IBC Advanced Alloys Corp.
TSX VENTURE :
IB
OTCQX : IAALF
October 31, 2013 09:30 ET
IBC to explore opportunities with GNF-A and CTP to advance accident tolerant nuclear fuel technologies
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) ("IBC" or the "Company") is pleased to announce that it has signed a memorandum of understanding (the "
MOU") with Global Nuclear Fuel - Americas, LLC ("
GNF-A") and Ceramic Tubular Products, LLC ("
CTP")
to explore opportunities to collaborate on nuclear fuel research.
The
MOU was signed following meetings at the recent American Nuclear
Society's annual Top Fuels conference where IBC presented recent R&D
developments on its beryllium oxide ("BeO") nuclear fuel focused on developing a safer and more accident tolerant nuclear fuel.
Under the terms of the agreement, the parties will enter into
discussions regarding a potential joint collaborative effort to develop
and analyze the benefits of increased cooperation and interaction
regarding the development and commercialization of the advanced
beryllium oxide-silicon carbide ("
BeO-SiC") fuel
technology. The parties have also agreed to explore available
opportunities for government or industry partner funding for accident
tolerant fuel R&D initiatives.
Based in Wilmington, N.C.,
GNF-A is a joint venture of
General Electric, Hitachi Ltd. and Toshiba Corporation and is a leading
fabricator and supplier of Boiling Water Reactors ("BWR")
fuel and services. GNF-A strives to continually advance fuel
technologies to meet the demands of today's power reactors and to
support a strong nuclear industry.
CTP, based in Rockville, MD is
developing advanced silicon carbide nuclear fuel cladding which will
improve both industry economics and safety. CTP has been awarded
multiple grants, including one from the US Department of Energy, to
further research, identify and evaluate complementary fuel forms, such
as IBC's BeO enhanced fuel.
IBC recently reported that the Massachusetts Institute of Technology ("MIT")
completed a fuel performance study supporting IBC's BeO nuclear fuel
technology combined with CTP's silicon carbide cladding. The MIT report
validates how IBC's BeO enhanced fuel and CTP's SiC cladding could
reduce fuel operating temperatures and improve fuel operating
characteristics leading to a safer and more accident tolerant fuel. The
report, along with other recent findings from Texas A&M and Purdue
Universities, was presented at the Top Fuels conference.
"We are very pleased to have signed this MOU with IBC and CTP
which could have significant fuel cycle benefits for plant operators,"
said Chet Akiri, COO of GNF-A. "The potential benefits of the improved
thermal conductivity fuel, combined with CTP's cladding technology,
include lower fuel operating temperatures that deliver the same energy
to the reactor system. GNF is committed," continued Akiri, "to pursuing
new technologies that will improve fuel performance and result in
important benefits for our utility customers."
Herb Feinroth, CEO of Ceramic Tubular Products, echoed
Akiri's sentiments and said, "The tests of CTP's TRIPLEX Silicon Carbide
cladding have already shown the potential for hundreds of times lower
heat release and hydrogen release during severe accidents as compared to
the current metal cladding now used in commercial reactors. The
combination of CTP's cladding technology with IBC's enhanced BeO fuel,"
continued Feinroth, "could mark a significant step in the development of
more accident tolerant nuclear fuels and we look forward to working
with IBC and GNF to advance this important initiative."
As a result of recent nuclear industry events, industry
officials and governments are supporting alternative advanced fuel
designs including increased R&D initiatives for more accident
tolerant fuels. Because of this increasing industry awareness the
parties to the agreement look forward to entering into discussions with a
number of potential nuclear industry partners to explore and discuss
the next phase of R&D including irradiation requirements and testing
of the fuel in test reactors.
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 sectors including aerospace, automotive, telecommunications and a
range of industrial applications. IBC has 83 employees and production
facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is
creating a dynamic global 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.
Recently, IBC signed a contract with Lockheed-Martin to supply the housing units for the EOTS system for the new, advanced, F-35 fighter jet program from it's proprietary "Beralcast" Alloys. 
