Tong (Ricky) Chiu

April 06, 2010 17:13 ET

Tong (Ricky) Chiu Announces the Acquisition of Units of Grand Power Logistics Group Inc.

HONG KONG, CHINA--(Marketwire - April 6, 2010) - Tong (Ricky) Chiu of Flat 25C, Grand Excelsior, Kowloon, Hong Kong, the President, Chief Executive Officer and a director of Grand Power Logistics Group Inc. ("Grand Power") announces that he has acquired 1,010,000 Units of Grand Power at a price of $0.30 per Unit. Each Unit consists of one common share of Grand Power and one-half of one common share purchase warrant (each whole warrant called a "Warrant"). Each whole Warrant entitles Mr. Chiu to purchase until March 31, 2012, one common share of Grand Power at a price of $0.42 per share. The securities included in the Units represent approximately 2.81% of Grand Power's issued and outstanding common shares on a partially diluted basis assuming the exercise of the Warrants held by Mr. Chiu only.

As a result of the private placement, Mr. Chiu holds 14,747,922 common shares, 505,000 Warrants, options to purchase an aggregate of 450,000 common shares, and a debenture convertible into 2,166,667 common shares, for a total of 17,869,589 securities, which represents approximately 31.96% of Grand Power's issued and outstanding common shares on a partially diluted basis assuming the exercise of the Warrants and options and the conversion of the debenture held by Mr. Chiu only.

The Units of Grand Power were acquired by Mr. Chiu for investment purposes. Depending on market and other conditions and subject to compliance with applicable securities laws, Mr. Chiu may increase or decrease his ownership over securities of Grand Power.

The Units were acquired pursuant to Section 2.24 of National Instrument 45-106 Prospectus and Registration Exemptions.

FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE REPORT REQUIRED BY SECURITIES REGULATIONS, PLEASE CONTACT TONG (RICKY) CHIU.

Contact Information

  • Tong (Ricky) Chiu
    011-852-3582-4128