Trading Symbol: MCV
TORONTO, Nov. 22 /CNW/ - McVicar Resources Inc. is pleased to announce
that its key subsidiary, Hongbo Chemical Co. Ltd. ("Hongbo") has reached a
letter of agreement with the Division of Physical Organic Chemistry, Shanghai
Institute of Organic Chemistry ("SIOC") to start a strategic research and
development program. The agreement is set for a period of three years with the
initial objective for key product upgrade and development. The scope of the
work will be focused on advancing Hongbo's chemical agents used to optimize
lithium batteries and for intermediate chemicals for the pharmaceutical
Hongbo recognizes the scale and growth of the lithium battery market and
the urgency in further developing its two current products to meet
international demand. Hongbo's current chemical agent quality is sufficient
for the domestic Chinese market as proven recently with a three-year order
from China-based Tinci High-Tech. Materials Co. Ltd.
The Shanghai Institute of Organic Chemistry is a member of the China
Academy of Science and is the top research institute in organic chemistry in
China. Hongbo has had a long-standing link to the SIOC for its original
development of prototype products and for the selection of technologies of
chemical synthesizing based on the standards of high yield, high selectivity
and environmental friendliness. Hongbo's key international customer DuPont was
initially referred and assisted by SIOC. The agreement calls for full access
to the facilities in the institute.
The research capability from the institute will provide efficient
expertise in product development and quality improvement. In addition, with
recent orders for Hongbo's intermediate chemicals for various drugs by
international companies, the institute will put great effort into developing
product varieties and quality improvements to satisfy the growing need for
consistent, high quality chemicals.
"This is a great development for our company in establishing a formal,
cooperative relationship with an elite research institute in China," commented
Dr. Gang Chai, President & CEO of McVicar. "With continued access to the
expertise, facilities and information, we are gaining great advantages over
competitors for product improvement and invention. This will also enhance the
ability of our chemical business to expand internationally."
Zhejiang Hongbo Chemical Co. Ltd. is a wholly owned Chinese subsidiary of
McVicar (Hong Kong) Advanced Material Co. Ltd. which is 51% owned by McVicar
Resources Inc. 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,