Trading Symbol: MCV
TORONTO, April 13, 2012 /CNW/ - McVicar Industries Inc. ("McVicar") is pleased to announce that its Hong Kong based subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. ("MAM"), has reached an agreement with Sanlong Holdings Co. Ltd. to acquire the remaining 8% interest of Changlong Chemical Co. Ltd. ("Changlong"). After the transaction, Changlong will become a 100% owned subsidiary of MAM. MAM agrees to pay a cash amount of 2.1 million RMB (~CDN $330,000) based on the agreement. Sanlong Holdings and its principals are all at arm's length to McVicar and its subsidiaries.
Changlong is a developer, manufacturer and supplier of specialized fine chemical products used in the Pharmaceutical industry. The company possesses the technologies of chemical synthesizing under high pressure.
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.
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.
For further information:
please contact Ms. eXavier Peterson or Gang Chai, CEO, at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421 www.mcvicar.ca