VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) ("IBC" or the "Company") has signed extensions to its research agreements (the "Agreements") with Purdue University ("Purdue") and Texas A&M University ("TAMU"), until December 31, 2013. The Company sponsors advanced beryllium oxide (BeO) nuclear fuels research with the focus of developing a safe and commercially viable high thermal conductivity nuclear fuel.
"This extension will allow all research participants to thoroughly complete this current R&D cycle and to evaluate both the new data and the next steps towards developing a safer and more efficient fuel," said Anthony Dutton, President and CEO of IBC. "We are keen to continue our R&D and are in discussions with potential industry partners regarding possible collaboration and joint funding to advance this innovative accident tolerant fuel technology."
The extension will provide Purdue and TAMU additional time to complete the necessary project objectives of developing and verifying thermal performance models, performing safety analyses and quantifying the neutronic performance merits for UO2-BeO fuel in nuclear power reactor cores.
In April 2011, IBC signed the Agreements to advance its BeO nuclear fuels R&D project. The R&D is focused on developing a high thermal conductivity accident tolerant BeO nuclear fuel for both current and future nuclear power reactors that is more efficient than existing nuclear fuels. The underlying IP will govern the commercialization of the BeO enhanced fuel and has the potential to change the nuclear fuels industry and position IBC as an important nuclear industry participant.
"We are very pleased to extend this phase of our collaborative R&D with Purdue and Texas A&M," said Jim Malone, IBC's Vice President of Nuclear Fuel. "The next six to eight months are very important and will focus on further demonstrating the performance of the BeO fuel and also to planning the next steps prior to a full irradiation trial in a test reactor."
IBC's research focuses on the structure of BeO enhanced nuclear fuel as well as new fuel cladding technologies, primarily silicon carbide (SiC), to improve fuel performance should an off-normal event occur. IBC is currently working with Global Nuclear Fuels (GNF), Ceramic Tubular Products, LLC ("CTP") and Massachusetts Institute of Technology ("MIT") to analyze the performance of a BeO fuel pellet with a SiC based ceramic composite cladding system. The objective is to demonstrate how BeO enhanced fuel, combined with CTP's silicon carbide cladding, will provide improved fuel thermal characteristics leading to a safer, more accident tolerant fuel.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of sectors including aerospace, automotive, telecommunications and a range of industrial applications. IBC has 86 employees and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global advanced alloys company. IBC's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQX under the symbol "IAALF".
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing activities therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
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