Grand Power Logistics to Acquire Grand Power Macau

Grand Power Logistics Group Inc., of Calgary, announced that its wholly-owned Hong Kong subsidiary, Grand Power Logistics International Ltd., has entered into a share purchase and exchange agreement with Grand Power Express Forwarders Co. Ltd., of Macau. Under the terms of the agreement, Grand Power Hong Kong will acquire 100% of the shares of Grand Power Macau for HK$13.75M (approximately C$2.17M). The payment to the shareholders of Grand Power Macau for the acquisition will comprise of HK$3.75M (approximately C$570,000) in cash and HK$10M (approximately C$1.6M) in common shares of the company for 3,162,760 shares at a deemed price of C$0.50 per share. Grand Power Macau is an airfreight agent operating inbound, outbound and logistic cargo services in Macau. Grand Power Express is principally an airfreight provider and is also a provider of sea freight services, customs brokerage, logistics, warehousing and distribution services.