Trading Symbol: MCV
TORONTO, June 9 /CNW/ - McVicar Industries Inc. ("McVicar" or the
"Company") announces that it has obtained Chinese government approval on
McVicar's withdrawal from the joint venture with Sino Lion (USA) Ltd. on
Sino-Lion Nanjing Ltd., as previously announced on October 2, 2008. The
Company's twenty-seven percent (27%) equity interest in Sino Lion Nanjing Ltd.
was sold for a cash consideration of US $850,000 to a holding company
controlled by one of the directors of Sino Lion (USA) Ltd.
This disposal has no material impact on the other chemical businesses
McVicar currently owns or controls.
McVicar is a TSX Venture Exchange listed company engaged in industrial
chemical production and distribution. The majority of McVicar's business
activities are focused in China.
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 Inc. has not
reviewed and does not accept responsibility for the adequacy or accuracy of
For further information:
For further information: Ms. eXavier Peterson at: 55 University Avenue,
Suite 605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421,