AMG Advanced Metallurgical Group N.V. Receives Notice of Cancellation of Tantalum Supply Contract
(Thomson Reuters ONE) -
Amsterdam, 27 March 2017 (Regulated Information) --- AMG Advanced Metallurgical
Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") announces that it has recently
received a purported "notice of cancellation" of its tantalum supply contract
from its customer, Global Advanced Metals USA Inc. ("GAM"). GAM has asserted
that AMG has failed to provide adequate assurances of its ability to perform
under the supply contract following the fire in January 2017 in one of AMG's two
tantalum concentrate production lines.
AMG believes that it has supplied detailed empirical information that provides
reasonable and adequate assurance of its ability to perform its obligations
under the supply contract, notwithstanding the fire, and that GAM's action has
no legal or factual basis. AMG intends to take all steps to protect its
rights under the contract.
AMG is currently assessing the financial impact of the purported contract
cancellation, which will depend on a number of factors, including making
tantalum product available to the market, as well as evaluating our rights under
our business interruption insurance policy. AMG's current best estimate of the
financial impact on 2017 profitability, as a result of the purported contract
cancellation, is approximately $5m.
This press release contains inside information within the meaning of Article
7(1) of the EU Market Abuse Regulation.
This press release contains regulated information as defined in the Dutch
Financial Markets Supervision Act (Wet op het financieel toezicht).
About AMG
AMG is a global critical materials company at the forefront of CO(2) reduction
trends. AMG produces highly engineered specialty metals and mineral products and
provides related vacuum furnace systems and services to the transportation,
infrastructure, energy, and specialty metals & chemicals end markets.
AMG produces aluminum master alloys and powders, titanium alloys and coatings,
ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and
silicon metal. AMG Engineering designs and produces vacuum furnace equipment
and systems used to produce and upgrade specialty metals and alloys for the
transportation, automotive, infrastructure, and energy markets.
With approximately 3,000 employees, AMG operates globally with production
facilities in Germany, the United Kingdom, France, Czech Republic, United
States, China, Mexico, Brazil and Sri Lanka, and has sales and customer service
offices in Russia and Japan (www.amg-nv.com).
For further information, please contact:
AMG Advanced Metallurgical Group N.V. +1 610 293 5804
Steve Daniels
Senior Vice President
sdaniels(at)amg-nv.com
Disclaimer
Certain statements in this press release are not historical facts and are
"forward looking". Forward looking statements include statements concerning
AMG's plans, expectations, projections, objectives, targets, goals, strategies,
future events, future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG's competitive
strengths and weaknesses, 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 the industries and the
political and legal environment in which it operates and other information that
is not historical information. When used in this press release, the words
"expects," "believes," "anticipates," "plans," "may," "will," "should," and
similar expressions, and the negatives thereof, are intended to identify forward
looking statements. By their very nature, forward looking statements involve
inherent risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements speak only as
of the date of this press release. AMG expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward looking
statement contained herein to reflect any change in AMG's expectations with
regard thereto or any change in events, conditions, or circumstances on which
any forward looking statement is based.
GAM Contract FINAL:
http://hugin.info/138060/R/2090665/789505.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AMG Advanced Metallurgical Group N.V. via GlobeNewswire
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