Trading Symbol: MCV
TORONTO, March 26 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased
to announce that one of the chemical products from its Chinese subsidiary
Zhejiang Hongbo Chemical Co. Ltd. ("Hongbo") has been selected by the National
Torch Plan for its 2008 program. The chemical product selected was Vinylene
carbonate, which is used as an electrolyte for lithium batteries, for its
purity and effectiveness.
The National Torch Plan was established by the Chinese Ministry of
Science and Technology to identify and award the best and most advanced
achievements in innovation and improvement for new products and procedures by
government agencies, private companies and individuals. Its main objective is
to promote and support the commercialization of the research results. Those
products that are selected by the National Torch Plan will benefit from
national capital support, bank loan preference and tax reduction or exemption.
"We are very honoured to receive this national award," commented Dr. Gang
Chai, President & CEO of McVicar. "It is another validating achievement of our
R&D capability and the high standards we place on innovation and development.
With the demand and growth potential for more powerful lithium batteries
combined with the support of government, this product represents tremendous
commercial opportunities for the company."
Zhejiang Hongbo Chemical Co. Ltd. is a Chinese subsidiary of McVicar
Resources Inc. Hongbo has developed over 30 advanced intermediate chemical
products for the personal care, industrial and pharmaceutical industries and
is in close cooperation with the highly regarded Shanghai Institute of Organic
Chemistry under the China Academy of Sciences. Recently, the company has won
numerous significant order contracts and government awards.
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,