FRANKLIN, Ind., July 19, 2021 (GLOBE NEWSWIRE) — IBC Advanced Alloys (TSX-V: IB; OTCQB: IAALF) (“IBC” or the “Company”), a leading beryllium and copper advanced alloys company, was pleased to host U.S. Congressman Trey Hollingsworth (R-9th-Ind.) on a recent tour of IBC's expansion and consolidation project now underway at its copper alloys plant in Franklin, Ind.
Rep. Hollingsworth, who represents Franklin in the U.S. Congress, has been very supportive of IBC and the Franklin plant, where workers manufacture a variety of copper-based alloy components for use in commercial and defense industries.
Front-page news media coverage of the Congressman's visit in the Franklin Daily Journal can be seen here.
“This is such great news to see, you know, the excitement here, the energy here, and obviously the continued investment here,” Rep. Hollingsworth said.
IBC is working to complete work on a $5.5 million, 32,000-square-foot expansion of the Franklin plant. The project will allow the Company to consolidate current copper foundry operations at a plant in Pennsylvania into the Franklin plant. This expansion/consolidation project is expected to expand IBC's manufacturing capabilities as well as generate significant fixed cost savings.
“The modernization and consolidation project is proceeding well, and we are very grateful for Congressman Hollingsworth's continuing interest in and support of IBC's operations,” said Mark A. Smith, CEO and Chairman of IBC. “This project will help power a new era of growth and opportunity for IBC's copper alloys division, and I am excited about the prospects for greater efficiencies, cost savings, and enhanced sales that this project should enable.”
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, CEO & Chairman of the Board
Mark A. Smith, Chairman of the Board
Jim Sims, Investor and Public Relations
IBC Advanced Alloys Corp.
@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 Alloys 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, and Pennsylvania. The Company's common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQB under the symbol “IAALF”.
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 communication. This disclosure contains forward-looking statements, including the Company's expectation that it will successfully complete the Franklin facility expansion and consolidation, and that such expansion / consolidation will result in as much as $3 million in savings in the years following the project's completion. Although IBC believes that the expectations reflected in these forward-looking statements 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 communication 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 at www.sedar.com.