TORONTO,
Feb. 28, 2014 /CNW/ - McVicar
Industries Inc. ("McVicar") (TSXV symbol MCV) announces
today that the date for its previously announced special meeting of
shareholders has been rescheduled from March
31st, to April
29th, 2014.
The rescheduling of the meeting is to allow
sufficient time for Evans & Evans, Inc. to complete the formal
valuation of McVicar and their opinion as to the fairness, from the
financial point of view, (collectively the "Valuation") of
the previously announced, proposed amalgamation (the
"Amalgamation") of McVicar 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.
The Valuation is being prepared in accordance
with Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions of the Canadian
Securities Administrators and under the supervision of the Special
Committee of the McVicar Board. The Valuation will form the basis
of the Special Committee's recommendation as to whether
shareholders of McVicar should approve the Amalgamation.
As previously disclosed, upon completion of the
Amalgamation, if approved, shareholders of McVicar (other than
shareholders who exercise their dissent and appraisal rights under
s. 185 of the Business Corporations Act (Ontario) and GCCI and related parties of GCCI)
will effectively receive a cash consideration of $0.50 per McVicar share and GCCI will have
effectively acquired 100% of the issued shares of McVicar.
About McVicar
McVicar Industries Inc., headquartered in
Toronto, Canada, is focused on
investments and acquisitions of businesses in China. At present, McVicar has operations in
both electronic components and specialty chemicals in three
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.