RICHMOND HILL, ON, Dec. 15, 2006 - JITE Technologies Inc. (TSX-V "JTI") is pleased to announce that McVicar Resources Inc ("McVicar") (TSX-V "MCV") has reached a private agreement with the major shareholders of JITE Technologies ("JITE") to acquire 42,500,000 common shares or 51.12% of the issued shares of JITE Technologies from those same shareholders. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
As part of the terms of the agreement, McVicar will purchase 42,500,000 shares or 51.12% of the outstanding common shares of JITE from Jiming Liu, XiaoJian Yu (both of Bakersfield, California, U.S.A.), Changlin Qin and Jing Tang (both of Toronto, Ontario), all of whom currently hold an aggregate of 63,921,000 common shares of JITE, for a total consideration of $5,312,500 to be satisfied by a combination of $1,375,000 cash and 4,375,000 shares of McVicar Resources at a deemed issue price of $0.90 per McVicar share. A total of $600,000 of the cash consideration will be paid on closing and the remaining $775,000 will be paid six (6) months following closing.
Closing of the acquisition is subject to due diligence reviews by all parties and other conditions including compliance by the vendors with all applicable notice and other regulatory preconditions to the sale. The shares of JITE to be acquired by McVicar are currently subject to escrow agreements in the form prescribed by the TSX Venture Exchange which were entered into at the time of JITE's listing on the Exchange. The transfer of such JITE shares to McVicar within escrow is subject to approval by the Exchange and the shares will remain subject to such escrow agreements.
McVicar is a TSX Venture Exchange listed company engaged in mineral exploration and chemical manufacturing and sales primarily to the construction industry in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China.
About JITE
JITE designs and manufactures electronic and electrical connection devices for security, industrial control, automation, telecommunication, and power supply industries. JITE is head quartered in Toronto, Canada and carries out research and manufacturing operations in Shenzhen China at its ISO 9001 certified facility. For more information, visit JITE at http://www.jitetech.com .
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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SOURCE: JITE Technologies Inc.
JITE Investor Contact: Charles Qin, Chairman and Chief Executive Officer, Tel: (905) 731-0380, Fax: (905) 731-0381
