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
itootill@ibcadvancedalloys.com
www.ibcadvancedalloys.com
Vorticom Public Relations
Nancy Tamosaitis
(212) 532-2208
nancyt@vorticom.com
SOURCE: IBC Advanced Alloys Corp.
IBC Advanced Alloys Corp. 
