Jun 6, 2019   SOURCE: PR NewsWire

IBC Updates and Corrects the Record on Utah Litigation against Ucore Rare Metals, Inc.

AMERICAN FORK, Utah, June 6, 2019 /PRNewswire/ -- IBC Advanced Technologies, Inc. ("IBC") is pleased to update on the legal process surrounding the complaints filed by IBC against Ucore Rare Metals, Inc. ("Ucore") and other defendants (collectively, the "Defendants") in Utah, with jury trials demanded:

    1. On February 19, 2019, IBC commenced a lawsuit against Ucore, Jim McKenzie
       and Peter Manuel, which is currently pending in the Federal District
       Court for the State of Utah (the "Federal Action"). The case advances
       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, promissory estoppel, unjust
       enrichment and fraudulent inducement.  IBC has demanded relief in excess
       of USD $40 million in the Federal Action.
    2. In addition, IBC has commenced an action the state court of Utah (the
       "State Action"). That action was filed on January 2, 2019 against Ucore,
       Jim McKenzie, Mark MacDonald, Randy McGillivray, and John Does I and II,
       The State Action alleges Ucore has violated common and statutory law, by
       among other things, misappropriation of IBC's trade secrets and
       confidential information, infringement of IBC's trademarks, unfair
       competition, misrepresentation of IBC's intellectual property as Ucore's
       own; defamation of IBC and Steven Izatt, painting IBC and Steven Izatt in
       a false light, tortious interference with IBC's economic relations, and
       unjust enrichment.  IBC is seeking not less than USD $20 million in
       damages in the State Action.

No judgment has yet been entered in either the Federal Action or the State Action.

Summary

In connection with the State Action, IBC filed, on May 9, 2019, a motion and memorandum of law in support of a temporary restraining order and preliminary injunction against Ucore (the "TRO"). On May 24, 2019, the Court heard arguments in the State Action regarding whether the Court had jurisdiction over the Defendants, who consist of a Canadian company and Canadian citizens. The Court found that the allegations in IBC's complaint were insufficient to establish jurisdiction, but permitted IBC to file an amended complaint to make further allegations against Ucore and the other Defendants in order to demonstrate personal jurisdiction. IBC intends to file a motion to amend the complaint as permitted by the Court this week, which will allow the Court to reconsider its decision based upon the amended complaint's further allegations against Ucore and the other Defendants.

Significantly, because the Court determined that it did not currently have the power to exercise jurisdiction over the Defendants, it did not hear evidence regarding the TRO and did not rule on the issues presented in the TRO. The TRO raises very significant questions regarding previously undisclosed information concerning, among other things, the feasibility of Ucore's plans to develop the Bokan Mine.

For those persons or entities that are IBC's current or potential clients, and/or vendors, and/or others with significant interest in IBC and/or the industry, IBC's TRO and Ucore's opposition to that motion can be found by clicking on the link below and making the required certifications: http://bit.ly/ibcmrt

"IBC thanks all of its stakeholders, including shareholders, customers, and employees, for their strong support," stated Mr. Steven R. Izatt, President and CEO of IBC. "IBC's proud history of technology development and delivery of exceptional products will continue unabated."

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.

IBC was founded in 1988 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 (the "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, who 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.

View original content:http://www.prnewswire.com/news-releases/ibc-updates-and-corrects-the-record-on-utah-litigation-against-ucore-rare-metals-inc-300863106.html

SOURCE IBC Advanced Technologies, Inc.