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 Offer.
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.
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