Trading Symbol: MCV
TORONTO, Sept. 20 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased
to announce that its Chinese subsidiary, Zhejiang Hongbo Chemical Co. Ltd.
("Hongbo") has made significant progress in penetrating the international
market for one of its main product series, the NPT series, in the personal
care industry. This comes on top of its recent success in obtaining multi-year
orders from DuPont. During the months of June, July and August Hongbo
successfully sold 128 mt of NPT (approximately US$800,000) to a major South
Korean company. That quantity is approximately twice the amount that Hongbo
sells to its domestic market for the same period of time. It is expected that
sales to the international market should grow more with further progress.
"It is great to hear that Hongbo made another inroad into the
international market with one of its key products. The recognition of our
products and services with more international companies clearly shows that
Hongbo can provide high quality products with a reasonable price", commented
Dr. Gang Chai, President & CEO of McVicar, "With continued efforts of Hongbo
we believe there will be more orders and sales from other international
Zhejiang Hongbo Chemical Co. Ltd. is the wholly owned Chinese subsidiary
of McVicar (Hongkong) Advanced Material Co. Ltd. which is 51% owned by McVicar
through an equity acquisition earlier this year.
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,