Business
Utah Court Denies IBC's Attempt to Void the Option to Purchase Agreement with Ucore
Halifax, Nova Scotia--(Newsfile Corp. - August 6, 2020) - Ucore Rare Metals Inc. (TSXV: UCU...
About this update from Ucore Rare Metals Inc.
[{"type":"text","content":"Utah Court Denies IBC's Attempt to Void the Option to Purchase Agreement with UcoreHalifax, Nova Scotia--(Newsfile Corp. - August 6, 2020) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (\"Ucore\" or the \"Company\") is pleased to provide an update on the lawsuit that was initiated on February 19, 2019, (the \"Second Utah Complaint\") by IBC Advanced Technologies, Inc. and Steven R. Izatt (collectively the \"Plaintiffs\" or \"IBC\") against Ucore and certain executives of the Company.Under the Second Utah Complaint, on March 6, 2020, IBC filed a Motion for Partial Summary Judgment (\"MPSJ\") seeking an outright judgment by the U.S. District Court, District of Utah (the \"Federal Court\") declaring: 1) the Option to Purchase Agreement [i] (the \"OTP\") void for vagueness, 2) the OTP terminated due to Ucore's default and failure to rectify, 3) that Ucore breached either the OTP or the Research Agreement [ii], or both, by violating its Confidentiality Provision and Exclusivity Provision, and 4) that attorney's fees were properly incurred due to Ucore's breaches.During a hearing on August 5, 2020, when oral arguments were presented, the Federal Court orally denied IBC's Motion for Partial Summary Judgment in its entirety. Other significant decisions by the Federal Court during this hearing were:IBC's Objection to the Magistrate Judge's Order Denying IBC's Motion for Leave to File Amended Complaint (regarding the Second Utah Complaint) was denied.Therefore, IBC's Motion for Preliminary Injunction against Ucore, regarding the proposed amended claims, was also denied.The granting of a motion put forth by IBC to consolidate the three active Federal Court cases (the Second, Third, and Fourth Utah Complaints - as defined below) and was consented to by Ucore and Michael Schrider (Ucore Vice-President & COO).\"Although our court schedules in both Utah and Nova Scotia have been impacted by the COVID-19 pandemic, Ucore is very pleased with the outcomes to date within the courts,\" stated Pat Ryan, P.Eng., Ucore Chairman & Interim-CEO. \"We understand that further delays may occur given these uncertain times. However, with every court appearance, we take one more step to resolving this dispute with IBC and to ultimately capturing the value of our significant investment in their technology for rare earth elements - once legally lib...