AMERICAN FORK, Utah, Oct. 20, 2019 /PRNewswire/ -- IBC Advanced Technologies, Inc. ("IBC" or "Plaintiff") announces that the Utah Fourth District Court has granted IBC's motion for temporary restraining order ("TRO" or "Court Order") against Michael L. Schrider, Chief Operating Officer of Ucore Rare Metals, Inc. ("Ucore"), et al. ("Defendants").
In granting IBC's motion, the District Court Judge ordered that the Defendants shall:
- Be enjoined from misappropriating IBC's confidential information and trade secrets;
- Maintain the secrecy and confidentiality of IBC's confidential information and trade secrets and other proprietary information, including restraint from disclosing such information to the public, Defendants' past, current prospective, or future business associates, investors, subsidiaries, and acquaintances;
- Account for and return, and cause all parties to whom they have disclosed any trade secrets or confidential information to account for and return, to IBC all IBC intellectual property, including its trade secrets, confidential information and other confidential documents, data or information in their possession, custody or control, including any copies thereof or any documents, data or information that references or uses in any way IBC's confidential information and trade secrets;
- Return, and refrain from using, all confidential information and trade secrets pursuant to the Nondisclosure Agreement [signed between IBC and Schrider]; and
- Be precluded from in any way conducting, transacting any business with, or assisting any person or entity that utilizes or seeks to utilize IBC's confidential information and trade secrets.
In support of the Court Order, the Court made the following findings:
- "Defendants have engaged in actual or threatened misappropriation of IBC's trade secrets;
- Plaintiff will suffer irreparable harm unless a temporary restraining order is immediately issued;
- The threatened injury to Plaintiff outweighs the damage, if any, that the temporary restraining order may cause the Defendants;
- The temporary restraining order will not be adverse to, and will serve the public interest; and
- There is a substantial likelihood that Plaintiff will prevail on the merits of its underlying claims against Defendants."
This Court Order is far reaching, because, to the extent Schrider has disclosed IBC's confidential information and trade secrets to Ucore, Ucore would be required by the Court Order to account for and return such confidential information and trade secrets to IBC. This required return could preclude Ucore from moving forward on its plan to utilize IBC's Molecular Recognition Technology ("MRT") in its Strategic Metals Complex ("SMC") in Ketchikan, Alaska. Ucore recently announced that it will use solvent extraction ("SX") technology in combination with IBC's MRT for the separation and refining of rare earth elements ("REE's"). Under the Court Order, the Defendants would also be prevented from doing business with or assisting Ucore to the extent Ucore utilizes or seeks to utilize IBC's confidential information and trade secrets.
The Court Order and IBC's Motion for Temporary Restraining Order and Preliminary Injunction (the "Injunction Motion") can be seen by clicking on the link below:
Stated Steven R. Izatt, President and CEO of IBC, "We are especially pleased with the comprehensiveness of the Court Order, which immediately ensures broad protection of IBC's confidential information and trade secrets from disclosure and misuse by the Defendants, as well as by any other persons to whom the Defendants have disclosed such confidential information and trade secrets."
With the Injunction Motion, IBC simultaneously filed a companion Complaint against the Defendants alleging six (6) causes of action:
- Misappropriation of Trade Secrets
- Common Law Fraud
- Negligent Misrepresentation
- Breach of Contract
- Unjust Enrichment
The Complaint seeks, in addition to the injunction included in the Injunction Motion, relief in the form of:
- A judgment in Plaintiff's favor, awarding full compensatory and consequential damages, against all Defendants, jointly and severally, in an amount no less than $20 million;
- Exemplary and punitive damages;
- Plaintiff's reasonable attorneys' fees, interest and costs; and
- Such other and further relief as the Court may deem just and proper.
The Complaint can be seen by clicking on the link below:
Background of IBC
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.
In 1988, IBC was founded by and named after three Brigham Young University professors: Dr. Reed M. Izatt, Dr. Jerald S. Bradshaw and Dr. James J. Christensen.
IBC is the proud sponsor of the International Izatt-Christensen Award. This Award, founded in 1991 and named after Dr. Reed M. Izatt and Dr. James J. Christensen, two of the founders of IBC, recognizes excellence in macrocyclic and supramolecular chemistry. It is known as one of the most prestigious small awards in chemistry. The Award is presented annually at the International Symposium on Macrocyclic and Supramolecular Chemistry ("ISMSC"). Two of the early recipients of the Award later shared the 2016 Nobel Prize in Chemistry. The precursor of the ISMSC was founded by Dr. Izatt and Dr. Christensen in 1977.
A privately held Utah corporation, IBC counts among its shareholders a multi-billion dollar international manufacturing company, which has been a major customer and benefactor of IBC for over thirty (30) years. IBC has built its business upon integrity, trust and excellence and values its close association with such top-tier companies.
IBC provides proprietary, green chemistry and green engineering SuperLig® Molecular Recognition Technology products and processes worldwide. More information can be found at www.ibcmrt.com
SOURCE IBC Advanced Technologies, Inc.