IBC Advanced Alloys Announces an Increase to Its Credit Facility with BMO Harris Bank
June 01 2020 - 1:17PM
IBC Advanced Alloys Corp. (“
IBC” or the
“
Company”) (
TSX-V: IB; OTCQB:
IAALF) is pleased to announce the Company has reached
agreement with BMO Harris Bank N.A. (“BMO”) to increase the
available capacity of IBC’s operating credit facility with BMO,
dated October 1, 2012, from $3.0 million to $3.5 million.
“We are very pleased with this expansion of our credit facility
with BMO, as it provides IBC with additional resources to support
business operations as well as our ongoing efforts to expand
capabilities and sales,” said Mark A. Smith, IBC’s Board
Chairman. “Our focus at IBC is all about performance,
performance, performance. We look forward to building on the
Company’s recent financial performance and continuing to advance
toward our goal of achieving sustained profitability.”
The rate of interest associated with this credit facility is
Prime + 2.25%. For more information on IBC and its innovative alloy
products, go here.
On Behalf of the Board of Directors:
"Mark A. Smith”
Mark A. Smith, Chairman of the Board
CONTACTS: Mark A. Smith, Chairman of the Board
Jim Sims, Investor and Public Relations IBC Advanced Alloys Corp.
+1 (303) 503-6203 Email: jim.sims@ibcadvancedalloys.com Website:
www.ibcadvancedalloys.com@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".
CAUTIONARY STATEMENTS
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. This disclosure contains a
forward-looking statements. Forward-looking statements
normally contain words like ‘believe’, ‘expect’, ‘anticipate’,
‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’,
‘ongoing’ and similar expressions, and within this news release
include any statements (express or implied) respecting expanding
capabilities and sales, building on the Company’s recent financial
performance and continuing to advance toward our goal of achieving
sustained profitability. Although IBC believes that the
expectations reflected in these forward-looking statement are
reasonable, forward-looking statements, by their very nature, are
subject to inherent risks and uncertainties and are based on
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statement. The forward looking statements
made by the Company in this press release are based on its
experience, perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. As a result, we cannot
guarantee that any forward-looking statement will materialize and
we caution 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, including
its Annual Information Form for the fiscal year ended June 30,
2019, available at www.sedar.com.
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