RE:RE:RE:AssumptionsCan you clarify why you think that the joint venture has been or is being delayed by IBC?
Here is the language from the press release or March 3, 2015 announcing that Ucore had secured the rights to IBC and which announced the potential joint venture.
Ucore Secures Rights to SuperLig® Molecular Recognition Technology for Rare Earth Separation, Recycling and Tailings Processing Applications Under the terms of the license agreement (the “Agreement”), Ucore has agreed to pay a one-time licensing fee to IBC in the amount of USD $2.9 million (the “Licensing Fee”). The payment is subject to the delivery by IBC of a fully operational rare earth SuperLig® pilot plant (“Pilot Plant”) and
due diligence review by Ucore. The Pilot Plant will be constructed at SepraMet, IBC’s wholly owned subsidiary in Houston, Texas.
Under the terms of the Agreement, upon the satisfactory completion of the foregoing terms and conditions
at Ucore’s discretion, the parties agree to constitute a joint venture for the purpose of marketing and purveying SuperLig® products and services exclusively to world markets in the rare earth, recycling and tailings processing sectors (the “Joint Venture”).
I've bolded the portions that give me reason to think that the joint venture delay has been caused by Ucore. In particular, it is incontravertible that Ucore has never paid the full amount of the USD $2.9 million licensing fee. Also, IBC has clearly delivered the pilot plant, as evidenced by the fact that Ucore sold it to Orca Holdings and subsequently bought it back.