AMERICAN FORK, Utah,
July 21, 2019 /PRNewswire/
-- Ucore Rare Metals Inc. ("Ucore") has failed to contest
findings related to the Bokan Mountain rare earth element deposit
in Alaska ("Bokan Mine") made by
independent expert Dr. David Hammond
("Independent Expert Findings").
IBC Advanced Technologies, Inc. ("IBC") filed a Motion for Leave
to File a First Amended Complaint against Ucore and its principal
officers in the Third District Court, Salt Lake County, Utah on June 25, 2019 (the "First Amended
Complaint"). The filing contained the Independent Expert
Findings as well as allegations of fraud made by IBC against Ucore
and its principal officers. Among other things, the First
Amended Complaint cited Dr. Hammond's expert findings that the
Bokan Mine project was not economically feasible and would not be
feasible for approximately 30-40 years – if ever.
For further information, please see IBC's Press Release dated
July 4, 2019:
https://www.prnewswire.com/news-releases/ibc-files-motion-in-utah-litigation-against-ucore-rare-metals-inc-300880140.html
Ucore responded to IBC's filing on July
12, 2019, but failed to address any of Dr. Hammond's
findings or IBC's allegations of fraud. In a subsequent press
release, Ucore also failed to mention, much less challenge, Dr.
Hammond's findings. Instead, the press release focused on the
consent-based appointment of a case management judge in
Nova Scotia that was mutually
agreed to and had no bearing on any substantive issues including
the question of jurisdiction, which remains undecided.
"IBC's position is being continually strengthened as the Court
proceedings progress," stated Steven R.
Izatt, President and CEO of IBC. "Dr. Hammond's
unrefuted analysis provides a solid framework to accurately assess
the harms caused by the fraud described in IBC's court filings
against Ucore. We look forward to vigorously pursuing our
claims."
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.
View original
content:http://www.prnewswire.com/news-releases/utah-court-filing-fails-to-contest-independent-expert-findings-on-alaskas-bokan-rare-earth-mine-300888338.html
SOURCE IBC Advanced Technologies, Inc.