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Press release from CNW Group

McVicar Announces Delay in Second Quarter Financial Statement and MD&A Filing

Monday, August 27, 2012

McVicar Announces Delay in Second Quarter Financial Statement and MD&A Filing16:58 EDT Monday, August 27, 2012Trading Symbol: MCVTORONTO, Aug. 27, 2012 /CNW/ - 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.About McVicarMcVicar 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 four operations in China.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. The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.SOURCE: McVicar Industries Inc.For further information: Please contact Dr. Gang Chai, CEO, or Ms. eXavier Peterson, at: 55 University Avenue, Suite 605, Toronto, ON M5J 2H7 Tel: (416)366-7420 Fax (416)366-7421