AMERICAN FORK, Utah, Dec. 19, 2019 /CNW/ -- IBC Advanced Technologies, Inc.'s ("IBC") complaint (the "Complaint") against Mr. Michael L. Schrider, Chief Operating Officer of Ucore Rare Metals. Inc. ("Ucore"), will proceed in Utah based on a recent ruling by United States District Court Judge Howard C. Nielson, Jr. Judge Nielson denied Mr. Schrider's motion, in which he unsuccessfully argued that IBC's Complaint should be dismissed.
Mr. Schrider had signed a non-disclosure agreement with IBC, the terms of which prohibit disclosure or use of IBC's trade secrets and confidential information.
IBC's Complaint was originally filed on October 18, 2019, in the Fourth District Court of the State of Utah and subsequently removed to U.S. Federal District Court, District of Utah. The Complaint alleges two (2) causes of action:
- Misappropriation of Trade Secrets
- Breach of Contract
The Complaint seeks relief in the form of:
- A judgment in IBC's favor, awarding full compensatory and consequential damages, in an amount no less than $20 million;
- Exemplary and punitive damages;
- IBC's reasonable attorneys' fees, interest and costs; and
- Such other and further relief as the Court may deem just and proper.
IBC has proposed a scheduling order to Mr. Schrider's and Ucore's counsel to set dates for discovery and resolution of claims.
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.