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International Beryllium Corporation Closes Acquisition of Freedom
Alloys, Inc.
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VANCOUVER, BC - International Beryllium Corporation (TSX-V: IB) ("IBC"
or the "Company") is pleased to announce that it has successfully
closed the acquisition of Freedom Alloys, Inc. ("Freedom"), a
Pennsylvania-based beryllium manufacturing company.
This transaction is further to the Company's news release dated March
5, 2008, which announced the signing of a share purchase agreement (the
"Agreement") to acquire Freedom. Pursuant to the Agreement, IB paid
US$10,000,000 made up of US$9,034,441 in cash and 1,693,963 common
shares ( the "IBC Shares") with a deemed value of US$0.57 per share.
The IBC Shares are subject to a hold period which expires on September
10, 2008.
"We are very pleased to have successfully completed the acquisition of
Freedom Alloys", stated Anthony Dutton, President and CEO of
International Beryllium. "We have already forged an excellent working
relationship with their senior management and whole team. Freedom
Alloys is a profitable and growing company with a strong and expanding
position in the global beryllium market", continued Dutton, "and is a
cornerstone of IBC's core strategy of vertical integration and
consolidation in the beryllium market. We look forward to working
together to evaluate future acquisition and growth opportunities as we
build the IBC/Freedom brand across the market".
"The acquisition of Freedom by IBC represents an important milestone
for our company as we join forces with a shared vision and strategy for
growth and expansion in the global beryllium and related alloys
market," said Michael Fisher, CEO and Founder of Freedom Alloys. "We
believe Freedom's experience and deep understanding of the beryllium
market will make a significant contribution to the excellent potential
of our combined company", continued Fisher, "and we are very excited by
the growth opportunities we have already identified in the short time
we have been working with International Beryllium".
This acquisition was approved by the TSX Venture Exchange ("TSX-V") on
May 6, 2008.
This news release was prepared by management of IBC, which takes full
responsibility for its contents. The TSX-V has not reviewed and does
not accept responsibility for the adequacy or accuracy of this news
release.
About International Beryllium Corporation
International Beryllium Corporation is a global 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 Venture Exchange under the symbol
IB.
International Beryllium Corporation
Anthony G. Dutton, CEO
(604) 689-1515 ext 111
Email: adutton@internationalberyllium.com
Website: www.internationalberyllium.com
Legal Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements," as that term
is defined in Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended. Statements in this news release which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include, among
others, the expectations and/or claims, as applicable, that: (i) IBC
and Freedom will grow into a strong vertically integrated international
beryllium company (ii) IBC is looking forward to a successful
integration and growth in market share and shareholder value for IBC;
and (iii) IBC plans to pursue of additional downstream acquisition
opportunities and expand its manufacturing and marketing footprint in
both North American and international markets.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors. Such factors include, among others:
(i) the risk that IBC does not execute its business plan; (ii) the
inability of IBC to keep pace with market requirements; (iii) the
Company's inability to maintain key relationships with suppliers and
customers; (iv) the Company not being able to retain key employees; (v)
competitors providing better or cheaper products; (vi) markets for the
Company's products not developing as expected; (vii) the Company's
inability to finance its operations or growth; (viii) inability to
obtain all necessary government and regulatory approvals; and (ix) the
inability to effectively market the Company's products, including the
establishment of viable relationships with third parties; (x)
fluctuating beryllium prices may negatively impact IBC's business plans
and strategies. These forward-looking statements are made as of the
date of this news release and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the forward-looking
statements. Although the Company believes that the beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans,
expectations, or intentions will prove to be accurate.
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Copyright (c) 2008 INTERNATIONAL BERYLLIUM CORPORATION (IB) All rights
reserved. For more information visit our website at
http://www.internationalberyllium.com/ or send
mailto:ba@primarycapital.net
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