Pilot Plant, License Fees and DataIt appears that Izatt and Ucore have different views on what constitutes a licensing agreement and payment of licensing fees.
Izatt's most recent press release states that Ucore has not made any payments to IBC for "license fees".
Ucore's June 30, 2019 Management Discussion and Analysis (available on SEDAR) states:
"On March 3, 2015, the Company announced that it had entered into an agreement with IBC Advanced Technologies, Inc. to acquire the exclusive rights to IBC’s MRT for rare earth separation and recycling applications, in addition to tailings processing applications. Under the terms of the agreement, the Company has agreed to pay a one-time licensing fee to IBC in the amount of $2.9 million USD. The Company has made payments of approximately $1.9 million up to June 30, 2019 towards this licensing fee. The payment is subject to the delivery by IBC of a fully operational rare earth pilot plant and due diligence review by the Company. "
Ucore's view, It appears to me, is that the $2.9 million USD is to pay for the pilot plant which includes the exclusive rights to IBC's MRT technology for rare earth separation and recycling applications.
IBC's view, it appears to me, is that the $2.9 million USD is to pay for the pilot plant only.
The "products" from the "Agreement" are identified as:
"Products" means all of the products and services provided by IBC (some of which may rely upon or consist of the IP) .... including, but not limited to, MRT separation plant design/build services; the furnishing of MRT, Superlig, Analig, Macrolig and simliar products to the Target Sectors.
As part of the Pilot Plant specification IBC was to "Design, synthesize and attach to solid supports selective ligands for separating individually each REE (i.e. La, Ce, Pr, Nd, Sm, Eu, Ga, Tb, Dy, Ho, Br, Tm, Yb, and Lu plus Y) plus Sc and Nb."
"Pilot Plant" - wholly-owned asset of Ucore. Would this mean that Ucore owns the technology used in the pilot plant or just the plant? ie. the ligands developed for separating out the REE.
Izatt says IBC owns the data from the pilot plant. IBC has to provide the data to Ucore.
Final Report - "IBC will prepare a Final Report that provides all test data, methodologies and conclusions regarding the use of SuperLig for the selective Ree separations and any other applicable valuable elements."