IBC Advanced Alloys Corp. (OTCQX: IAALF) (TSX VENTURE: IB) ("IBC" or the "Company") announces that Lockheed Martin has issued IBC a second contract to produce components for the F-35 Lightning II Electro-Optical Targeting System (EOTS).
This purchase order extends production of a component contract announced in September 2014, an EOTS azimuth gimbal housing manufactured using Beralcast(R), the Company's proprietary and high performance beryllium-aluminum casting alloy.
On July 13, 2015 IBC announced successful delivery of first article components for low rate initial production (LRIP) lots 7 and 8. This follow on purchase order is for subsequent LRIP years and will cover new planes and related spares and has a minimum contract value of more than $2 million. The EOTS, produced by Lockheed Martin, is integrated on all F-35 variants; planned production quantities are estimated to be over 3,000 aircraft with deliveries through 2035.
The quantity of components specified under this purchase order is approximately double that for LRIP lots 7 and 8 reflecting accelerated production of the F-35 Lightning II. First deliveries are scheduled for September 2015 when IBC will deliver near-net-shape castings directly to Lockheed Martin which will then separately contract for finishing and final machining. Lockheed Martin has agreed to a long lead time procurement provision for key materials to ensure continued production.
"We are delighted to receive another purchase order for the EOTS azimuth gimbal housing on the F-35 Lightning II," said Anthony Dutton, CEO and President of IBC Advanced Alloys. "This continues our substantial progress with Lockheed Martin since our initial purchase order was announced in 2014. To date, Beralcast(R) proprietary beryllium-aluminum casting alloys have had validation from Lockheed Martin, and two other major aerospace companies," continued Dutton, "and we look forward to continuing to work with the aerospace industry to provide Beralcast(R) solutions for complex aerospace applications where modulus and weight are key performance drivers."
The F-35 Lightning II, a 5th generation fighter, combines advanced low observable stealth technology with fighter speed and agility, fully fused sensor information, network-enabled operations and advanced sustainment. Three distinct variants of the F-35 will replace the A-10 and F-16 for the U.S. Air Force, the F/A-18 for the U.S. Navy, the F/A-18 and AV-8B Harrier for the U.S. Marine Corps, and a variety of fighters for at least 10 other countries.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 80 employees and is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global beryllium and advanced alloys company. IBC's common shares are traded on the TSX Venture Exchange under the symbol " IB" and the OTCQX 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.
Contacts: IBC Advanced Alloys Corp. Ian Tootill Director of Corporate Communications +1 (604) 685-6263 ext 110 email@example.com www.ibcadvancedalloys.com Vorticom Public Relations Nancy Tamosaitis (212) 532-2208 firstname.lastname@example.orgSOURCE: IBC Advanced Alloys Corp.