IBC Advanced Alloys appoints former division president to board

FRANKLIN, IN - IBC Advanced Alloys Corp. (TSX-V:IB)(OTCQB:IAALF), a specialty alloys manufacturer with a market capitalization of $18.8 million and impressive 118% return over the past year according to InvestingPro, has appointed Chris Huskamp to its board of directors, the company announced Friday.

Huskamp previously served as President of IBC’s Engineered Materials Division and currently works as Director of Business Development for Jabil, the largest U.S.-based contract manufacturer.

Prior to his roles at IBC and Jabil, Huskamp worked at G&S Foundry and Boeing, where he co-authored two patents for scandium-bearing aluminum alloys. He holds a B.S. in Metallurgical Engineering from the Missouri University of Science & Technology and has 28 years of experience in the aerospace and defense market.

"Chris’ many years of leadership and experience in developing strategic materials and alloys, and the applications in which they are used, should prove extraordinarily valuable to IBC," said Mark A. Smith, Chairman and CEO of IBC, in a press release statement.

The appointment remains subject to approval by the TSX Venture Exchange, including clearance of Huskamp’s personal information form.

IBC Advanced Alloys manufactures copper alloys including beryllium copper, chrome copper, and aluminum bronze at its facility in Franklin, Indiana. The company serves industries including defense, aerospace, automotive, and telecommunications, maintaining a gross profit margin of 22% despite challenging market conditions.

In other recent news, IBC Advanced Alloys Corp. has announced an extension of its credit facility’s maturity date. The company’s U.S. subsidiaries have amended their credit agreement with Iron Horse Credit, LLC, pushing the maturity to September 30, 2026. This revised agreement allows Iron Horse to provide advance purchase funding based on the sale of the subsidiaries’ accounts receivable. The lender has been granted a security interest over these accounts. The updated terms specify that interest will accrue at a rate of SOFR plus 6% per annum on outstanding amounts. Interest will be compounded and payable on a monthly basis. These developments reflect the company’s ongoing financial strategies.

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