FRANKLIN, Ind., Jan. 25, 2019 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF), a leading beryllium and copper advanced alloys company, announced Friday that its Board of Directors has accepted the resignation of Major General David “Duncan” Heinz from his positions as President, CEO, and Director of the Company.
“On behalf of the IBC Board of Directors, and the entire IBC team, I would like to thank General Heinz for his many contributions to the Company over these past seven-plus years. We all wish him and his family well in all of their future endeavors,” said Mark A. Smith, IBC Board Chair.
A search for a successor is underway, according to Mr. Smith. In the interim, and effectively immediately, IBC will be led by an executive management committee consisting of Mr. Smith, Geoffrey Hampson, Mike Jarvis, and Simon Anderson, all of whom serve on the IBC Board.
“The Board of Directors, the company’s major investors, and the entire IBC organization remain singularly focused and increasingly aligned on the urgency of attaining sustained profitability, substantially growing revenue from both our copper and beryllium alloys businesses, and continuing to deliver world-class, industry-leading products and services to our customers worldwide.”
On Behalf of the Board of Directors:
"Mark Smith”
Mark A. Smith, Board Chair
Contacts:
Mark Smith, Chair
Jim 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 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, 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 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 anticipated profitability, increased sales, and the continuing success of the Company’s ability to deliver products and services to its customers worldwide. 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 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 for the quarter ended September 30, 2018, and in its Annual Information Form for the fiscal year ended June 30, 2018, available at www.sedar.com.