MCVICAR ANNOUNCES THIRD QUARTER FINANCIAL RESULTS: McVicar Industries Inc. announces its financial results and management's discussion and analysis (MD&A) for the second quarter ended September 30, 2012. The detailed financial statements and MD&A can be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.
MCVICAR APPOINTS NEW DIRECTOR: McVicar Industries Inc. is pleased to announce the appointment of Dr. Evelyn Su to the board of directors. The detailed press release can be found on SEDAR, www.sedar.com.
MCVICAR ANNOUNCES SECOND QUARTER FINANCIAL RESULTS: McVicar Industries Inc. announces its financial results and management's discussion and analysis (MD&A) for the second quarter ended June 30, 2012. The detailed financial statements and MD&A can be found on www.sedar.com. All amounts are in Canadian dollars unless otherwise noted.
MCVICAR UPDATES THE DELAY IN FILING Q2 RESULTS: McVicar Industries Inc. ("McVicar") updates its previous news release on October 9, 2012, and confirms the delay of the filing of its unaudited, consolidated financial statements and MD&A persists as previously reported.
The company expects the completion of the filings to take place by October 25, 2012
McVicar will keep the market up to date as to this matter.
MCVICAR DIRECTOR RETIRES: McVicar Industries Inc. (“McVicar” or the “Company”) announces that Henry Tse will be retiring from the board of directors effective October 1, 2012, to focus on other ventures and commitments. Henry Tse joined the Company, then called McVicar Resources Inc., in May 2007 as the CFO, resigned from that position and was elected to the Board of Directors in August 2008. Henry Tse continued as a director through the many changes in the Company to its current position in the chemical and technology industry as McVicar Industries Inc.
Henry’s experience and insight as a director and member of the audit committee, helped guide McVicar and he will be missed.
MCVICAR APPOINTS NEW CHIEF FINANCIAL OFFICER: McVicar Industries Inc. (the “Company”, “McVicar”) announces the appointment, subject to regulatory approval, of Mr. Colin Digout, C.A., as acting Chief Financial Officer (“CFO”) of the Company, following the departure of Mr. Winfield Ding, C.A. as Chief Financial Officer of the Company.
MCVICAR ANNOUNCES DELAY IN SECOND QUARTER FINANCIAL STATEMENT AND MD&A FILING: McVicar Industries Inc. ("McVicar") announces that the filing of its unaudited, interim, consolidated financial statements for the financial six month period ended June 30, 2012 (the “Q2 Statements”) and the accompanying Management’s Discussion and Analysis (“MD&A”) will be delayed past the August 29, 2012 deadline prescribed by applicable securities laws.
The anticipated failure to file the Q2 Statements and MD&A is due to the departure of McVicar’s Chief Financial Officer. McVicar has since appointed an acting Chief Financial Officer who is the former audit committee chairman and a former director of McVicar’s subsidiary, Jite Technologies Inc. and consequently familiar with much of McVicar’s consolidated business.
McVicar anticipates being able to complete and file the Q2 Statements and MD&A shortly but in any event not later than September 30th, 2012.
Pending completion of these required filings, the Issuer intends to satisfy the provisions of the “Alternate Information Guidelines prescribed in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults of the Canadian Securities Administrators.
The Issuer intends to remedy this filing default as soon as possible and until this is complete the Issuer will keep the market continuously informed as to any developments or changes in the information contained in this release and as to any change in the anticipated times within which this filing will be remedied.
MCVICAR ACQUIRES NEW LAND IN CHEMICAL INDUSTRIAL PARK:
McVicar Industries Inc. (“McVicar” or the “Company”) is pleased to announce that the Company has won an open bid auction to acquire Anhui Linghua Co. Ltd. (“Anhui Linghua”), a chemical company located in the Xiangyu Chemical Industrial Park, Dongzhi County, Chizhou City, Anhui province, for 37,500,000 yuan (~CDN $6 million). Anhui Linghua was established by a chemical company, Zhejiang Huzhou Linghua Co. Ltd. in 2007 (“Zhejiang Linghua”) in order to move its production from Huzhou, Zhejiang province, to a chemical park. Anhui Linghua has 200 mu (“~130,000 square meters”) land and complete infrastructure for a chemical operation. Zhejiang Linghua has invested over 60 million RMB during the last five years to build up facilities and equipment in the new land. However, Zhejiang Linghua encountered financial problems due to a dramatic price drop in its main products. It failed to complete further investment to start any operation in Anhui Linghua. Both Zhejiang Linghua and Anhui Linghua have to liquidate themselves to meet loan requirements and settle employees.
McVicar has three chemical subsidiaries, Hongbo Chemical Co. Ltd. (“Hongbo”), Changlong Chemcal Co. Ltd. (“Changlong”) and Luyuan Chemical Co. Ltd. (“Luyuan”) through acquisitions in the past. However, Both Hongbo and Changlong were located in non-Chemical Industrial Parks, which became a compulsory requirement for chemical companies in China. Changlong was forced to stop production in its Hangzhou plant and could only move a small part of its products to the current Luyuan facility. Hongbo is encountering great pressure to relocate to a Chemical Industrial Park.
The acquisition of Anhui Linghua provides sufficient land for concentrating all the three subsidiaries and for further expansion of McVicar’s Chemical business as Anhui Linghua has about half of the unused land for building production plants. The acquisition is a great step in integrating the past acquisitions and building operational and financial competitiveness for McVicar’s chemical business. A finder’s fee of ~5% will be paid to an agent for past work on the opportunity.
McVicar will need to apply for permissions from authorities in Anhui province in order to move the Company’s products to the Chemical Industrial Park.
MCVICAR COMPLETES ACQUISITION OF 100% OF JITE: McVicar Industries Inc. ("McVicar") announces today that Jite's shareholders at the annual and special shareholders meeting held earlier today have unanimously approved the amalgamation of Jite with 1872706 Ontario Limited, a wholly owned subsidiary of McVicar (the "Amalgamation"). The Amalgamation is now effective through the filings articles of amalgamation and a new corporation has now been formed under the name Jite Technologies Inc., which is a wholly owned subsidiary of McVicar.
The Amalgamation follows McVicar's acquisition on April 5, 2012 of 7,517,356 shares (37.45%) of the issued shares of Jite pursuant to a February 28, 2012 take-over bid which increased its holdings in Jite to 18,802,606 shares or 93.67%. As a result of the Amalgamation each outstanding Jite common share, other than those held by McVicar which have been cancelled, have been exchanged for one redeemable referred share of the amalgamated corporation, which has then been redeemed at a redemption price of $0.60 per preferred share. All of the issued shares of 1872706 Ontario Limited (currently held by McVicar) have been exchanged for shares of the amalgamated corporation. Consequently, the Amalgamation effectively completes McVicar's acquisition of 100% of the issued shares of Jite.
As a result of the Amalgamation, Jite ceases to meet the continuing listing requirements of the TSX Venture Exchange and has been de-listed effectively immediately. In addition, McVicar will take all necessary steps to cause Jite to cease to be a reporting issuer (or equivalent) in all provinces of Canada in which the Corporation is currently a reporting issuer (or equivalent).
Former shareholders of Jite should receive payment in respect of their shares shortly by cheque. If they have not already done so, former registered shareholders of Jite, are advised to complete the Letter of Transmittal which accompanied the information circular mailed in respect to the annual and special shareholders meeting and return it to McVicar with their share certificates. Former unregistered beneficial shareholders should contact their broker if they have any questions.
The detailed information can also be found on www.sedar.com.
MCVICAR ANNOUNCES 2011 RESULTS: McVicar Industries Inc. ("McVicar" or the “Company”) announces today that it has filed its audited annual financial statements and management's discussion and analysis (“MD&A”) for the year ending December 31, 2011.
The detailed financial statements and MD&A can also be found on www.sedar.com.
MCVICAR ACQUIRES REMAINING CHANGLONG INTEREST: McVicar Industries Inc. ("McVicar" or the “Company”) is pleased to announce that its Hong Kong based subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. (“MAM”), has reached an agreement with Sanlong Holdings Co. Ltd. to acquire the remaining 8% interest of Changlong Chemical Co. Ltd. (“Changlong”). After the transaction, Changlong will become a 100% owned subsidiary of MAM. MAM agrees to pay a cash amount of 2.1 million RMB (~CDN $330,000) based on the agreement. Sanlong Holdings and its principals are all at arm’s length to McVicar and its subsidiaries.
Changlong is a developer, manufacturer and supplier of specialized fine chemical products used in the Pharmaceutical industry. The company possesses the technologies of chemical synthesizing under high pressure.
MCVICAR ANNOUNCES NORMAL COURSE ISSUER BID: McVicar Industries Inc. ("McVicar" or the "Company") announces that it fulfilled a normal course issuer bid (the "Bid") pursuant to which McVicar purchased the maximum of 1,800,000 common shares in the capital of McVicar (the "Shares"), representing approximately 4.8% of its 37,427,320 issued and outstanding common shares as at January 4, 2011.
All Shares purchased pursuant to the Bid have been or will be cancelled and returned to treasury.
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