In Case You Had ForgottenFrom EnviroMetals Q2 2023 MD&A:
"...EnviroMetal commenced a civil action against Regenx Technologies Corp. (formerly “Mineworx Technologies Ltd.”) and related
parties (jointly, the “Mineworx Defendants”) in the Supreme Court of British Columbia in June 2021.
The Mineworx Defendants are purporting to be competing with EnviroMetal in the recovery of platinum group metals from spent catalysts using a chemical formula and process based on EnviroMetal's intellectual property (“IP”) without a license to do so from EnviroMetal. These actions by the Mineworx Defendants are in breach of the access agreements, confidentiality
agreements, as well as the asset purchase agreement between Mineworx and EnviroMetal dated December 19, 2016. These actions constitute a breach of confidence.
EnviroMetal is seeking, among other relief from the court, general, aggravated, and punitive damages against the Mineworx
Defendants, an injunction prohibiting the Mineworx Defendants from using any confidential information or intellectual property belonging to EnviroMetal, and disgorgement of profit arising from such unauthorized use.
In January 2022, the court granted EnviroMetal’s application for an injunction that, amongst other things, prohibits the Mineworx Defendants from disclosing any confidential information or intellectual property belonging to EnviroMetal until further court order.
Mineworx disputes EnviroMetal’s claims and has commenced a counterclaim against EnviroMetal for, amongst other things,
alleged breaches of various agreements between the parties. Some of Mineworx’s claims are subject to arbitration clauses. As
a result, Mineworx has served EnviroMetal with a notice to arbitrate those claims. Prior to commencing the legal action against Mineworx, the Company provided the Mineworx Defendants with notices of breach
and provided the required amount of time to remedy.
Due to the ongoing dispute with Mineworx, the Company recognized a provision of $1,089,685."
Would be nice to have this risk resolved, instead of it being a persistent shadow in the corner.