FRANKLIN, INDIANA--(Marketwired - Sept. 19, 2016) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQB:IAALD) ("IBC" or the "Company") a leading beryllium and copper advanced alloys company, announces that it is now an "Approved Forging Supplier" with Newport News Shipbuilding ("Newport News"), a division of Huntington Ingalls Industries. Newport News is the largest shipbuilding company in the U.S. and is the sole designer, builder, and re-fueler of U.S. Navy aircraft carriers and one of two providers of U.S. Navy submarines.
The announcement marks the second such attainment by IBC of approved forging supplier status with a world-class shipbuilder in as many weeks. On September 13, IBC announced that it received "Approved Forging Supplier" status with General Dynamics' Electric Boat Division (see that press release here).
"Achieving approved forging supplier status with Newport News is another significant advance for IBC, and positions us to grow our forged products business," said Major General Duncan Heinz (USMC, ret.), President and CEO of IBC. "These qualifications are not easy to receive from world-class manufacturing concerns such as Newport News and Electric Boat, and I am very proud of our team for achieving these milestones."
IBC's qualification with Newport News positions the Company to provide forged product to Newport News through approved suppliers. The qualification was awarded after Newport News conducted due diligence of IBC's Copper Alloys Division facility in Franklin, Indiana.
Newport News builds the most advanced ships in the world using its expertise in nuclear propulsion, naval design, and manufacturing, and it is currently building the new Ford-class aircraft carriers and Virginia-class fast-attack submarines, and performing Refueling and Complex Overhaul (RCOH) on Nimitz-class aircraft carriers. With approximately $4 billion in revenues and more than 20,000 employees, Newport News has built more than 800 ships, including both naval and commercial ships.
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
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".
This news release was prepared by management of IBC, which takes full responsibility for its contents. 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. This disclosure contains certain forward-looking statements that 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 operates, industry conditions, 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. In addition there are risks and uncertainties associated with manufacturing activities therefore 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