Trading Symbol: MCV
TORONTO, Oct. 30 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased to
announce that its Chinese subsidiary, Zhejiang Hongbo Chemical Co. Ltd.
("Hongbo") has received an initial order for its intermediate chemicals used
in anti-AIDS drugs from a major pharmaceutical company in South Korea. The
order valued at approximately 5 million RMB calls for the immediate delivery
of 6,000 kg of the intermediate chemical. The South Korean company also
expressed its intention to purchase a further 5,000 kg of the intermediate
chemical for future delivery.
"We are extremely excited about this breakthrough order of Hongbo's
intermediate chemicals used in anti-AIDS drugs. This marks the company's
successful penetration into a large, global market. Hongbo has been relying on
research from one of China's top research institutes, the Shanghai Institute
of Organic Chemistry, to develop its products through a collaborative
relationship. As a result of the company's focus on R&D, and its dedication to
product quality, Hongbo has obtained numerous international orders in recent
months", commented Dr. Gang Chai, President & CEO of McVicar, "This order is
only the beginning of our multiple product offerings. We believe that the high
standard of quality and low cost products will continue to further attract
On Sept. 7, 2007, McVicar Resources Inc. announced that Hongbo had signed
a long-term supply contract with Dupont valued at US$20 million. This contract
followed an order from Dupont in June 2007, valued at US$1.78 million. More
recently, on Sept. 20, 2007, Hongbo received an order valued at US$800,000
from a major South Korean company.
Zhejiang Hongbo Chemical Co. Ltd. is a wholly owned Chinese subsidiary of
McVicar (Hongkong) Advanced Material Co. Ltd. which is 51% owned by McVicar
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 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,