Ucore Enjoined from Enforcing its Asserted and Disputed Rights Under the Option Agreement
AMERICAN FORK, Utah, March 4, 2019 /PRNewswire/ -- IBC Advanced Technologies, Inc. ("IBC") is pleased to announce that Ucore Rare Metals, Inc. ("Ucore") has agreed to be enjoined from enforcing its asserted and disputed rights under the letter agreement, dated March 14, 2015, between Ucore and IBC, entitled "Option to Purchase IBC", as amended and extended (the "Option Agreement") by the Supreme Court of Nova Scotia (the "Interim Order"). The Interim Order is temporary, and a hearing on the merits will be held on March 20, 2019.
The Interim Order does not affect IBC's ability to move forward on the following, or additional, actions in the United States:
1) A complaint, with jury trial demanded, filed February 19, 2019, in the Third District Court of the State of Utah, against Ucore, Jim McKenzie and Peter Manuel, seeking relief in excess of USD $40 million based on contractual, common law and statutory claims, including breach of contract, breach of implied covenant of good faith and fair dealing, negligent misrepresentation, fraudulent concealment or fraudulent nondisclosure, breach of fiduciary duty, unjust enrichment and fraudulent inducement.
2) A complaint, with jury trial demanded, filed January 4, 2019 by IBC in the Third District Court of the State of Utah, against Ucore, Jim McKenzie, Mark MacDonald, Randy McGillivray, and John Does I and II, seeking damages of no less than USD $20 million based on violation of common law and statutory claims, including misappropriation of IBC's trade secrets and confidential information, infringement of IBC's trademarks, unfair competition, misrepresentation of IBC's intellectual property as its own, defamation of IBC and Steven Izatt, CEO of IBC, painting IBC and Steven Izatt in a false light, tortious interference with IBC's economic relations, and unjust enrichment.
In addition, regarding the proceeding in Halifax, IBC has alerted the Court that it will file a motion to convert the proceeding from an application to an action, due to the substantial and complex claims IBC anticipates pleading in that matter. A key difference between an application and an action is that the latter, due to its complexity and magnitude, is expected to take years, not months, to resolve.
IBC has identified additional claims involving Ucore, John Doe(s), and, potentially, additional defendants that may be added to the above actions.
"We are pleased that Ucore has been enjoined from moving forward on its attempts to purportedly acquire IBC," stated Steven R. Izatt, President and CEO of IBC. "Having reasonably consented to preserve the status quo temporarily in order to allow time for the court to consider Ucore's position, IBC intends to oppose Ucore's motion, which we fully expect will be successful, leading to the interim injunction being set aside."
Background
IBC is an award-winning provider of proprietary and innovative Molecular Recognition Technology ("MRT") products and processes, based on green chemistry and green engineering, to premier customers worldwide. IBC's SuperLig®, AnaLig® and MacroLig® products and associated processes are used in manufacturing, analytical and laboratory applications. More information can be found at www.ibcmrt.com.
SOURCE IBC Advanced Technologies, Inc.
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