FRANKLIN, Ind., Jan. 24, 2022 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announces that it has completed payments on its $1.7 million mortgage term loan on its Copper Alloys manufacturing facility in Franklin, Ind. Paying off this mortgage is part of IBC’s primary corporate strategy of reducing its debt burden.
“I am very pleased to announce that we have been able to pay off our sole mortgage as part of our ongoing effort to reduce corporate debt,” said Mark A. Smith, CEO and Director of IBC. “It is especially exciting that continuing strong sales across both of our operating divisions are strengthening IBC’s ability to generate cash flow and strengthen our balance sheet organically.”
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 and Chairman of the Board
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
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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 and Massachusetts. The Company's common shares are traded on the TSX-V under the symbol "IB" and the OTCQB under the symbol "IAALF".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the 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 press release.