Trading Symbol: MCV
TORONTO, Aug. 30 /CNW/ - McVicar Resources Inc. ("McVicar" or the
"Company") is pleased to announce that it has filed its interim financial
statements and management's discussion and analysis (MD&A) for the quarter
ended June 30, 2007. The detailed financial statements and MD&A can be found
McVicar reported revenues of $6.3 million, and net income of $2.6 million
for the quarter ended June 30, 2007, compared with nil revenue and a net loss
of $0.07 million in the same period of 2006. The Company's continued
profitable performance follows its first ever profitable quarter earlier this
year. In the first quarter of 2007 McVicar reported net earnings of
$0.3 million. The significant increase was mainly due to a $2.4 million deemed
investment gain on its equity interest in JITE, which is a TSX Venture listed
company which McVicar acquired a controlling interest of in January, 2007. Net
income excluding gain on deemed disposal for the three months ended June 30,
2007 was $242,952 after adjusting for foreign exchange loss of $99,736 due to
an increase in the Canadian dollar and stock option expenses of $50,000.
Earnings per share were $0.11 for the second quarter of 2007 compared to a
loss of $0.01 per share for the same period in 2006.
Revenues for the first six months of 2007 amounted to $12.4 million and
net income was $2.9 million, a $0.13 earning per share for the first half of
"I am very excited with McVicar's breakthrough achievements," said Gang
Chai, McVicar's President and CEO. "We continue to see progress on all fronts
in our investments and from recent acquisitions as part of our China strategy.
The Companies we have an interest in have been gaining positive international
commercial recognition. Jite Technologies continues to add global companies
such as Otis and Molex of the USA as its customers. McVicar's chemical
subsidiary, Zhejiang Hongbo Chemical Co. Ltd. received its first major
purchase order of US $1.78 million from DuPont of the USA. We are confident
that McVicar will achieve extraordinary growth with our strategy of expanding
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.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Dr. Gang Chai, Chief Executive Officer, Tel:
(416) 366-7420; Henry Tse, Chief Financial Officer, Tel: (416) 456-7803;