AMERICAN FORK, Utah, Nov. 20, 2020
--- Ucore Fails to Respond to Rule 68 Offer of Judgment ---
AMERICAN FORK, Utah, Nov. 20, 2020 /PRNewswire/ -- In a decision dated November 18, 2020, the Nova Scotia Supreme Court awarded costs to IBC Advanced Technologies, Inc. ("IBC") against Ucore Rare Metals, Inc. ("Ucore"), after dismissing Ucore's contempt motion in favor of IBC. The Nova Scotia Supreme Court assessed the amount of costs payable to IBC at four times the Tariff amount that would normally apply, plus disbursements. The Court referred to the fact that allegations of contempt are very serious matters and, since Ucore was unsuccessful, there should be cost consequences beyond the ordinary Tariff.
IBC's press release dated September 4, 2020 described the Court's ruling in IBC's favor in dismissing Ucore's contempt motion. Ucore had suggested that IBC's filing of a Motion for Summary Judgment in Utah Federal Court was contemptuous. Ucore sought to punish IBC for exercising its legal rights in Utah. Ucore's attempt failed and at that time, the Court awarded costs to IBC, with the amount to be determined. Please see link below:
IBC is very pleased with the Court's rulings and is increasingly confident in its case and prospects for success.
Rule 68 Offer of Judgment
On October 26, 2020, IBC filed a Rule 68 Offer of Judgment, wherein Ucore had fourteen (14) days to pay IBC $250,000 to settle all outstanding litigation with IBC. Ucore failed to accept the Offer of Judgment within the required time period, thereby precluding its recovery of attorney fees and costs. Such failure may also subject Ucore to liability for payment of costs incurred by IBC from the date of the service of the Offer of Judgment. The Offer of Judgement is a tangible indication of IBC's confidence that it will win a substantial award at trial; it also protects IBC from paying attorney fees and costs, and provides IBC with the ability to collect costs from Ucore that will be incurred from this point forward.
Background of IBC
IBC is an award-winning provider of proprietary and innovative 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.