McVicar gains access to Hongbo factory
Trading Symbol: MCV
TORONTO, Oct. 18, 2013 /CNW/ - McVicar Industries Inc. ("McVicar", the "Company") reports that the Company has been granted access to the production facilities of its wholly owned chemical subsidiary, Zhejiang Hongbo Chemical Co. Ltd. ("Hongbo"), through the involvement of various levels of local governments. As announced in the Company's October 9, 2013 press release, the facility had been wrongfully occupied by the factory managers and staff.
McVicar has formed a new Hongbo management team drawn from its other subsidiaries to begin working in the facility although intense resistance continues from the original management and related staff. McVicar has hired a local audit company to start an initial assessment of the facilities. McVicar continues to negotiate for the return of full control of the operation.
This press release contains forward-looking statements which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.For further information:
Ms. eXavier Peterson or Dr. Gang Chai, CEO at: 11 Progress Ave., Unit 25, Toronto, ON, M1P 4S7
Tel: 416 366-7420 Fax: 416 298-0244 email: email@example.com