03:59 PM EST - McVicar Industries Inc. : said Wednesday that its fully-owned Chemical subsidiary, McVicar (Hongkong) Advanced Materials Co. Ltd. have reached an agreement with British Virgin Island based Sanlong Holdings Co. Ltd. to buy its 38% equity interest in Hangzhou Changlong Chemical Co. Ltd. Sanlong obtained the 38% interest in Changlong in January 2009 by exchanging its 9.5% equity interest in McVicar (Hongkong) Advanced Materials. McVicar (Hongkong) Advanced Materials will pay a cash amount of RMB 9,405,000 ($1.47 million) for the acquisition. After the transaction, McVicar (Hongkong) Advanced Materials will have 100% ownership of Changlong and will have the benefit of simple operation of the company. McVicar Industries Inc.
shares V.MCV are trading even at $0.50.
