SOURCE: AMG Advanced Metallurgical Group N.V.

May 08, 2008 14:06 ET

AMG Subsidiary Announces Solar Silicon Operational Review by Photon Consulting

AMSTERDAM, NETHERLANDS--(Marketwire - May 8, 2008) - AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announced that its 50.5% subsidiary Timminco Limited (TSX: TIM), has received an operation review report on its solar silicon business from PHOTON Consulting. In its press release, Timminco stated:

Timminco Limited ("Timminco") (TSX: TIM) today announced that it has received an operational review report from PHOTON Consulting on its solar grade silicon business located at Becancour, Quebec, based on a one-day facility visit by a PHOTON Consulting team in early May, 2008. Timminco commissioned the report to support due diligence efforts for strategic discussions beyond normal supplier-customer relationships that are ongoing with potential partners. The PHOTON Consulting team was given full access to the solar grade silicon production facility and to information relating to accounting procedures, R&D efforts, human resource needs, intellectual property and technical processes that they requested to prepare their report.

"Operations and processes have potential for massive growth and, possibly, for reshaping the silicon industry", declared Michael Rogol Managing Director of PHOTON Consulting. "The equipment is very impressive, very low-cost, beyond poly-scale. In interviews, several customers have reported cell efficiencies above 14% and some above 15% utilizing 100% (unblended) solar grade silicon from Becancour."

A conference call with Michael Rogol of PHOTON Consulting will take place on Wednesday May 14, 2008 to discuss the conclusions of the report. An executive summary of the report will be made available on Timminco's website at www.timminco.com prior to the conference call. Details of the conference call will be released under a separate release.

About AMG

AMG, incorporated in the Netherlands, is a global leader in the production of highly engineered specialty metal products and advanced vacuum furnace systems. AMG serves growing industries worldwide with its unique combination of metallurgical engineering expertise and production know-how. AMG is a market leader in many of its products and systems, which are critical to the production of key components for the aerospace, energy (including solar and nuclear), electronics, optics, chemicals, construction and transportation industries. AMG has two operating divisions of businesses, Advanced Materials and Engineering Systems, and owns a majority interest in publicly-listed Timminco Limited (TSX: "TIM").

The Advanced Materials Division develops and produces niche specialty metals and complex metals products, many of which are used in demanding, safety-critical, high-stress environments. AMG is one of a limited number of significant producers globally of niche specialty metals, such as ferrovanadium, ferronickel-molybdenum, aluminum master alloys and additives, chromium metal and ferrotitanium, used by steel, aluminum, chemical and superalloy producers for aerospace, automotive, energy, electronics, optics, chemicals, construction and other applications. Other key products produced by AMG include specialty alloys for titanium and superalloys, coating materials, tantalum and niobium oxides, vanadium chemicals and antimony trioxide.

The Engineering Systems Division designs, engineers and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities. AMG is a global leader in supplying technologically-advanced vacuum furnace systems to customers in the aerospace, energy (including solar and nuclear), transportation, electronics, superalloys and specialty steel industries. Examples of furnace systems produced by AMG include vacuum remelting, solar silicon melting and crystallization, vacuum induction melting, vacuum heat treatment and high pressure gas quenching, vacuum precision casting, turbine blade coating and sintering. AMG also provides vacuum case-hardening heat treatment services on a tolling basis to customers through facilities equipped with vacuum heat treatment furnaces.

Timminco Limited is a majority controlled, publicly-listed subsidiary of AMG. Timminco is a leader in the production of upgraded metallurgical silicon for the rapidly growing solar photovoltaic energy industry. Timminco also produces silicon metal and magnesium products for use in a broad range of industrial applications.

AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, Canada, Mexico, Brazil and Australia and also has sales and customer service offices in Belgium, Russia, China and Japan (website: www.amg-nv.com).

Disclaimer

Certain statements in this press release are not historical facts and are "forward looking". Forward looking statements include statements concerning AMG's plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG's competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG's business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information. When used in this press release, the words "expects," "believes," "anticipates," "plans," "may," "will," "should," and similar expressions, and the negatives thereof, are intended to identify forward looking statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. These forward looking statements speak only as of the date of this press release. AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions or circumstances on which any forward looking statement is based.

Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • For further information please contact:

    AMG Advanced Metallurgical Group N.V.
    +1 610 975 4901
    Jonathan Costello
    Director of Corporate Communications
    Email Contact


    Timminco Limited
    +1 416 364 5171
    Robert Dietrich
    Executive Vice President and CFO
    Email Contact