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
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
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
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