Utah Court Leaves Temporary Restraining Order in Place Against Ucore Chief Operating Officer and 6th Wave Innovations to Prevent Misappropriation of IBC's Intellectual Property

AMERICAN FORK, Utah, Oct. 29, 2019 /CNW/ -- IBC Advanced Technologies, Inc. ("IBC" or "Plaintiff") updates that in a hearing on October 28, 2019, the Utah Fourth District Court left in place the temporary restraining order ("TRO") it had entered on October 18, 2019 against Michael L. Schrider, Chief Operating Officer of Ucore Rare Metals, Inc. ("Ucore") and 6^th Wave Innovations Corp. ("6^th Wave") ("Defendants"). Defendant Schrider had attempted to get the TRO dissolved, but the motion was not heard, as IBC's complaint, filed on October 18, 2019, against the Defendants ("Complaint") will now be removed to the U.S. Federal Court, District of Utah to determine if the TRO will continue or if a preliminary injunction will be entered.

Ucore CEO Jim McKenzie and CFO Peter Manuel now work for 6^th Wave, alleges IBC's Complaint.  

The Complaint further alleges that the Defendants had a meeting of the minds with others to accomplish unlawful objectives, including but not limited to, tortiously interfering with IBC's economic relations and misappropriating IBC's trade secrets.

Defendant Schrider signed a non-disclosure agreement with IBC, the terms of which prohibit disclosure or use of IBC's trade secrets and confidential information.  Schrider has never publicly denied that he disclosed IBC's trade secrets and confidential information whether to co-defendant 6^th Wave, or otherwise, as alleged by IBC.

IBC's Complaint alleges that Defendants' conduct was and is willful or malicious, or intentionally fraudulent conduct, or conduct that manifests a knowing and reckless indifference toward, and disregard of Plaintiff's rights; thus, Plaintiff is entitled to an award of punitive damages against Defendants under Utah Code § 78B-8-201.

Six (6) causes of action are alleged in the Complaint:

• Misappropriation of Trade Secrets Under the Utah Uniform Trade Secrets Act
• Common Law Fraud
• Negligent Misrepresentation
• Breach of Contract
• Unjust Enrichment
• Conspiracy

IBC is seeking the following relief:

• A permanent injunction restraining Defendants from acquiring, using or disclosing IBC's intellectual property, including its trade secrets and other confidential documents, data or information ("IBC Confidential Information";
• A permanent injunction restraining all individuals, entities, or others to whom Defendants have disclosed IBC's intellectual property from acquiring, using or disclosing IBC Confidential Information;
• Issuance of a permanent injunction requiring Defendants to account for and return, and cause all parties to whom they have disclosed any IBC Confidential Information to account for and return, to IBC all IBC Confidential 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 Confidential Information;
• A judgment in Plaintiff's favor and awarding full compensatory and consequential damages to Plaintiff and against all Defendants jointly and severally, in an amount to be determined at trial, factoring in all interest, costs, and expenses in an amount no less than $20 million;
• Exemplary and punitive damages;
• Reasonable attorneys' fees and costs incurred in bringing and having to pursue this action; and
• Such other and further relief as the Court may deem just and proper.

The Complaint, the TRO, and IBC's Motion for Temporary Restraining Order and Preliminary Injunction 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

SOURCE IBC Advanced Technologies, Inc.

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