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IBC Advanced Alloys Signs Letter of Intent with Kazatomprom
Under the terms of the LOI, Kazatomprom and IBC have outlined the terms of three specific initiatives. First, the companies have agreed to negotiate a binding three-year supply agreement whereby Kazatomprom's wholly owned subsidiary, Ulba Metallurgical Plant, will supply beryllium and beryllium alloys to IBC on pre-agreed terms. Second, Kazatomprom and IBC agree to explore strategic partnerships, which may include direct or indirect investment that will support the growth of the beryllium business for the benefit of both parties. Third, the companies have agreed to assess the feasibility of a Kazakhstan based high volume beryllium oxide production facility to support IBC's growing nuclear fuels initiative.
The LOI is intended to advance the memorandum of understanding (the "MOU") signed by both parties on the April 20 of this year. The MOU was recognition by Kazatomprom and IBC as to the benefits of exploring and developing a long-term strategic vision for the global beryllium business and for establishing areas of mutual cooperation.
"We are very pleased to have signed this LOI with Kazatomprom," stated Anthony Dutton, President and CEO of IBC, "as it confirms our mutual cooperation and support for the global beryllium business and demonstrates significant progress since our meeting in Almaty earlier this year. Kazatomprom and IBC are firmly committed to the future of the beryllium business, both in terms of the existing market as well as new growth opportunities," continued Dutton, "and we look forward to strengthening our relationship with our Kazakh colleagues as we develop our global beryllium business together."
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 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. 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.