McVicar announces completion of sale of its Hongbo subsidiary
Trading Symbol: MCV
TORONTO, Jan. 20, 2014 /CNW/ - McVicar Industries Inc. (TSXV: MCV) announces the closing on of the sale, previously announced on December 17, 2014, of its wholly-owned subsidiary Zhejiang Hongbo Chemical Co., Ltd. ("Hongbo") to a private, Hong Kong company formed by a group of investors (the "Buyer"), who are also the former shareholders of Hongbo.
Upon closing, McVicar received approximately 6.8 million common shares of McVicar which have now been cancelled. These shares were originally received by the Buyer upon its original acquisition of Hongbo in 2007. After giving effect to this transaction there are 28,787,520 common shares outstanding.
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on investments and acquisitions of businesses in China. At present, McVicar is focusing on its operations in electronic components in China.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) 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 Avenue, Unit 25, Toronto, ON M1P 4S7 Tel: (416) 366-7420 Fax (416) 298-0244 www.mcvicar.ca