AMG Subsidiary Timminco announces approval of C$25 million debt
financing from Québec Government>
AMG Subsidiary Timminco announces approval of C$25 million debt financing from Québec Government
(Thomson Reuters ONE) - Amsterdam, 7 July 2009 --- AMG Advanced Metallurgical Group N.V.'s("AMG", EURONEXT AMSTERDAM: "AMG") 52.2% owned subsidiary, TimmincoLimited ("Timminco"; TSX: TIM) announced today that the QuébecMembers of Cabinet have approved a proposed debt financing forBécancour Silicon Inc., a wholly-owned subsidiary of Timminco, by wayof a two-year term loan of C$25.0 million. This loan would beprovided by Investissement Québec under the Renfort program anddisbursed in full upon completion of the transaction. The fundswould be used for general working capital purposes."We are pleased by the Québec government's decision in favour of thisinvestment in our company," said René Boisvert, President and CEO ofBécancour Silicon. "Bécancour Silicon has been a proud member of theBécancour community for 35 years. In addition to the strongpotential for our historical silicon metal business, our proprietaryprocess for producing solar grade silicon provides us with asignificant opportunity in the solar energy industry. These fundswill help position us to capitalize upon opportunities as ourcustomer demand recovers.""The loan attributed today will help a key player in Québec'sindustry, Bécancour Silicon, get through the worldwide economicstorm" declared Québec's Minister of Finance and Minister of EconomicDevelopment, Innovation and Export Trade, Mr. Raymond Bachand."This announcement is an eloquent example of the Québec government'scommitment towards Québec businesses. I am very proud of it" addedQuebec's Minister of Transport, Mrs. Julie Boulet.The proposed loan would be interest-bearing and include certainfinancial and other covenants. It would also be secured by BécancourSilicon's assets and subordinated to the existing revolving creditfacilities provided by Timminco's senior secured lender, Bank ofAmerica, N.A. The transaction is subject to execution of definitivedocuments and satisfaction of other conditions, including consent ofTimminco's other secured lenders.About Investissement Québec and the Renfort ProgramInvestissement Québec's mission is to promote the growth ofinvestment in Québec and thereby contribute to economic developmentand job creation. The Renfort program was launched in December 2008by Québec's Ministry of Economic Development, Innovation and ExportTrade (MEDIET) as a working capital and investment program designedto stabilize successful companies experiencing temporary difficultiesbecause of the economic situation. This program has C$1.2 billion infunding and offers loans and loan guarantees to companies inoperation for at least three years that carry out their mainactivities in Québec.About TimmincoTimminco produces solar grade silicon for the solar photovoltaicenergy industry. Using its proprietary, patent pending technology,Timminco purifies silicon metal into solar grade silicon (also knownas upgraded metallurgical silicon) for use in the manufacture ofsolar cells. Timminco also produces silicon metal, magnesiumextrusions and other specialty metals for use in a broad range ofindustrial applications serving the aluminum, chemical,pharmaceutical, electronics and automotive industries.About AMGAMG, incorporated in the Netherlands, is a global leader in theproduction of highly engineered specialty metal products and advancedvacuum furnace systems. AMG serves growing industries worldwide withits unique combination of metallurgical engineering expertise andproduction know-how. AMG is a market leader in many of its productsand systems, which are critical to the production of key componentsfor the aerospace, energy (including solar and nuclear), electronics,optics, chemicals, construction and transportation industries. AMGhas two operating divisions of businesses, Advanced Materials andEngineering Systems, and owns majority interests in publicly-listedcompanies Timminco Limited (TSX: "TIM") and Graphit Kropfmühl AG(Deutsche Börse: GKR.DE).The Advanced Materials Division develops and produces niche specialtymetals and complex metals products, many of which are used indemanding, safety-critical, high-stress environments. AMG is one ofa limited number of significant producers globally of niche specialtymetals, such as ferrovanadium, ferronickel-molybdenum, aluminummaster alloys and additives, chromium metal and ferrotitanium, usedby steel, aluminum, chemical and superalloy producers for aerospace,automotive, energy, electronics, optics, chemicals, construction andother applications. Other key products produced by AMG includespecialty alloys for titanium and superalloys, coating materials,tantalum and niobium oxides, vanadium chemicals and antimonytrioxide.The Engineering Systems Division designs, engineers and producesadvanced vacuum furnace systems and operates vacuum heat treatmentfacilities. AMG is a global leader in supplyingtechnologically-advanced vacuum furnace systems to customers in theaerospace, energy (including solar and nuclear), transportation,electronics, superalloys and specialty steel industries. Examples offurnace systems produced by AMG include vacuum remelting, solarsilicon melting and crystallization, vacuum induction melting, vacuumheat treatment and high pressure gas quenching, vacuum precisioncasting, turbine blade coating and sintering. AMG also providesvacuum case-hardening heat treatment services on a tolling basis tocustomers through facilities equipped with vacuum heat treatmentfurnaces.Timminco Limited is a majority controlled, publicly listed subsidiaryof AMG. Timminco is a leader in the production of upgradedmetallurgical silicon for the rapidly growing solar photovoltaicenergy industry. Timminco also produces silicon metal and magnesiumproducts for use in a broad range of industrial applications.Graphit Kropfmühl AG is a majority controlled, publicly listedsubsidiary of AMG. Based on its secure raw material sources inAfrica, China and Europe, Graphit Kropfmühl is a specialist in theproduction of silicon metal and the extraction, processing andrefining of natural crystalline graphite for a wide range of energysaving industrial applications.AMG operates globally with production facilities in Germany, theUnited Kingdom, France, Czech Republic, the United States, Canada,Mexico, Brazil, Sri Lanka and Australia and also has sales andcustomer service offices in Belgium, Russia, China and Japan(website: www.amg-nv.com).For further information please contact:AMG Advanced Metallurgical Group N.V. +1 610 975 4901Jonathan CostelloVice President of Corporate Communicationsjcostello(at)amg-nv.comDisclaimerCertain statements in this press release are not historical facts andare "forward looking." Forward looking statements include statementsconcerning AMG's plans, expectations, projections, objectives,targets, goals, strategies, future events, future revenues orperformance, capital expenditures, financing needs, plans andintentions relating to acquisitions, AMG's competitive strengths andweaknesses, plans or goals relating to forecasted production,reserves, financial position and future operations and development,AMG's business strategy and the trends AMG anticipates in theindustries and the political and legal environment in which itoperates and other information that is not historical information.When used in this press release, the words "expects," "believes,""anticipates," "plans," "may," "will," "should," and similarexpressions, and the negatives thereof, are intended to identifyforward looking statements. By their very nature, forward lookingstatements involve inherent risks and uncertainties, both general andspecific, and risks exist that the predictions, forecasts,projections and other forward looking statements will not beachieved. These forward looking statements speak only as of the dateof this press release. AMG expressly disclaims any obligation orundertaking to release publicly any updates or revisions to anyforward looking statement contained herein to reflect any change inAMG's expectations with regard thereto or any change in events,conditions or circumstances on which any forward looking statement isbased.http://hugin.info/138060/R/1327670/312846.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 07.07.2009 - 22:58 Uhr
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