Trading Symbol: MCV
TORONTO, Oct. 20 /CNW/ - McVicar Industries Inc. ("McVicar") announces
that the board of directors of Hangzhou Changlong Chemical Co. Ltd.
("Changlong"), a McVicar China subsidiary, has suspended the current general
manager due to an accident in its plant. One employee was seriously injured
and later died. The accident appears to be the result of the employee failing
to follow proper working procedures. The board has appointed one of its
directors to be in charge of the daily operations. Production has also been
stopped pending the results of investigations.
Changlong is a specialized developer and manufacturer of chemical
intermediates for the pharmaceutical market. The main products are piperazine
and pyridine derivatives. The company was founded in 1996 with about 100
employees. McVicar's chemical subsidiary, McVicar (Hongkong) Advanced
Materials Co. Ltd. ("MAM") acquired 100% interest in Changlong in October,
2007. McVicar is a TSX Venture Exchange listed company engaged in industrial
chemical production and distribution. The majority of McVicar's business
activities are focused in China.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for this news release.
For further information:
For further information: Ms. Exavier Peterson at: 55 University Avenue,
Suite 605, Toronto, ON M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421,