McVicar temporarily suspends Hongbo production
August 02 2013 - 10:02AM
PR Newswire (Canada)
Trading Symbol: MCV
TORONTO,
Aug. 2, 2013 /CNW/ - McVicar
Industries Inc. ("McVicar") announces that its chemical subsidiary
Hongbo Chemical Co. Ltd. ("Hongbo"), has temporarily suspended its
production due to a change in environment and safety regulations
enforced by local governments on chemical manufacturers in
non-chemical industrial parks. The revised regulations are intended
to reduce environmental pollution and improve workplace safety. As
a result, chemical companies in non-chemical industrial parks are
required to upgrade their facilities to comply with the new
regulations. Hongbo is assessing and preparing a detailed
implementation plan to satisfy the government requirements. As this
is also a low time in purchase orders from the main Western
customers due to economic factors and competition from other south
Asian countries, Hongbo will take this opportunity to reduce
inventory from the factory.
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. Neither the TSX
Venture Exchange Inc. nor its regulation services provider (as that
term is defined in the policies of the TSX Venture Exchange) has
reviewed or accepts responsibility for the adequacy or accuracy of
this release.
SOURCE McVicar Industries Inc.
Copyright 2013 Canada NewsWire
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