AMG subsidiary Timminco provides update on class action lawsuits
Amsterdam, 12 June 2009 --- AMG Advanced Metallurgical Group N.V.'s
("AMG", EURONEXT AMSTERDAM: "AMG") 52.5% owned subsidiary, Timminco
Limited ("Timminco"; TSX: TIM) announced that it is aware of another
proposed class action commenced in the Ontario Superior Court on June
11, 2009 by Robert Gowan against Timminco and others. This new
action contains the same types of allegations as set forth in the
proposed class action commenced in the same court on May 14, 2009.
Timminco expects that these two actions will be consolidated, if the
court grants permission to bring the class actions under the
Secondary Market Disclosure provisions of the Ontario Securities
Act. Timminco intends to vigorously defend these allegations and the
plaintiffs' attempts to get court approval to proceed.
About AMG
AMG, incorporated in the Netherlands, is a global leader in the
production of highly engineered specialty metal products and advanced
vacuum furnace systems. AMG serves growing industries worldwide with
its unique combination of metallurgical engineering expertise and
production know-how. AMG is a market leader in many of its products
and systems, which are critical to the production of key components
for the aerospace, energy (including solar and nuclear), electronics,
optics, chemicals, construction and transportation industries. AMG
has two operating divisions of businesses, Advanced Materials and
Engineering Systems, and owns majority interests in publicly-listed
companies Timminco Limited (TSX: "TIM") and Graphit Kropfmühl AG
(Deutsche Börse: GKR.DE).
The Advanced Materials Division develops and produces niche specialty
metals and complex metals products, many of which are used in
demanding, safety-critical, high-stress environments. AMG is one of
a limited number of significant producers globally of niche specialty
metals, such as ferrovanadium, ferronickel-molybdenum, aluminum
master alloys and additives, chromium metal and ferrotitanium, used
by steel, aluminum, chemical and superalloy producers for aerospace,
automotive, energy, electronics, optics, chemicals, construction and
other applications. Other key products produced by AMG include
specialty alloys for titanium and superalloys, coating materials,
tantalum and niobium oxides, vanadium chemicals and antimony
trioxide.
The Engineering Systems Division designs, engineers and produces
advanced vacuum furnace systems and operates vacuum heat treatment
facilities. AMG is a global leader in supplying
technologically-advanced vacuum furnace systems to customers in the
aerospace, energy (including solar and nuclear), transportation,
electronics, superalloys and specialty steel industries. Examples of
furnace systems produced by AMG include vacuum remelting, solar
silicon melting and crystallization, vacuum induction melting, vacuum
heat treatment and high pressure gas quenching, vacuum precision
casting, turbine blade coating and sintering. AMG also provides
vacuum case-hardening heat treatment services on a tolling basis to
customers through facilities equipped with vacuum heat treatment
furnaces.
Timminco Limited is a majority controlled, publicly listed subsidiary
of AMG. Timminco is a leader in the production of upgraded
metallurgical silicon for the rapidly growing solar photovoltaic
energy industry. Timminco also produces silicon metal and magnesium
products for use in a broad range of industrial applications.
Graphit Kropfmühl AG is a majority controlled, publicly listed
subsidiary of AMG. Based on its secure raw material sources in
Africa, China and Europe, Graphit Kropfmühl is a specialist in the
production of silicon metal and the extraction, processing and
refining of natural crystalline graphite for a wide range of energy
saving industrial applications.
AMG operates globally with production facilities in Germany, the
United Kingdom, France, Czech Republic, the United States, Canada,
Mexico, Brazil, Sri Lanka and Australia and also has sales and
customer 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 4901
Jonathan Costello
Director of Corporate Communications
jcostello@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.
AMG subsidiary Timminco provides update on class action lawsuits
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.