IBC Announces Appointment of New Chief Financial Officer

Rhea-AI Summary

IBC Advanced Alloys (TSXV:IB)(OTCQB:IAALF) has announced key leadership changes effective January 1, 2025. Terena White, who has served as Corporate Controller since September 2019, will be promoted to Chief Financial Officer and Corporate Secretary, replacing retiring CFO Toni Wendel. White brings experience from previous roles at Faurecia USA and PMG.

Additionally, following the closure of IBC's Engineered Materials division, Ben Rampulla will step down as President of that division and as Chief Technology Officer on December 31, 2024. Both Wendel and Rampulla will continue providing consulting services during a transition period.

Positive

• Internal promotion of CFO indicates succession planning and continuity
• New CFO brings relevant industry experience from automotive and materials sectors
• Transitional consulting arrangements with departing executives ensure smooth handover

Negative

• Closure of Engineered Materials division signals business restructuring
• Loss of Chief Technology Officer position may impact technological leadership
• Multiple simultaneous leadership changes could create operational challenges

FRANKLIN, IN / ACCESSWIRE / December 31, 2024 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSXV:IB)(OTCQB:IAALF) is pleased to announce the appointment of Terena White to the position of Chief Financial Officer ("CFO") and Corporate Secretary, effective January 1, 2025.

Ms. White has served as IBC's Corporate Controller since September 30, 2019, and replaces Toni Wendel, who is retiring. Ms. Wendel has served as IBC's CFO since June of 2019 and will continue to provide consulting services to IBC over a transition period.

Before serving as IBC's Corporate Controller, Ms. White was Purchasing Controller at Faurecia USA, a leading automotive technology company. Prior to that, she served in various financial capacities, including Accounting Manager at PMG, a joint venture of the powder metal divisions of Plansee and Mitsubishi Materials Global, for six years.

The Company also announces that, with the closing of IBC's Engineered Materials division, Ben Rampulla is stepping down as President of that division and as Chief Technology Officer, effective December 31, 2024. Mr. Rampulla also will continue to provide IBC with services on a consulting basis over a transition period.

"On behalf of the Board of Directors, I want to congratulate Terena on her well-deserved promotion to Chief Financial Officer for IBC," said Mark A. Smith, CEO and Board Chairman. "I also want to thank Toni and Ben for their years of outstanding service to IBC. All three of these individuals have made enormous contributions to helping IBC operate as one of America's finest purveyors of mission-critical alloys to the commercial and defense sectors."For more information on IBC and its innovative alloy products, go here.

On Behalf of the Board of Directors:

"Mark A. Smith"

Mark Smith, Chairman of the Board

# # #

Contacts:

Mark A. Smith, Chairman of the Board

Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com

Website: www.ibcadvancedalloys.com

@IBCAdvanced $IB $IAALF #copper #copperalloys

ABOUT IBC ADVANCED ALLOYS CORP.

IBC is a leading advanced copper alloys manufacturer serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. At its vertically integrated production facility in Franklin, Indiana, IBC manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. The Company's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".

CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING STATEMENTS

Neither 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 release.

Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the continued service of Ms. Wendel and Mr. Rampulla on a consulting basis over a transition period, and the effective dates of Ms. White's appointment as CFO and Mr. Rampulla's resignation as CTO. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the risk that the Company may not be able to make sufficient payments to retire its debt, the impact of general economic conditions in the areas in which the Company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with manufacturing activities, 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. As a result of these risks and uncertainties, 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.

Please see "Risks Factors" in our Annual Information Form available under the Company's profile at www.sedarplus.ca, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

SOURCE: IBC Advanced Alloys Corp.

View the original press release on accesswire.com

FAQ

Who is the new CFO of IBC Advanced Alloys (IAALF) and when does she start?

Terena White will become the new CFO and Corporate Secretary of IBC Advanced Alloys, effective January 1, 2025. She previously served as the company's Corporate Controller since September 2019.

Why is IBC Advanced Alloys (IAALF) closing its Engineered Materials division?

The press release announces the closure of the Engineered Materials division but does not provide specific reasons for the closure.

What is Terena White's professional background before joining IAALF?

Before joining IBC, Terena White worked as Purchasing Controller at Faurecia USA and served as Accounting Manager at PMG, a joint venture of Plansee and Mitsubishi Materials Global, for six years.

How will IAALF manage the transition of departing executives?

Both departing executives, Toni Wendel and Ben Rampulla, will continue to provide consulting services to IBC during a transition period to ensure smooth handover of responsibilities.