McVicar acquires minority interest in its Hongkong subsidiary from Shining Palace Holding Co. Ltd.

    Trading Symbol: MCV

    TORONTO, June 4 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased to
announce the successful conversion of the interest of McVicar (Hongkong)
Advanced Materials Co. Ltd. ("MAM") held by Shining Palace Holding Co. Ltd.
into debt payment of up to one year at an interest rate of 8% annually. This
follows the news release of Jan. 14, 2008 that McVicar had reached a letter of
intent to acquire the remaining 49% of equity interest in its 51% owned
subsidiary MAM from Shining Palace Holding Co. Ltd. and Sanlong Chemical Co.
Ltd. ("Sanlong"), for 100% ownership. The transaction of the 9.5% interest of
MAM from Sanlong is yet to be completed and MAM is negotiating settlement for
the transaction.
    McVicar is a Canadian company with operations in China, mainly focusing
on the specialty chemicals. The Company has three subsidiaries located in the
east coast of China: Hongbo Chemical Co. Ltd. ("Hongbo"), Changlong Chemical
Ltd. ("Changlong") and Luyuan Chemical Co. Ltd. ("Luyuan").
    Hongbo is a developer, manufacturer and supplier of specialty chemical
products used in the personal care, pharmaceutical and industrial chemical
markets. Hongbo's customers include major international and Chinese chemical
companies. The company has recently received a series of orders from
international companies. Changlong is a developer, manufacturer and supplier
of specialty chemical products used in the pharmaceutical industry. The
company possesses the technologies of chemical synthesizing under high
pressure. Its customers are mainly Chinese pharmaceutical companies. Luyuan
produces chemicals that are key supplies to products that Hongbo provides for

    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. Expectations are based on
reasonable assumptions and the company can give no assurance that expectations
will materialize.

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

    %SEDAR: 00020203E

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,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890