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IBC Provides Financial and Manufacturing Update
As previously reported in our MD&A, we saw an improvement in our order book in mid-August, indicating a turning point in last year's economic downtown and a cautious return of confidence to our customer base. This improvement has continued with a much-improved order book and we expect that sales for the December 2009 quarter will be at least 40% higher than in the previous quarter when we recorded revenues of US$2.5 million. The Company recently solved some equipment problems which have also helped our shipped orders and revenue growth, with the result that our manufacturing operations are now profitable.
As announced on January 26, 2010, we have hired Douglas Veitch as Vice President of Business Development. Most recently, Veitch was Director of Global Bulk Products for Brush Wellman Inc. where he was responsible for new product development for the global industrial business division of Brush Wellman. At IBC he will focus on sales and business development opportunities outside the US while our existing sales force will continue to focus on our growing US customer base. We expect to hire new staff as we grow our business and are working on a refurbishment program at our Missouri facility for large volume orders so that we can free up capacity at our Pennsylvania plant for specialty products and other advanced alloys.
"The recent downturn in the economy provided some interesting challenges for IBC and I am very proud that our whole team responded positively, both strengthening the Company and also taking advantage of a number of excellent opportunities for growth," said Anthony Dutton, President and CEO of IBC. "We are witnessing a global awakening in the importance of rare metals, high performance materials and advanced alloys," continued Dutton, "and we are working hard with our customers, suppliers and partners, as well as supporting leading R&D initiatives for beryllium applications in nuclear fuels and alternative wind energy, to ensure that IBC maintains a leadership role in this market."
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 60 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.