Amsterdam, 8 May 2008 --- AMG Advanced Metallurgical Group N.V.
("AMG", EURONEXT AMSTERDAM: "AMG") announced that its 50.5%
subsidiary Timminco Limited (TSX: TIM), has received an operation
review report on its solar silicon business from PHOTON Consulting.
In its press release, Timminco stated:
Timminco Limited ("Timminco") (TSX:TIM) today announced that it has
received an operational review report from PHOTON Consulting on its
solar grade silicon business located at Becancour, Quebec, based on a
one-day facility visit by a PHOTON Consulting team in early May,
2008. Timminco commissioned the report to support due diligence
efforts for strategic discussions beyond normal supplier-customer
relationships that are ongoing with potential partners. The PHOTON
Consulting team was given full access to the solar grade silicon
production facility and to information relating to accounting
procedures, R&D efforts, human resource needs, intellectual property
and technical processes that they requested to prepare their report.
"Operations and processes have potential for massive growth and,
possibly, for reshaping the silicon industry", declared Michael Rogol
Managing Director of PHOTON Consulting. "The equipment is very
impressive, very low-cost, beyond poly-scale. In interviews, several
customers have reported cell efficiencies above 14% and some above
15% utilizing 100% (unblended) solar grade silicon from Becancour."
A conference call with Michael Rogol of PHOTON Consulting will take
place on Wednesday May 14, 2008 to discuss the conclusions of the
report. An executive summary of the report will be made available on
Timminco's website at www.timminco.com prior to the conference call.
Details of the conference call will be released under a separate
release.
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 a majority interest in publicly-listed
Timminco Limited (TSX: "TIM").
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.
AMG operates globally with production facilities in Germany, the
United Kingdom, France, the United States, Canada, Mexico, Brazil 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
Timminco Limited +1 416 364 5171
Robert Dietrich
Executive Vice President and CFO
rdietrich@timminco.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.
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