FRANKLIN, Ind., Sept. 15, 2017 (GLOBE NEWSWIRE) — IBC Advanced Alloys Corp. (TSX-V:IB) (OTCQB:IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces that it intends to appeal an arbitration award made in favor of the former co-owner of Beralcast, which IBC purchased in 2010 and which now serves as the Company’s beryllium-aluminum alloys operating division.
An arbitrator with the International Center for Dispute Resolution has ordered IBC to pay Gerald R. Hoolahan, the former co-owner of Beralcast, a total of approximately US$1.24 million in damages resulting from an alleged breach of contract relating to the sale, and an additional US$155,697 in attorney’s fees, costs and expenses.
IBC vigorously disputes the allegations and intends to appeal the arbitrators’ award.
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
@IBCAdvanced $IB $IAALF
About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC’s Copper Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC’s Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC’s has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. The Company’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQB under the symbol “IAALF”.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this communication. This disclosure contains certain forward-looking statements about the Company, including, but not limited to, the Company’s current intention to pursue an appeal of the decision of the arbitrator. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. 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 the Company’s assessment of the information currently available to it and legal advice that has been provided to it to date. Accordingly, the Company cannot guarantee that any forward-looking statement will materialize and cautions you against relying on any of these forward-looking statements. IBC makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law. Additional information identifying risks and uncertainties is contained in IBC’s filings at www.sedar.com.
IBC Advanced Alloys Corp.
401 Arvin Road, Franklin IN USA 46131 Toll Free: (800) 423-5612 T: (317) 738-2558