PR Newswire
AMERICAN FORK, Utah, Oct. 20, 2019
AMERICAN FORK, Utah, Oct. 20, 2019 /PRNewswire/ -- IBC Advanced Technologies, Inc. ("IBC" or "Plaintiff") announces that the Utah Fourth District Court has granted IBC's motion for temporary restraining order ("TRO" or "Court Order") against Michael L. Schrider, Chief Operating Officer of Ucore Rare Metals, Inc. ("Ucore"), et al. ("Defendants").
In granting IBC's motion, the District Court Judge ordered that the Defendants shall:
In support of the Court Order, the Court made the following findings:
This Court Order is far reaching, because, to the extent Schrider has disclosed IBC's confidential information and trade secrets to Ucore, Ucore would be required by the Court Order to account for and return such confidential information and trade secrets to IBC. This required return could preclude Ucore from moving forward on its plan to utilize IBC's Molecular Recognition Technology ("MRT") in its Strategic Metals Complex ("SMC") in Ketchikan, Alaska. Ucore recently announced that it will use solvent extraction ("SX") technology in combination with IBC's MRT for the separation and refining of rare earth elements ("REE's"). Under the Court Order, the Defendants would also be prevented from doing business with or assisting Ucore to the extent Ucore utilizes or seeks to utilize IBC's confidential information and trade secrets.
The Court Order and IBC's Motion for Temporary Restraining Order and Preliminary Injunction (the "Injunction Motion") can be seen by clicking on the link below:
Stated Steven R. Izatt, President and CEO of IBC, "We are especially pleased with the comprehensiveness of the Court Order, which immediately ensures broad protection of IBC's confidential information and trade secrets from disclosure and misuse by the Defendants, as well as by any other persons to whom the Defendants have disclosed such confidential information and trade secrets."
Complaint
With the Injunction Motion, IBC simultaneously filed a companion Complaint against the Defendants alleging six (6) causes of action:
The Complaint seeks, in addition to the injunction included in the Injunction Motion, relief in the form of:
The Complaint can be seen by clicking on the link below:
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
SOURCE IBC Advanced Technologies, Inc.