IBC Files Motion for Preliminary Injunction Against Ucore in United States Federal Court

AMERICAN FORK, Utah, Oct. 22, 2019 /PRNewswire/ -- IBC Advanced Technologies, Inc. ("IBC") announces that it has filed a Motion for Preliminary Injunction (the "Injunction Motion") against Ucore Rare Metals, Inc. ("Ucore") and other defendants (collectively, the "Defendants") in the United States District Court, District of Utah. 

The Injunction Motion requests that the Court grant the following relief, whereby Ucore and the other Defendants would be:

• Enjoined from engaging in any business or activity which competes, directly or indirectly, with IBC in the rare metals (including rare earth elements ("REE")) sector and two other sectors, and from engaging with any competitor of IBC in such sectors.  This includes, without limitation, any activities that include the use of solvent extraction and other REE separation technologies;
• Enjoined from misappropriating IBC's trade secrets;
• Restrained from disclosing IBC's trade secrets or confidential information to third parties, including present or future business associates of Ucore;
• Required to return all of IBC's confidential information;
• Enjoined from any use or display of IBC's trademarks;
• Prevented from making inaccurate or misleading statements regarding IBC, Steven Izatt [IBC's CEO], or IBC's trade secrets or trademarks;
• Required to cease and desist using Steven Izatt's name and credentials in Management's Discussion and Analysis "MD&A" Reports; and
• Required to publish the content of the Court's Order in a press release within ten days of the Court's grant of the injunctive remedies.

(collectively, the "Injunctive Request").

Upon order by the Court, the Injunctive Request would enforce the non-disclosure, non-use and non-compete restrictions, which had been already agreed to by Ucore, and prevent Ucore from using IBC's MRT, any of IBC's confidential information, or any competing technology, whether alone or with an alliance partner, in the Alaska SMC for the processing of REEs; or from disclosing IBC's trade secrets or confidential information to third parties, including any of the "commercial partners" with which Ucore has been "aligning".

The Injunction Motion can be seen by clicking on the link below:

http://bit.ly/IBC22Oct2019 

First Amended Complaint

In addition to the Injunction Motion, IBC et al. (the "Plantiffs") filed a First Amended Compliant, jury demanded, in the United States District Court, District of Utah (the "Complaint") against Ucore and the other Defendants.  The Complaint alleges twenty-two (22) causes of action:

• 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
• Fraudulent Inducement
• Misappropriation of Trade Secrets Under the U.S. Defend Trade Secrets Act
• Misappropriation of Trade Secrets Under the Utah Uniform Trade Secrets Act
• Trademark Infringement/Contributory Infringement in Violation of the Lanham Act
• Trademark Infringement Under the Registration and Protection of Trademarks and Service Marks Act
• False Designation of Origin in Violation of the Lanham Act
• Trademark Dilution in Violation of the Lanham Act
• Federal Statutory Unfair Competition in Violation of the Lanham Act
• Trademark Infringement Under the Registration and Protection of Trademarks and Service Marks Act
• Unfair Competition
• Common Law Fraud
• Negligent Misrepresentation
• Defamation
• Tortious Interference With Economic Relations
• Electronic Communication Harassment
• Unjust Enrichment
• Conspiracy

IBC is seeking relief in the form of:

• Permanent injunction restraining Defendants' actions related to the above;
• Entering of judgment in Plaintiffs' favor and awarding full compensatory and consequential damages to Plaintiffs and against all Defendants jointly and severally, in an amount to be determined at trial, factoring in all interest, costs and expenses in an amount no less than $40 million;
• Awarding Plaintiffs exemplary and punitive damages;
• Awarding Plaintiffs reasonable attorneys' fees and costs incurred in bringing and having to pursue this action; and
• Awarding Plaintiffs with such other and further relief as the Court may deem just and proper.

The Complaint can be seen by clicking on the link below:

http://bit.ly/IBC22Oct2019 

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.