IBC work with Ucore typical of work done with its customers Izatt's April 2019 Affidavit - "The sequence of IBC's work with Ucore is that which is typically followed by IBC with its customers." REALLY?
"#24 - ... (i) Ucore was charged and paid fair value for the services and pilot plant construction provided at arm's length by IBC; (ii) Ucore has not made any type of investment in IBC." Seems IBC forgot about the $2,500,000 advance on payment 4, the Joint Operating Agreement, which I am not aware that IBC paid back to Ucore.
"#25 Paragraph 34 of the Manuel Affidavit uses the phrase "interconnected and symbiotic relationship between IBC and Ucore". The phrase seems to be an attempt to transform what was a supplier/customer relationship between the two arm's length entities into a tightly bound relationship, which never existed. It is correct that Ucore and IBC entered into agreements with one another and they were thereby "interconnected", to the extent that was the result of the contractual obligations while those agreements were in force. "
Izatt doesn't mention what else is stated in Paragraph 34 which is "... on the good faith and belief that Ucore and IBC would maintain their interconnected and symbiotic relationship with both companies entering into the joint operating agreement and ultimately into a single entity through the Option Agreement."
What Customer/Supplier relationship enters into an Option to Purchase Agreement? Has Izatt done this with any other customer?
What Customer pays for the Supplier to go to 13 locations to develop business opportunities?
What Customer offers a business opportunity to a Supplier worth over $40,000,000?
What Supplier would turn down this opportunity stating it is "imperative that we become clear on how IBC and Ucore will move together before these opportunities will be addressed" and demanding that existing agreements be canceled?
What Customer pays for the development of a PGM plant to the tune of $1,282,800 at the request of the Supplier? I say at the request of the Supplier since it becomes evident it was IBC's desire to develop the PGM plant as Ucore after 4 months stops work on this project to refocus on the REE efffort.
What Customer pays over $2,500,000 in advance for a yet to be agreed upon Joint Operating Agreement?
What Supplier would not return the $2,500,000 advance payment when the relationship and work towards a Joint Operating Agreement ends?
Izatt finally claims that "... there was no resulting benefit for IBC other than supplying Ucore as a customer with services". What about the $650,000 paid by Ucore to IBC for the Option to Purchase agreement? What about the $2,500,000 advance payments Ucore made to IBC for the yet to be signed Joint Operating Agreement? Were these monies returned to Ucore? If not then IBC definitely benefitted from the relationship with Ucore without providing services to Ucore.
Izatt's statement 27 "The sequence of IBC's work with Ucore is that which is typically followed by IBC with its customers." REALLY? What other customers did IBC do any of the above?