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:
- Be enjoined from misappropriating IBC's confidential
information and trade secrets;
- Maintain the secrecy and confidentiality of IBC's confidential
information and trade secrets and other proprietary information,
including restraint from disclosing such information to the public,
Defendants' past, current prospective, or future business
associates, investors, subsidiaries, and acquaintances;
- Account for and return, and cause all parties to whom they have
disclosed any trade secrets or confidential information to account
for and return, to IBC all IBC intellectual property, including its
trade secrets, confidential information and other confidential
documents, data or information in their possession, custody or
control, including any copies thereof or any documents, data or
information that references or uses in any way IBC's confidential
information and trade secrets;
- Return, and refrain from using, all confidential information
and trade secrets pursuant to the Nondisclosure Agreement [signed
between IBC and Schrider]; and
- Be precluded from in any way conducting, transacting any
business with, or assisting any person or entity that utilizes or
seeks to utilize IBC's confidential information and trade
secrets.
In support of the Court Order, the Court made the following
findings:
- "Defendants have engaged in actual or threatened
misappropriation of IBC's trade secrets;
- Plaintiff will suffer irreparable harm unless a temporary
restraining order is immediately issued;
- The threatened injury to Plaintiff outweighs the damage, if
any, that the temporary restraining order may cause the
Defendants;
- The temporary restraining order will not be adverse to, and
will serve the public interest; and
- There is a substantial likelihood that Plaintiff will prevail
on the merits of its underlying claims against Defendants."
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:
http://bit.ly/IBCOct2019
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:
- Misappropriation of Trade Secrets
- Common Law Fraud
- Negligent Misrepresentation
- Breach of Contract
- Unjust Enrichment
- Conspiracy
The Complaint seeks, in addition to the injunction included in
the Injunction Motion, relief in the form of:
- A judgment in Plaintiff's favor, awarding full compensatory and
consequential damages, against all Defendants, jointly and
severally, in an amount no less than $20
million;
- Exemplary and punitive damages;
- Plaintiff's reasonable attorneys' fees, interest and costs;
and
- Such other and further relief as the Court may deem just and
proper.
The Complaint can be seen by clicking on the link below:
http://bit.ly/IBCOct2019
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
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SOURCE IBC Advanced Technologies, Inc.