Grand Power Logistics Group Inc.

Grand Power Logistics Group Inc.

July 09, 2008 08:00 ET

Grand Power Cancels Equity Financing

CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwire - July 9, 2008) - Grand Power Logistics Group Inc. ("Grand Power" or the "Company") (TSX VENTURE:GPW) today announced that it has elected to cancel its previously announced private placement equity financing (see press release dated June 17, 2008) due to current market conditions. The Company had engaged a syndicate of agents led by Canaccord Adams and GMP Securities LP, and including Macquarie Capital Markets Canada Ltd. to raise up to $10 million on a best efforts basis. Grand does not feel that the current share price accurately reflects the value of the Company and that issuing equity at this time would be overly dilutive to shareholders. Grand Power will address its capital requirements through alternative means and re-access its option to issue equity once market conditions improve.

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, Taipei, Bangkok and Los Angeles.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information