuels Expert Joel Gingold to its Nuclear Fuels Advisory Board
Mr. Gingold's career has focused principally on all aspects of nuclear fuels. In 2005, he retired as Vice President and General Manager of Stoller Nuclear Fuel Division of NAC International. In this capacity he performed a variety of assignments in nuclear fuel fabrication and fuel performance for utilities, industry associations, government agencies, consulting firms and other organizations. Prior to NAC's acquisition of Stoller Nuclear Fuel in 1997, Mr. Gingold served as Vice President of Stoller Corporation and Manager of its Nuclear Fuel Division and served on Stoller's board of directors.
Mr. Gingold's distinguished career in nuclear fuels has given him an excellent understanding of nuclear fuel design issues, fuel procurement, quality assurance and nuclear fuel performance. He has worked with numerous major utilities on nuclear fuel related assignments and government agencies in the U.S., Western and Eastern Europe, Asia and Latin America. Mr. Gingold has also been involved with uranium enrichment, fabrication, spent fuel management and other fuel cycle services for utilities, producers and government agencies. He currently works as a consultant with a variety of nuclear industry participants, including the UxC Consulting Company, headquartered in Roswell, Georgia.
IBC signed a collaborative research agreement with Purdue University in August 2008 to advance the university's existing nuclear fuels research program and to develop a new type of beryllium oxide enhanced nuclear fuel that has higher thermal conductivity and is therefore potentially longer lasting, more efficient and safer than current uranium-based nuclear fuels. The objective of the research is to commercially develop a nuclear fuel for optimal use in both current and future nuclear reactors.
"I am very pleased to be joining IBC's advisory board and to support their nuclear fuels initiative," said Mr. Gingold. "I know from long experience that reactor safety and fuel performance are two of the most important issues facing the nuclear industry today affecting consumers, fabricators and regulators alike. IBC's advanced UO2 -- BeO high conductivity fuel," continued Gingold, "has the potential to enhance reactor safety and to improve fuel performance by running cooler and lasting longer and than conventional nuclear fuels. I am looking forward to working with IBC to advance this important industry initiative."
"We are delighted to have Joel join IBC and our advisory board," said Anthony Dutton, President and CEO of IBC. "We are committed to high conductivity nuclear fuels and their potential contribution to a more efficient, economically sound and safer nuclear power industry. We look forward to working with Mr. Gingold," continued Dutton, "as we advance this initiative on behalf of shareholders and the nuclear fuels industry."
Mr. Gingold received his Bachelor's Degree in Electrical Engineering from Rensselaer Polytechnic Institute and graduated from the U.S. Navy Advanced Nuclear Power School. He has authored numerous papers and articles on all aspects of the nuclear fuel cycle including utilization of high burn-up and MOX fuel and on the factors affecting the reliability of nuclear fuel.
IBC has granted incentive stock options to Mr. Gingold, for the purchase of 100,000 common shares of the Company, at an exercise price of $0.15. The options have a five-year term and vest in accordance with the policies of the TSX Venture Exchange, expiring July 3, 2014.
The options are being granted pursuant to the terms of the Company's 2008 stock option plan and are subject to TSX Venture Exchange policies and approval.
About IBC Advanced Alloys Corp.
IBC Advanced Alloys Corp. is an integrated 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 61 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania and Indiana. Additionally, IBC owns prospective beryllium properties in Brazil and the Western US covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC's 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
Legal Notice Regarding Forward Looking Statements
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, 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 operations and mineral exploration, therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. 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.