McVicar Resources to acquire an additional 7.19% of JITE Technologies



    Trading Symbol: MCV

    TORONTO, Sept. 10 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased
to announce that the Company has reached a private agreement with five
shareholders, Feng He, Qin Lu, Yangzhi Zhang, Gang Chai and GC Consulting &
Investment Corp., of JITE Technologies ("JITE") to acquire 7,576,500 common
shares of JITE Technologies (being 7.19% of the issued shares of JITE) from
those same shareholders.
    McVicar will purchase the shares for a total consideration of $3,788,250
or $0.50 per share to be satisfied by the issuance of 2,914,039 shares of
McVicar Resources at a deemed issue price of $1.30 per McVicar share. Dr. Gang
Chai and GC Consulting (the sole insider of which is Gang Chai) are related
parties to McVicar Resources Inc, within the meaning of Ontario Securities
Commission Rule 61-501 ("Rule 61-501") by reason of his being the Chief
Executive Officer of McVicar. Since the fair market value of the JITE shares
being acquired and of the McVicar shares being issued in consideration
therefor is less than 25% of the market capitalization of McVicar no formal
valuation has been prepared in relation to this transaction in reliance on the
exemption contained in sub clause 5.5 2 of Rule 61-501. In addition, minority
shareholder approval of this transaction will not be obtained in reliance on
the exemption from Minority Approval requirement contained in sub clause
5.7(1) 2 of Rule 61-501, however Dr. Chai declared his interest to the Board
of Directors of McVicar and refrained from voting on this approval of the
acquisition.

    JITE Technologies, which was listed on the TSX Venture Exchange in July
of 2006, designs and manufactures electronic connection devices for use in
elevators, railways, security, and automation systems. JITE is head quartered
in Toronto, Canada and carries out its research and manufacturing operations
in Shenzhen, China.
    Closing of the acquisition is subject to due diligence reviews by all
parties and other conditions including compliance by the vendors with all
applicable notice and other regulatory preconditions to the sale and the
approval of all regulatory authorities having jurisdiction including, but not
limited to the TSX Venture Exchange.
    This acquisition will result in an increase in McVicar's holdings in JITE
from 43,096,000 to 50,672,500 shares or 48.09%. McVicar is purchasing these
shares of JITE for investment purposes and McVicar has no plans to acquire any
additional shares of JITE at this time.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this
    release.





For further information:

For further information: Dr. Gang Chai at: 55 University Avenue, Suite
605, Toronto, ON, Tel: (416) 366-7420, Fax: (416) 366-7421, www.mcvicar.ca

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MCVICAR RESOURCES INC.

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