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IBC Advanced Alloys Corp. (TSXV:IB,OTCQX:IAALF) reported a 2013 year-end corporate update. Its audited year-end financial statements and management’s discussion and analysis (MD&A) is expected to be filed by October 29, 2013. The Company has improved manufacturing performance, repaid its debt obligation to Sandton Credit Opportunities Fund II, LLP on schedule, and has extended its R&D agreement with Purdue and Texas A&M universities to December 31, 2013.
As quoted in the press release:
The Company has seen steadily improving manufacturing performance for fiscal Q4 2013 compared to fiscal Q3 2013. In the quarter ended June 30, 2013, both the Copper Division, headquartered in Franklin, Indiana and the Engineered Materials Division based in Wilmington, Massachusetts generated higher revenues than in the previous quarter. Additionally, the Company has experienced incremental improvements in forward visibility reflecting a cautious, but still subdued, customer base. While these developments are encouraging, the economic environment is still muted and even with improved quarterly performance management advises that customers remain conservative.
In June 2013, the Company repaid its debt obligation to Sandton Credit Opportunities Fund II, LLP on schedule. This debt elimination is a positive development for the Company as it removes encumbrances over assets and so provides the opportunity to consolidate all operational borrowing with a single lender. In addition, management now has greater flexibility with day-to-day operations as it has fewer limitations on financial and other transactions between the Company’s manufacturing entities.
The Company remains committed to its beryllium oxide (“BeO”) enhanced nuclear fuels research and, as disclosed earlier this year, has extended its R&D agreement with Purdue and Texas A&M universities to December 31, 2013. IBC also continues to fund work by the Massachusetts Institute of Technology’s (“MIT”) Center for Advanced Nuclear Energy Systems regarding advanced BeO nuclear fuel characterization studies. Dr. Sean McDeavitt, the BeO nuclear fuel lead investigator from Texas A&M, will present a project overview and update paper at the American Nuclear Society’s Top Fuel conference in September 2013. IBC’s BeO nuclear fuel research is gathering interest from regulators, government and other industry participants as, in the wake of the Fukushima tragedy, the importance of safer and accident-tolerant fuels is being increasingly recognized.
Click here to read the IBC Advanced Alloys Corp. (TSXV:IB,OTCQX:IAALF) press release
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