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IBC Disavows Association with Ucore and Ucore's Representations to Governmental Entities Relating to Processing of Rare Earth Elements at Alaska's Bokan Project

AMERICAN FORK, Utah, Sept. 10, 2019 /PRNewswire/ -- Ucore Rare Metals, Inc. ("Ucore") recently announced, on September 4, 2019 (the "Announcement"), that it will be using "an SX-based platform for the [Alaskan Strategic Metal Complex] SMC."  Despite this Announcement, Ucore continues to associate itself with IBC Advanced Technologies, Inc. ("IBC") and Molecular Recognition Technology ("MRT"), even though IBC has made numerous demands for Ucore to cease doing so.  IBC has had no role in, or communication with Ucore regarding their embrace of solvent extraction ("SX") and is in no way associated with development of the Alaskan SMC.  Any statements made to the contrary are inaccurate.  Given the potential confusion that Ucore's September 4, 2019 Announcement may cause to IBC's customers, the scientific community, the U.S. and Alaskan Governments, and American taxpayers, IBC feels compelled to provide the following information to clarify Ucore's Announcement which, in IBC's opinion, did not address key issues regarding Ucore's Bokan-Dotson Ridge Rare Earth mineralization ("Bokan Project").

Notwithstanding its adoption of SX, Ucore continues to signal its use of MRT.  However, Ucore has no rights to, and will not be entitled to access, MRT or IBC's expertise because of the position IBC has taken before the Courts; among other things, that the Option Agreement was validly terminated on February 19, 2019 by IBC.  IBC  is also seeking damages from Ucore.  See IBC press release:

https://www.prnewswire.com/news-releases/ibc-terminates-agreement-with-ucore-and-seeks-relief-for-damages-300798548.html

In Utah court filings covering both contract and tort claims, IBC has asserted that Ucore breached its agreements with and damaged IBC by its conduct over several years.  In addition to identifying multiple express breaches by Ucore, IBC alleges that Ucore improperly induced IBC to enter the agreements through fraudulent misrepresentations and has acted in bad faith throughout.  IBC has filed persuasive and reliable evidence to support its allegations and is seeking no less than USD$60 million in damages from Ucore and its principal officers in the Utah proceedings.      

Additional background information on the legal proceedings can be found in the following IBC press releases:

https://www.prnewswire.com/news-releases/ucore-enjoined-from-enforcing-its-asserted-and-disputed-rights-under-the-option-agreement-300805981.html

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

https://www.prnewswire.com/news-releases/ibc-files-motion-in-utah-litigation-against-ucore-rare-metals-inc-300880140.html

https://www.prnewswire.com/news-releases/utah-court-filing-fails-to-contest-independent-expert-findings-on-alaskas-bokan-rare-earth-mine-300888338.html

https://www.prnewswire.com/news-releases/ucore-again-fails-to-contest-independent-expert-findings-on-alaskas-bokan-rare-earth-mine-300910423.html 

IBC Completely Disassociates Itself from Ucore, the Alaskan SMC and the Bokan Project

Central to Ucore's Announcement is its reference to interactions with the U.S. and Alaskan Governments ("Governmental Entities").  IBC disclaims any connection with or responsibility for any statements or proposals made by Ucore during such interactions.  Ucore does not have, and has never had, any license to use IBC's MRT.  Based on Ucore's recent press releases, IBC is extremely concerned that Ucore has represented to the Governmental Entities that it will utilize IBC's MRT and services, either alone or in combination with SX, to separate and process REEs or other elements at the Alaskan SMC or elsewhere.  IBC wholly disclaims any such representations.  IBC has demanded that Ucore immediately cease misappropriating, utilizing or referencing IBC's name, reputation, technology, trademarks, confidential information and trade secrets.

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

 

Cision View original content:http://www.prnewswire.com/news-releases/ibc-disavows-association-with-ucore-and-ucores-representations-to-governmental-entities-relating-to-processing-of-rare-earth-elements-at-alaskas-bokan-project-300915116.html

SOURCE IBC Advanced Technologies, Inc.





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