McVicar announces changes to the shareholding of major shareholder
Trading Symbol: MCV
TORONTO, Jan. 24, 2014 /CNW/ - McVicar Industries Inc. (TSX-V "MCV") announces that its chief executive officer, Dr. Gang Chai, has acquired control, through a controlled corporation, of the number of common shares of McVicar set opposite such dates:
|Date||No. of Shares||% of issued shares|
|Oct. 4, 2013||50,000||0.14%|
|Oct. 24, 2013||47,000||0.13%|
|Oct. 25, 2013||2,000||0.01%|
|Dec. 5, 2103||88,000||0.25%|
And now holds or exercises control over 3,713,593 common shares amounting to 10.42% of the issued common shares of McVicar.
Due to the cancellation of 6,839,800 of its common shares, as a result of the closing of the sale of McVicar's wholly-owned subsidiary Zhejiang Hongbo Chemical Co., Ltd. (announced on January 20, 2014), the percentage holdings of McVicar common shares by Dr. Chai increased from 10.42% to 12.90%.
The change in Dr. Chai's percentage shareholding in McVicar was as a result of the Hongbo transaction and not as a result of any action by Dr. Chai and no consideration was paid to him for same. Dr. Chai intends to hold its shares for investment purposes.
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on investments and acquisitions of businesses in China. At present, McVicar has operations in both electronic components and specialty chemicals in four operations 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 Gang Chai, CEO at: 11 Progress Avenue, Unit 25, Toronto, ON M1P 4S7 Tel: (416)366-7420 Fax (416)298-0244 www.mcvicar.ca