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IBC Advanced Alloys Appoints Exelon Generation Vice President James Malone to its Nuclear Fuels Advisory Board
Mr. Malone has more than 40 years of experience in the nuclear power industry, focused on the technical, economic and planning aspects of nuclear fuels. At Exelon the VP, NF is responsible for their nuclear fuel cycle activities, including procurement, safeguards, economics, and fuel cycle cost. Exelon operates the largest nuclear reactor fleet in the nation and the third largest fleet in the world. Exelon's ten stations, with 17 reactors, represent approximately 20 percent of the U.S. nuclear industry's power capacity.
In addition, the VP, NF is involved with core design, safety analysis and plant technical support including fuel reliability, component procurement strategy, high-level waste and spent fuel management. The VP, NF also guides the interactions of the nuclear fuels staff in the regulatory, political and public acceptance areas.
Prior to Exelon, he was a vice president at NAC International where he participated in fuel cycle consulting including fuel reliability via NAC's Stoller Nuclear Fuel Division. Mr. Malone spent several years at SWUCO, Inc. as a SWU broker. Prior to SWUCO he was manager of economic analysis at Yankee Atomic. Mr. Malone began his career as an engineer in the utility reactor core analysis section of the nuclear engineering department of United Nuclear Corporation.
He graduated with a Bachelor of Science degree in chemical engineering (nuclear) from Manhattan College in the Bronx, New York, and received an MBA from Iona College in New Rochelle, New York, with a Graduate School of Business Award for Academic Excellence.
"I am very excited to be a part of IBC's nuclear fuels initiative," said Mr. Malone. "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 Malone, "has significant positive implications for the nuclear power industry and I am look forward to being a part of this important industry initiative."
"We are very pleased to have Jim as a member of IBC's advisory board," said Anthony Dutton, President and CEO of IBC. "IBC has identified a significant commercial opportunity to make a positive contribution to a more efficient, economically sound and safer nuclear power industry. We look forward to working with Mr. Malone," continued Dutton, "with his deep industry experience as we advance this initiative for both IBC and the nuclear fuels industry."
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.
IBC will grant incentive stock options to Mr. Malone, 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. 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.