A case filed in a Utah court against Canadian-listed rare earth explorer Ucore (TSXV:UCU,OTC:UURAF) has been dismissed. The complaint was filed by IBC Technologies in January of this year.
As quoted from the press release:
During a hearing on May 23, 2019, when oral arguments were presented, the Third District Court, Salt Lake Division, Salt Lake County, State of Utah orally granted a motion in favour of Ucore to dismiss the Complaint filed by IBC against Ucore and some of its executives. That dismissal was granted by the Court on the grounds that the Court did not have jurisdiction over Ucore and the named individual defendants.
On July 25, 2019, IBC petitioned the Court for leave to amend the complaint; a request which has now been denied. Ucore additionally reports that as of Monday, September 23, 2019, the Court has issued a written affirmation of the decision to dismiss IBC’s complaint against Ucore and its executives, by way of a ruling and order (the “Ruling”). Further details on the Ruling are available below.
“Ucore is very pleased with the conclusion of this complaint as it now represents the full and final resolution of this matter,” said Ucore President & CEO, Jim McKenzie. “IBC has distracted from the fundamental legal issue between the parties — the enforceability of Ucore’s option to purchase agreement with IBC. The methodologies have included the introduction of misleading press communications, making false allegations, and the filing of claims against Ucore in various court jurisdictions. In turn, Ucore is very appreciative to the Utah Court’s pragmatic approach to this decision. The Ruling brings significant clarity to the dispute, streamlines the overall proceedings, and effectively puts an end to an avenue of deferment and delay that IBC has vigorously pursued.”
“Regardless of any further appeals to or decisions by the Utah Court; the U.S. District Court, District of Utah; or the Nova Scotia Court of Appeal, a trial is slated to take place in the Supreme Court of Nova Scotia where this dispute started on December 11, 2018,” stated Mike Schrider, COO of Ucore. “The foregoing is both inevitable and inescapable. There remains a pending decision by the Nova Scotia Court of Appeal to determine if the Nova Scotia proceedings will be for Ucore’s original claims only, or if they will include the April 1, 2019, amended claims filed by Ucore against IBC. In either circumstance, it is Ucore’s position that the facts underlying the original and amended claims are essentially the same and revolve about the enforceability of the OTP. Ucore welcomes its forthcoming day in court and the ultimate resolution to this dispute.”