IBC Advanced Alloys Corp (IAALF)

[bernice]

a not so good news: which creates uncertainty

IBC ADVANCED ALLOYS TO APPEAL ARBITRATION AWARD

2017-09-15 20:37 ET - News Release


Mr. Duncan Heinz reports

IBC ADVANCED ALLOYS TO APPEAL ARBITRATION AWARD

IBC Advanced Alloys Corp. intends to appeal an arbitration award made in favour of the former co-owner of Beralcast, which IBC purchased in 2010 and which now serves as the company's beryllium-aluminum alloy operating division.

An arbitrator with the International Center for Dispute Resolution has ordered IBC to pay Gerald R. Hoolahan, the former co-owner of Beralcast, a total of approximately $1.24-million (U.S.) in damages resulting from an alleged breach of contract relating to the sale, and an additional $155,697 (U.S.) in attorney's fees, costs and expenses.

IBC vigorously disputes the allegations and intends to appeal the arbitrators' award.