Trading Symbol: MCV
TORONTO, Dec. 30 /CNW/ - McVicar Industries Inc. ("McVicar") announces that its fully owned Chemical subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. ("MAM") have reached an agreement with British Virgin Island based Sanlong Holdings Co. Ltd. ("Sanlong") to purchase its 38% equity interest in Hangzhou Changlong Chemical Co. Ltd. ("Changlong"). Sanlong obtained the 38% interest in Changlong in January, 2009 by exchanging its 9.5% equity interest in MAM (see news release Jan. 5, 2009). MAM will pay a cash amount of RMB 9,405,000 (~CAN $1.47 million) for the acquisition. After this transaction, MAM will have 100% ownership of Changlong and will have the benefit of simple operation of the company.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE McVicar Industries Inc.
For further information: For further information: Dr. Gang Chai, CEO, or Ms. Exavier Peterson at: 55 University Avenue, Suite 605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421, www.mcvicar.ca