McVicar acquires remaining minority interest in its Hongkong subsidiary

    Trading Symbol: MCV

    TORONTO, Jan. 7 /CNW/ - McVicar Industries Inc. ("McVicar") announces
that its Hong Kong subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd.
("MAM"), has reached an agreement with Sanlong Holdings Co. Ltd. ("Sanlong")
to exchange Sanlong's 9.5% equity interest in MAM for a 38% equity interest in
MAM's subsidiary Hangzhou Changlong Chemical Co. Ltd. ("Changlong"). As a
result of this transaction, McVicar's interest in MAM will be increased from
90.5% to 100% while MAM's interest in Changlong will go from 100% to 62%.
    Completion of this transaction is subject to applicable regulatory

    About McVicar:

    Headquartered in Toronto, Canada, McVicar Industries Inc. is focused on
the specialty chemical business through interests in companies operating in
the People's Republic of China. McVicar's operating companies include:
Zhejiang Hongbo Chemical Co. Ltd., Hongzhou Changlong Chemical Co. Ltd., and
Jiangsu Luyuan Chemical Co. Ltd., all of which are specialty chemical
companies serving the personal care, pharmaceutical and industrial markets.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for this news release.

For further information:

For further information: please contact Ms. Exavier Peterson at: 55
University Avenue, Suite 605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax
(416) 366-7421,

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McVicar Industries Inc.

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