/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICE/
Trading Symbol: MCV
TORONTO, Feb. 11 /CNW/ - McVicar Resources Inc. ("McVicar") announces
that the company and its financing syndicate have agreed to stop proceeding
with the private placement offering of units that was announced on January 9,
2008. The decision to forego the financing was due to the current unfavorable
capital market conditions.
"McVicar is proceeding with its current business development activities
with funding from internal resources" said Dr. Gang Chai, President and CEO of
the company. "McVicar does not require significant financing in the short term
to carry out its current operations. It is therefore unnecessary to proceed
with a financing in the context of these unfavorable market conditions."
Headquartered in Toronto, Canada, McVicar Resources 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
Sino Lion Nanjing Ltd, all of which are specialty chemical companies serving
the personal care, pharmaceutical and industrial markets.
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 our
expectations will materialize.
The TSX Venture Exchange Inc. does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Dr. Gang Chai, Ms. eXavier Peterson, at 55
University Ave., Suite 605, Toronto, ON, M5J 2H7, Tel: (416) 366-7420, Fax:
(416) 366-7421, email@example.com, www.mcvicar.ca