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McVicar announces strategic order from Dupont

Published on 2007-09-11. Author : SpecialChem

TORONTO -- McVicar Resources Inc. ("McVicar") is pleased to announce that the Company has signed a long-term strategic supply contract with DuPont of the USA through its Chinese subsidiary Zhejiang Hongbo Chemical Co. Ltd. ("Hongbo"). Under the long-term supply contract, DuPont has agreed to purchase approximately US$20 million dollars worth of chemical products from Hongbo over a period of four years. The contract will be automatically extended for two consecutive two-year terms if DuPont is satisfied with the products and services delivered by Hongbo. The long-term supply contract comes less than three months after Hongbo received an increased purchase order of US$1.78 million from DuPont. The chemical requested by DuPont is typically used in polycarbonates, epoxies, adhesives and coatings.

"I am extremely pleased with the recent positive developments from Hongbo. The company was able to earn increased confidence from one of the top quality chemical companies in the world and in such a short period of time," commented Dr. Gang Chai, President & CEO of McVicar, "With an inventory of a series of high quality products developed previously, Hongbo is very well positioned to capture greater growth opportunities in the future."

Zhejiang Hongbo Chemical Co. Ltd. is the wholly owned Chinese subsidiary of McVicar (Hongkong) Advanced Material Co. Ltd. which is 51% owned by McVicar through an equity acquisition earlier this year.

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.

Source: McVicar Resources Inc.


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