TORONTO, May 5, 2014 /CNW/ - McVicar Industries Inc. ("McVicar") (TSXV symbol MCV) announces that its amalgamation (the "Amalgamation") with 1909734 Ontario Limited, a wholly owned subsidiary of GC Consulting & Investment Corp. ("GCCI"), a corporation controlled by Dr. Gang Chai, McVicar's chief executive officer, to form a new corporation ("Amalco") named McVicar Industries Inc. which will be a wholly owned subsidiary of GCCI. The Amalgamation became effective April 30, 2014.
McVicar has now provided funds to TMX/CDS to pay the $0.50 per share redemption entitlement to former non-registered beneficial holders of McVicar shares (other than shares held by dissenting shareholders, GCCI and related parties which have been cancelled). Funds should be credited to the accounts of such former shareholders within the next few days.
Registered shareholders should complete the Letter of Transmittal, which accompanied the management information circular which was mailed in respect to the April 29th meeting, and send it to McVicar at the address below along with the certificates representing their shares. Upon receipt of the properly completed letters of transmittal and share certificates, payment of the redemption entitled will be forwarded by cheque. Any registered shareholders requiring assistance with this process may call McVicar at 416 366-7420 or email to [email protected].
McVicar Industries Inc., headquartered in Toronto, Canada, is focused on investments and acquisitions of businesses in China. At present, McVicar has operations in electronic components in several operations in China.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. The words "may", "will", "could", "should", "would", "believe", "plan", "anticipate", "estimate", "expect", "intend", and "objective" (or the negatives thereof), and words and expressions of similar import, are intended to identify forward-looking information, which may include statements made in this news release regarding the Amalgamation, shareholder and regulatory approvals, and McVicar's plans following completion of the Amalgamation. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, inability to obtain shareholder and/or regulatory approval of the Amalgamation, the Amalgamation not being completed for any other reason, and receipt by the Special Committee of an unfavourable formal valuation and/or fairness opinion. McVicar believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, for example, that McVicar will obtain all necessary approvals for the Amalgamation, the Merger Agreement will not be terminated, and the Amalgamation will be completed as currently contemplated. Nevertheless, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. McVicar disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
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.
SOURCE: McVicar Industries Inc.
For further information: Ms. eXavier Peterson or Dr. Gang Chai, Chief Executive Officer, Tel: (416) 366-7420; [email protected]