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IBC Signs Definitive Acquisition Agreement With Beralcast Corporation
Under the terms of the Agreement, IBC, through its wholly owned subsidiary IBC US Holdings, Inc. ("IBC US"), will acquire all of the shares of Beralcast from two individuals. The purchase consideration is US$2,250,000 in cash and a number of common shares of IBC ("IB Shares") equal to C$2,254,000 divided by the unit price of the financing undertaken to fund the purchase. Pursuant to the policies of the TSX Venture Exchange (the "TSXV"), the IB Shares issuable will be subject to a hold period of four months and one day from the date on which they are issued. Completion of the acquisition is subject to several conditions including IBC completing a financing and TSXV approval. On completion of the acquisition, scheduled for March 17, 2010, IBC US will hold all of the issued and outstanding shares of Beralcast. No finder's fee is payable in connection with the acquisition. There can be no assurance that the proposed acquisition will be completed as described, or at all.
"IBC Advanced Alloys is very pleased to have signed this important acquisition agreement with Beralcast," said Anthony Dutton, President and CEO of IBC. "The Beralcast acquisition represents an important milestone for IBC and they will be a critical building block as we implement IBC's vertically integrated strategy of becoming a global supplier of rare metals and advanced alloys. Beralcast has an outstanding client base with a US military approved product for advanced aerospace applications," continued Dutton, "and we look forward to working closely with the Beralcast team, their new and existing customers to grow this tremendously exciting opportunity."
The Beralcast® family of alloys can be used in virtually any commercial and military application requiring complex, lightweight, and/or high-stiffness parts. In general, they serve as a higher performance and/or lower cost replacement materials for cast aluminum, magnesium, titanium, metal matrix composites, non-metallic composites, and pure beryllium or powder metallurgy beryllium-aluminum. Some of the varied applications include disk drive armatures, automotive braking and engine components, advanced cycling rims and aerospace and satellite system components.
Beralcast® alloys are more than three times stiffer than aluminum with 22% less weight and can be precision-cast to simple and complex configurations. This material is very lightweight with a high modulus of elasticity and can be precision cast for three-dimensional stability. Beralcast® 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.
Binary beryllium aluminum alloys were developed by a private American corporation, which was originally a metallurgical laboratory affiliated with the Massachusetts Institute of Technology, in cooperation with Lockheed Martin. Beralcast owns the intellectual property relating to the more advanced development of this technology, which is a proprietary and patented castable metal matrix composite beryllium aluminum alloy now manufactured as Beralcast® which no one, to the best of the manufacturer's knowledge and inquiry, has been able to duplicate commercially.
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.