May 25, 2021- International Battery Metals Ltd. (the “Company”) (CSE: “IBAT”, FSE: 8RE). Recently, two former employees of the Company filed an action against IBAT in United States federal court for alleged wrongful dismissal and breach of the Share Exchange Agreement (“Exchange Agreement”, see news release April 13, 2018).
The employees were dismissed for cause, and accordingly, the Company believes that the allegations set forth in the complaint are not material and are without merit. The Company intends to vigorously defend the suit.
The Plaintiffs are also seeking the issuance of additional shares under the terms of the Exchange Agreement in respect of subsequent patents filed by the Company. All Company obligations to issue the shares have previously been fully disclosed by the Company in its public filings. The Company intends to honor any obligation to issue shares once all relevant parties have performed all triggering obligations, without challenge.
The Company has become aware of certain rumors and accusations circulating on the internet against Dr. Burba and the Company concerning its rights to certain patents and technology. After careful review of our patent applications, the inventorship issues and the applications’ assignment history, the Company is convinced that the inventorship and field of use of IBAT’s patent portfolio is not in jeopardy as has been falsely reported on the Internet. To state this more succinctly, we are convinced that IBAT holds all necessary right to execute on its business plan and all current and future projects.
The Company cautions investors not to rely on unsubstantiated claims made by irresponsible third parties on the internet.
Dr. Burba stated “Our attorneys are dealing with this complaint, and management continues its work to create a great company for its shareholders”.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This release may contain statements within the meaning of safe harbour provisions as defined under securities laws and regulations.
This release may contain certain forward‐looking statements with respect to the financial condition, results of operations and business of the Company and certain of the plans and objectives of the Company with respect to the same. By their nature, forward‐looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward‐looking statements.