FRANKLIN, Ind., April 04, 2019 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (TSX-V: IB; OTCQB: IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, has received notice of a decision by the U.S. District Court in the District of Massachusetts affirming a September 9, 2017 arbitration award made in favor of Gerald R. Hoolahan, the former co-owner of Beralcast Corporation, which IBC purchased in 2010. The arbitration award resulted from an alleged breach of contract relating to the sale and totals $1,395,434 plus accrued interest from the date of the arbitration decision.
IBC vigorously disputes the allegations and reserves its right to appeal the District Court decision. As has been disclosed in previous public filings, the Company has already reserved the full amount of the potential award as a contingent liability on its books.
On Behalf of the Board of Directors:
"Mark A. Smith”
Mark A. Smith, Board Chairman
Contact:
Mark A. Smith, Board Chairman
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this communication. This disclosure contains certain forward-looking statements about the Company, including, but not limited to, the Company’s current intention to pursue an appeal of the decision of the U.S. District Court of Massachusetts. These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. 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 the Company’s assessment of the information currently available to it and legal advice that has been provided to it to date. Accordingly, the Company cannot guarantee that any forward-looking statement will materialize and cautions 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.