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:
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.