CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwire - Nov. 5, 2008) - Grand Power Logistics Group Inc. ("Grand Power" or the "Corporation") (TSX VENTURE:GPW) is pleased to announce that, further to its news release of October 20, 2008, the Corporation has closed its non-brokered private placement (the "Private Placement") in the amount of $1,420,000, subject to the final regulatory approval. Pursuant to the private placement, the Corporation has issued 7,100,000 Common Shares at a price of $0.20 per Common Share. The shares are subject to a four-month hold period from the closing date of the Private Placement.
The proceeds of the Private Placement will be used for working capital and expanding the Corporation's business activities in Hong Kong and China, including its expansion of its Shanghai operations.
Certain directors and employees of the Corporation have acquired 7,075,000 of the Common Shares issued under the Private Placement. Mr. Ricky Chiu, a director and the President and CEO of the Corporation, has purchased 5,000,000 Common Shares and another director has purchased 75,000 Common Shares.
About Grand Power Logistics Group Inc.
Grand Power Logistics Group Inc. operates principally through its wholly owned Hong Kong based subsidiary, Grand Power Express International Limited (GP Express), and provides air-freight forwarding and sea-freight services, customs brokerage, logistics, warehousing and distribution, as well as other value added services. GP Express has established operations in various regions, particularly in the Greater Pearl River Delta (GPRD), China's largest economic region. GP Express' Subsidiaries or Branch Offices in this region are located in Macau, Shenzhen, Guangzhou, and Jiangmen. GP Express also operates in other regions through Subsidiaries and Branch Offices or Supporting Offices in Shanghai, Beijing, Tianjin, Xiamen, Taipei, Bangkok and Los Angeles. www.grandpowerlogistics.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Grand Power Logistics Group Inc. - Canada
(403) 228-3013 (FAX)
Grand Power Logistics Group Inc. - Hong Kong
Senior Vice President, Finance & Business Development
(403) 630-0318 or Hong Kong: (852) 6989 1376
(852) 3582 4130 (FAX)