IBC Advanced Alloys Delivers First of New Cost-Effective Beryllium Alloy Part for the F-35 Aircraft
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FRANKLIN, Ind., March 23, 2021 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) is pleased to announce that it has begun delivering to Lockheed Martin (NYSE: LMT) a new beryllium alloy part – the Gimbal Mounting Ring – for the F-35 Lightning II aircraft’s Electro-Optical Targeting System (EOTS). IBC makes the ring using its proprietary investment casting technology, which allows for more efficient and less costly manufacturing of the part than was previously possible.
IBC was awarded a contract for the EOTS’ Gimbal Mounting Ring as part of a multi-year contract awarded in December 2020. In addition to the Gimbal Mounting Ring, IBC also was awarded another multi-year contract to produce the Azimuth Gimbal Housing Unit for the EOTS systems, which IBC has manufactured for Lockheed Martin since 2015. The total value of the December purchase order for both parts was approximately US$9.7 million, which represented a 24 percent increase over IBC’s previous three-year purchase order from Lockheed Martin.
IBC’s beryllium alloys facility in Wilmington, Mass., where the Gimbal Mounting Ring is manufactured, confirmed that shipment of both the Ring and a second part for the F-35’s EOTS system manufactured IBC – the Gimbal Housing Unit – are now being produced in Wilmington and shipped to Lockheed on schedule.
EOTS is the first sensor to combine forward-looking infrared and infrared search and track functionality to provide F-35 pilots with precise air-to-air and air-to-ground targeting capability.
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:"Mark A. Smith” Mark A. Smith, CEO & Chairman of the Board
Mark A. Smith, Chairman of the BoardJim Sims, Investor and Public RelationsIBC Advanced Alloys Corp.
@IBCAdvanced $IB $IAALF #F35 #Lockheed
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, and Pennsylvania. The Company's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".
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 improving sales volumes and gross margins while lowering our operating costs and increasing efficiencies across the enterprise. 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 statements 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, including its Annual Information Form for the fiscal year ended June 30, 2019, available at www.sedar.com.
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