AMERICAN FORK, Utah, Sept. 22, 2019 /PRNewswire/ -- Ucore Rare Metals, Inc. ("Ucore") issued a press release on September 10, 2019 (the "Press Release") in which it referenced the use of "hybrid technology" at the non-existent Alaskan Strategic Metal Complex ("SMC") and stated that the SuperLig®-One pilot plant would "set the aspirations for the project." Given the potential confusion that the Press Release may cause IBC's customers, the scientific community, the U.S. and Alaskan Governments, and other interested parties, IBC feels compelled to provide the following information.
Molecular Recognition Technology, MRT and SuperLig® are IBC's trademarks and IBC and Ucore have not entered into a licensing agreement for Ucore to use IBC's trademarks, technology, or products at any time. Ucore has never paid IBC a licensing fee. Ucore does not have any rights or a license to use IBC's trademarks, technology, or products, including reference to the SuperLig®-One pilot plant. IBC has demanded that Ucore immediately cease misappropriating, utilizing or referencing IBC's name, reputation, technology, trademarks, confidential information and trade secrets.
Ucore Cannot Use IBC's Technology as Part of Its So-Called "Hybrid Technology"
Despite the lack of any rights to MRT, Ucore is promoting the use of "hybrid technology" for its non-existent Alaskan SMC. IBC disavows any connection to such "hybrid technology." To the extent Ucore has had discussions regarding the combination of solvent extraction ("SX") and MRT with SX technology companies or others, IBC's confidential information would have had to have been disclosed, which is a violation of several of Ucore's agreements with IBC.
IBC Disavows any Representations Ucore May Have Made to Companies and Governmental Entities
In its Press Release, Ucore describes rare earth element ("REE") marketing activities which it conducted over the past 18 months, not only to U.S. Federal and Alaskan Governmental entities, but to commercial industry as well, both in the U.S. and Japan. IBC disavows any statements, representations or proposals Ucore may have made to companies or governmental entities about or including IBC's technology, trademarks, confidential information and trade secrets.
Ucore Stock Rights Offering
Ucore issued a second press release on September 10, 2019, regarding granting of rights to the owners of its common shares ("Rights Offering"). IBC would like to reassure its customers and other interested parties that the current Rights Offering, even if successful, cannot cure Ucore's breach of the Option Agreement with IBC. An independent expert forensic accountant, Gavin Harris, concluded that Ucore was insolvent at the time IBC provided it with Notice of Default pursuant to the Option Agreement. That insolvency constituted a material breach under the Option Agreement which cannot be cured at this time.
Despite the passage of almost five (5) months, Ucore has not publicly disputed Mr. Harris' sworn declaration, dated May 9, 2019, which can be accessed at the following link:
The link below provides information on IBC's termination of the Option Agreement:
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