Trading Symbol: MCV
TORONTO, Jan. 3 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased to
announce that its Chinese subsidiary, Zhejiang Hongbo Chemical Co. Ltd.
("Hongbo") has reached a letter of understanding with a U.S. based chemical
company for the purchase of an intermediate chemical used for industrial
applications. The order was placed following a trial order in late 2007
carried out by the chemical company for 4 tonnes of the intermediate chemical.
The new order is for 50 tonnes of the intermediate chemical which is valued at
CDN$2.5 million and is to be delivered in 2008.
"The order from this U.S. based chemical company is a continuation of the
sales momentum that started ramping up in the second half of 2007. The order
is demonstrative of the high standard of our products and is a result of
greater international recognition of the for quality and price competitiveness
of our products," commented Dr. Gang Chai, President & CEO of McVicar, "We are
looking forward to another successful year."
Zhejiang Hongbo Chemical Co. Ltd. is a wholly owned Chinese subsidiary of
McVicar (Hongkong) Advanced Material Co. Ltd. which is 51% owned by McVicar
Resources Inc. Hongbo has developed over 30 advanced intermediate chemical
products for the personal care, industrial and pharmaceutical industries with
close cooperation with the leading chemical institution in China, the Shanghai
Institute of Organic Chemistry under the China Academy of Sciences.
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. Expectations are based on
reasonable assumptions and the company can give no assurance that expectations
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dr. Gang Chai, at: 55 University Avenue, Suite
605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421,