IBC Disputes Claimed Right Of Ucore Rare Metals To Exercise Option To Purchase IBC
Nov 26, 2018, 06:00 ET
AMERICAN FORK, Utah, Nov. 26, 2018 /CNW/ -- IBC Advanced Technologies, Inc. ("IBC") is further responding to the Press Release of Ucore Rare Metals, Inc. ("Ucore"), dated November 7, 2018 (the "November 7, 2018 Press Release"), expressing a claimed right to exercise an option to purchase IBC. It is IBC's firm position that Ucore does not have any right to exercise such claimed option because, among other reasons, the parties have agreed to terminate that certain letter agreement, dated March 14, 2015 (the "Option Agreement"), which contains exercise provisions.
As part and parcel of their mutual agreement to terminate the Option Agreement, IBC and Ucore agreed to convert their relationship into a joint venture, under which a jointly owned company would receive a license from IBC for its use of selected IBC products. In furtherance of this decision, Ucore has drafted, and the parties have been negotiating, documents which would confirm and memorialize the agreed arms-length licensing arrangement.
"I am most surprised that Ucore would attempt to claim that the Option Agreement has viability, and that Ucore somehow has the purported right to exercise a purchase option, after we have been moving in just the opposite direction for more than a year," said Steven R. Izatt, President and CEO of IBC.
IBC recently announced the resignations of Molecular Recognition Technology ("MRT") experts Steven R. Izatt and Dr. Reed M. Izatt from Ucore's Advisory Board because of major differences between IBC and Ucore (see IBC Press Release dated November 6, 2018). Ucore then issued the November 7, 2018 Press Release, which contained a number of misrepresentations of fact regarding Ucore's relationship with IBC. Among those representations was Ucore's statement that the resignations of Dr. Reed M. Izatt and Steven R. Izatt from Ucore's Advisory Board were somehow "necessary" because of Steven Izatt's personal actions (intimating a prearranged plan), which was patently incorrect (see IBC Press Release dated November 7, 2018).
IBC also corrected a false statement of fact made by Ucore in a press release dated May 7, 2018, wherein Ucore announced that it had "engaged ...IBC to commence advanced engineering and design procedures for the U.S. Specialty Metals Complex (SMC) to be constructed in Ketchikan, Alaska." IBC has not been engaged by Ucore to commence, and in fact has not commenced or performed, any such advanced engineering and design procedures for the SMC (see IBC Press Release dated November 16, 2018).
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.
