Trading Symbol: MCV
TORONTO, June 4 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") announces it has increased its investment in Jite Technologies Inc. ("Jite" - TSX.V symbol JTI) from the holdings reported in a previous report dated September 19, 2007, through the acquisition on the TSX Venture Exchange of an aggregate of 492,500 common shares (2.23%) of Jite at market prices in a number of trades from December 2008 to June 4, 2010 and through the acquisition of control or direction over a further 512,150 common shares (2.43%) of Jite by way of private agreements.
McVicar now holds 10,336,250 common shares (49.05%) and exercises control or direction over 512,150 common shares (2.43%) for a total of 10,848,400 common shares (51.48%) of Jite.
McVicar has acquired control or direction over these common shares for investment purposes and may or may not purchase or sell common shares of Jite in the future on the open market or in private transactions, depending on market conditions and other facts.
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. Neither the TSX Venture Exchange Inc. nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
For further information: For further information: McVicar Investor Contact: Ms. eXavier Peterson or Mr. Winfield Ding, Chief Financial Officer, Tel: (416) 366-7420, firstname.lastname@example.org or email@example.com