Grand Power Logistics Group Inc.
TSX VENTURE : GPW

Grand Power Logistics Group Inc.

July 13, 2009 11:57 ET

Grand Power Announces First Closing of Private Placement

CALGARY, ALBERTA AND HONG KONG, CHINA--(Marketwire - July 13, 2009) - Grand Power Logistics Group Inc. ("Grand Power" or the "Corporation") (TSX VENTURE:GPW) announces it has completed an initial closing of its previously announced non-brokered private placement of convertible debentures (the "Debentures") for gross proceeds received by the Corporation of $2,201,000. The Debentures will carry interest at the rate of 10% per annum, payable quarterly; will have a maturity date of two years from the date of closing; and will be convertible, at the option of the holder, into common shares of the Corporation at a conversion price of $0.30 per share. Finders' fees in the aggregate of $15,100 were paid in relation to this initial closing of the private placement.

The proceeds of the private placement will be used for working capital for Corporation's business activities in Hong Kong and China.

Mr. Ricky Chiu, a director and the President and CEO of the Corporation, has purchased $650,000 of the Debentures issued under this private placement and another director has purchased $150,000.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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