Trading Symbol: MCV
TORONTO, Sept. 7 /CNW/ - McVicar Resources Inc. ("McVicar") is pleased to
announce that the Company has signed a long-term strategic supply contract
with DuPont of the USA through its Chinese subsidiary Zhejiang Hongbo Chemical
Co. Ltd. ("Hongbo"). Under the long-term supply contract, DuPont has agreed to
purchase approximately US$20 million dollars worth of chemical products from
Hongbo over a period of four years. The contract will be automatically
extended for two consecutive two-year terms if DuPont is satisfied with the
products and services delivered by Hongbo. The long-term supply contract comes
less than three months after Hongbo received an increased purchase order of
US$1.78 million from DuPont. The chemical requested by DuPont is typically
used in polycarbonates, epoxies, adhesives and coatings.
"I am extremely pleased with the recent positive developments from
Hongbo. The company was able to earn increased confidence from one of the top
quality chemical companies in the world and in such a short period of time,"
commented Dr. Gang Chai, President & CEO of McVicar, "With an inventory of a
series of high quality products developed previously, Hongbo is very well
positioned to capture greater growth opportunities in the future."
Zhejiang Hongbo Chemical Co. Ltd. is the wholly owned Chinese subsidiary
of McVicar (Hongkong) Advanced Material Co. Ltd. which is 51% owned by McVicar
through an equity acquisition earlier this year.
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 does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Dr. Gang Chai at: 55 University Avenue, Suite
605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax (416) 366-7421,