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.
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM