Trading Symbol: MCV
TORONTO, Feb. 28, 2012 /CNW/ - McVicar Industries Inc. ("McVicar" trading symbol: TSX.MCV) and Jite Technologies Inc. ("Jite" trading symbol: TSX.JTI) jointly announce today that McVicar has
completed the mailing of its previously announced offer to acquire,
directly or indirectly, all of the 8,788,363 outstanding common shares
of Jite which it does not already own and up to an additional 1,186,000
shares issuable upon exercise of existing options for a cash price of
$0.60 per share (the "Offer") together with a takeover bid circular (collectively the "Bid Circular"). The full and important details of the Offer are included in the Bid
Circular, mailed to shareholders today. The Offer is dated today and
expires on April 4, 2012.
Contemporaneously, Jite has mailed a Directors' Circular which discloses
the response of the directors of Jite to the Offer. In the Directors'
Circular the Board of Directors of Jite states that upon consultation
with its legal advisors and on receipt of a recommendation from its
Special Committee, it has unanimously determined that the Offer is fair
to the Shareholders and is in the best interests of Jite and its
Shareholders and, accordingly, the Board unanimously recommends that
Shareholders accept the Offer and deposit their Common Shares under the
The take-over bid circular and the directors' circular will be available
on SEDAR at www.sedar.com.
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on
investments and acquisitions of businesses in China. At present,
McVicar has operations in both electronic components and specialty
chemicals in four operations in China.
Jite designs and manufactures electronic and electrical connection
devices for security, industrial control, automation,
telecommunication, and power supply industries. JITE is head quartered
in Toronto, Canada and carries out research and manufacturing
operations in Shenzhen China at its ISO 9001 certified facility. For
more information, visit JITE at www.jite.com.
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 the 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:
McVicar and Jite Investor Contact: Ms. eXavier Peterson or Mr. Winfield Ding, Chief Financial Officer, Tel: (416) 366-7420; firstname.lastname@example.org or email@example.com.