Utah Court Dismisses IBC Complaint Against Ucore
Halifax, Nova Scotia--(Newsfile Corp. - May 29, 2019) - Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the legal proceedings in Utah commenced by IBC Advanced Technologies, Inc. ("IBC") and Steven R. Izatt against Ucore and some of its executives.
During a hearing on May 23, 2019, the Third District Court, Salt Lake Division, Salt Lake County, State of Utah (the "Court") granted a motion submitted by Ucore to dismiss the January 4, 2019, Complaint filed by IBC against Ucore and some of its executives This dismissal was granted by the Court on the grounds that the Court does not have jurisdiction over Ucore and the named individual defendants in this matter. The associated Motion and Memorandum in Support of Temporary Restraining Order and Preliminary Injunction submitted by IBC on May 9, 2019, was denied as moot by this decision.
"Ucore is very grateful to the State of Utah's legal system for its decision in this matter," said Ucore President & CEO, Jim McKenzie. "The Company continues to vigorously pursue an expeditious resolution to the legal dispute related to the Company's Option to Purchase Agreement with IBC. This Utah ruling, in combination with the recent jurisdictional ruling in favor of Ucore in Nova Scotia, is an indicator of our continued progress to that end."
"At stake is the control of a valuable, green, and highly disruptive rare earth extraction technology", continued McKenzie. "The use of molecular recognition in the separation of metals is a very capable platform for expediting REE production on U.S. soil. This extraction technology has already successfully separated all of the Critical Rare Earth Elements [CREE] without the use of costly and environmentally precarious reagents associated with Solvent Extraction [SX] methodologies."
"These strategic metals are a central issue in the increasingly contentious trade relations between China and the U.S.," concluded McKenzie. "CREE such as terbium, dysprosium, neodymium, and praseodymium, are indispensable to the American high-tech industry. Commercial liberation of this extraction technology for use in the rare earth industry will be a tremendous win not just for Ucore, but for an enormous array of Noth American rapid-growth sectors. This recent ruling in Utah brings us one step closer to that event."
The next scheduled court appearance is before the Nova Scotia Court of Appeal on June 19, 2019, to hear IBC's appeal of the decision of the Supreme Court of Nova Scotia that it had jurisdiction in the matter of Ucore Rare Metals Inc. versus IBC Advanced Technologies, Inc. and Steven R. Izatt. More information on the Nova Scotia proceedings can be obtained in person at the Law Courts, 1815 Upper Water Street, Halifax, Nova Scotia. Since January 4, 2019, IBC has pursued parallel civil litigation proceedings in Utah, against which Ucore has challenged whether Utah is the proper venue. More information on the Nova Scotia and other proceedings, generally, can be obtained under the Company's profile on SEDAR (www.sedar.com) or by contacting Mark MacDonald, Vice President Business Development at (902) 482-5214 or firstname.lastname@example.org.
Ucore Rare Metals is a development-phase company focused on rare metals resources, extraction and beneficiation technologies with near term potential for production, growth and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 Million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.
Ucore's vision and plan is to transition to become a leading nanotechnology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of a Strategic Metals Complex (initially announced on Nov. 15, 2016) in Ketchikan, Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (technical report filed on SEDAR on March 14, 2013).
For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit <https://ucore.com>.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release (other than statements of historical facts) that address future business acquisition activities (including any related required financings), timelines, litigation outcomes, events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results and actual results or developments may differ materially from those in forward-looking statements. Ucore has assumed that it will in the near future be able to obtain interim financing and sufficient additional financing to acquire IBC in compliance with the terms contemplated in the existing agreements with IBC and its shareholders holding a majority of its shares. Ucore has also assumed that there will be no material adverse findings in its upcoming expected comprehensive due diligence review of IBC. Factors that could cause actual results to differ materially from those in forward-looking statements include: Ucore not being able to raise sufficient funds to acquire IBC (including the non-acquisition payments owed under the previous and existing agreements); adverse capital market conditions; unexpected due diligence findings; unexpected or adverse outcomes in the currently outstanding litigation matters between Ucore and IBC; resistance to or noncompliance by IBC or its key shareholders with the existing agreements; the emergence of alternative superior metallurgy and mineral separation technologies; the inability of IBC to retain its key staff members and clients; the inability of IBC to protect its intellectual property; unexpected transaction costs or other deal completion setbacks; the availability and procurement of any required interim financing that may be required; and general economic, market or business conditions.
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