IBC Advanced Alloys Provides Litigation Update
January 22 2020 - 5:59AM
IBC Advanced Alloys Corp. (
“IBC” or the
“Company”)
(TSX-V: IB; OTCQB:
IAALF) announces that the United States Court of Appeals
for the First Circuit affirmed the judgment of the United States
District Court for the District of Massachusetts in the case of
Gerald R. Hoolahan v. IBC Advanced Alloys Corp., which found in
favor of the petitioner, Mr. Hoolahan.
IBC will continue to evaluate all options
available to the Company relating to the requirement to pay the
arbitration award of approximately $1.4 million. As has been
disclosed in previous public filings, the Company has already
reserved the full amount of the potential award as a liability on
its books.
For more information on IBC and its innovative
alloy products, go here.
On Behalf of the Board of Directors:
"Mark Smith”
Mark Smith P.E., Esq., Chairman
Contact:
Mark A. Smith, ChairmanJim Sims, Director of
Investor and Public Relations +1 (303) 503-6203 Email:
jsims@policycom.com Website: www.ibcadvancedalloys.com
@IBCAdvanced $IB $IAALF #Beryllium #Beralcast
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".
Cautionary Statements
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy of this news
release. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information contained in this news
release may be forward-looking information or forward-looking
statements as defined under applicable securities laws.
Forward-looking information and forward-looking statements are
often, but not always identified by the use of words such as
"expect", "anticipate", "believe", "foresee", "could", "estimate",
"goal", "intend", "plan", "seek", "will", "may" and "should" and
similar expressions or words suggesting future outcomes. This news
release includes forward-looking information and statements
pertaining to, among other things, IBC continuing to explore all
options available to the Company relating to the requirement to pay
the arbitration award. Forward-looking statements 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 or
its customers operate, including the semiconductor manufacturing
and oil and gas industries, risks associated with manufacturing
activities, 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, limited
availability of raw materials, fluctuations in commodity prices,
foreign exchange or interest rates, stock market volatility and
obtaining required approvals of regulatory authorities. As a result
of these risks and uncertainties, the Company's future results,
performance or achievements could differ materially from those
expressed in these forward-looking statements. 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.
Please see “Risks Factors” in our Annual
Information Form available under the Company’s profile at
www.sedar.com, for information on the risks and uncertainties
associated with our business. Readers should not place undue
reliance on forward-looking information and statements, which speak
only as of the date made. The forward-looking information and
statements contained in this release represent our expectations as
of the date of this release. We disclaim any intention or
obligation or undertaking to update or revise any forward-looking
information or statements whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws.
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