Trading Symbol: MCV
TORONTO, May 28 /CNW/ - McVicar Industries Inc. ("McVicar") announces that one of its chemical subsidiaries, Hangzhou Changlong Chemical Co. Ltd. ("Changlong"), has stopped production from its current operating site in the city area due to the relocation order from the City government of Hangzhou. Changlong, as well as its current host, Longshan Chemical Group ("Longshan"), is to move into a chemical industrial park outside of Hangzhou city that was allocated by the city government. Longshan was to build the necessary manufacturing facility and rent it to Changlong, based on a leasing agreement reached in September, 2009. Changlong is currently waiting and pressing for the completion of the facility before it can move in and resume production. Changlong is pursuing transitional production options in other areas.
Headquartered in Toronto, Canada, McVicar Industries Inc. is focused on the specialty chemical business through interests in companies operating in the People's Republic of China. McVicar's operating companies include: Zhejiang Hongbo Chemical Co. Ltd., Hongzhou Changlong Chemical Co. Ltd., and Jiangsu Luyuan Chemical Co. Ltd., all of which are specialty chemical companies serving the personal care, pharmaceutical and industrial markets.
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. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
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