International Beryllium Corporation Closes Acquisition of Nonferrous Products, Inc.admin
International Beryllium Corporation announce that it has successfully closed, through its subsidiary IBC US Holdings, Inc., the acquisition of Nonferrous Products, Inc.,, a profitable and growing Indiana based beryllium metalworking and specialty alloy processing company.
This transaction is further to the Company’s news release dated October 1st, 2008, which announced the signing of a binding share purchase agreement (the “Agreement”) to acquire all of the shares of NF, Industries Inc., the parent company of Nonferrous. Pursuant to the Agreement, IB paid approximately US$10,500,000 made up of US$6,000,000 in cash, $US3,000,000 in vendor debt bearing interest at 8% and due in three years and 3,000,000 common shares (the “IB Shares”) with a deemed value of $0.50 per share. The IB Shares are subject to a hold period which expires on March 1st, 2009.
“We are extremely pleased to have successfully completed the acquisition of Nonferrous,” stated Anthony Dutton, President and CEO of International Beryllium. “With Nonferrous 2007 revenues of US$11.4 million, IB should increase its revenue base by more than 100% and anticipates excellent growth opportunities, especially in key overseas markets and the oil and gas sector. Through our wholly owned subsidiary, Freedom Alloys,” continued Dutton, “we have enjoyed a long and mutually beneficial working relationship with Nonferrous and look forward to building on our shared vision of a vertically integrated global beryllium industry.”
“The acquisition of Nonferrous by IB is an important milestone for our company as we join forces with a shared vision and strategy for growth,” said Denis Brady, CEO of Nonferrous. “We believe Nonferrous’ experience, global customer base and long standing industry relationships will make a significant contribution to the excellent potential of our combined company.” We are looking forward,” continued Brady, “to working closely with IB and Freedom as we pursue our combined growth strategy including additional acquisition opportunities.”
This acquisition was approved by the TSX Venture Exchange (“TSX-V”) on October 30th, 2008.
This news release was prepared by management of IBC, which takes full responsibility for its contents.
International Beryllium Corporation is a global manufacturing, exploration and development company focused on beryllium, beryllium oxides and beryllium master alloys. Beryllium and related alloys are used in a broad range of specialized industrial applications such as nuclear power, defence, electronics and automotive. International Beryllium’s common shares are traded on the TSX-V\under the symbol IB.