Nova Scotia Supreme Court Rules in IBC's Favor - Denies Ucore's Attempt to Prevent IBC from filing Motion for Summary Judgment - Awards IBC Costs

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--- Utah Federal Court Invites IBC to File Refocused Motion for Summary Judgment, Grants IBC's Motion for Consolidation and Denies Ucore's Motion for Preliminary Injunction ---

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IBC Advanced Technologies, Inc.

Sep 04, 2020, 16:08 ET

AMERICAN FORK, Utah, Sept. 4, 2020 /PRNewswire/ -- In a decision dated September 1, 2020, the Nova Scotia Supreme Court ruled in favor of IBC Advanced Technologies, Inc. ("IBC"), and dismissed a motion for contempt brought by Ucore Rare Metals Inc. ("Ucore"). The Nova Scotia Supreme Court also awarded costs to IBC; the amount which IBC will recover has not yet been determined.

On August 19, 2020, the Nova Scotia Supreme Court heard submissions concerning Ucore's suggestion that IBC's filing of a Motion for Summary Judgment ("MSJ") in Utah Federal Court was contemptuous. Ucore sought to punish IBC for exercising its legal rights in Utah. The Nova Scotia Supreme Court stated: "Simply put, there is nothing in the plain wording of the Interlocutory Injunction Order which enjoins IBC's ability to pursue its right to take steps in the ongoing litigation in Utah". The Nova Scotia Supreme Court referred to transcripts from Ucore's earlier submissions to that Court and confirmed that Ucore did not try to prohibit IBC from exercising its full rights in the Utah litigation when it requested the Injunction. The Nova Scotia Supreme Court also reaffirmed its earlier denial of Ucore's attempt to limit IBC's ability to market its technology in all sectors.

Utah Federal Court

On August 5, 2020, the Utah Federal Court stated that it will entertain a more narrowly focused Motion for Summary Judgment at a later date. IBC's MSJ had asked the Court to rule that the Option Agreement with Ucore is unenforceable. The Court's denial of the originally filed MSJ was without prejudice and did not address the merits of IBC's position.

In addition, the Utah Court granted IBC's motion to consolidate three Utah cases involving Ucore:

IBC's contract action against Ucore for breach of contract, breach of implied covenant of good faith and fair dealing, negligent misrepresentation, fraudulent concealment or fraudulent non-disclosure, breach of fiduciary duty, unjust enrichment, and fraudulent inducement;
IBC's action against Ucore Chief Operating Officer, Michael Schrider, for misappropriation of IBC's intellectual property and breach of contract; and
IBC's shareholders' action, wherein eight (8) shareholders are making claims against Ucore for breach of contract, breach of implied covenant of good faith and fair dealing, and fraudulent inducement;
(collectively, the "Utah Consolidated Case").

The Utah Court also denied Ucore's motion for a preliminary injunction in which Ucore sought to force IBC to dismantle and move the Molecular Recognition Technology ("MRT") rare earth element pilot plant.

The Utah Consolidated Case will now advance to the discovery phase. IBC is very pleased with the outcome of the proceedings in both Nova Scotia and Utah. IBC welcomes the start of the discovery phase, believes its claims will now be further substantiated through that process, and is highly confident in its position and prospects for success.

Background of IBC

IBC is an award-winning provider of proprietary and innovative 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.