CALGARY, ALBERTA and HONG KONG, CHINA–(Marketwire – Feb. 23, 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 for gross proceeds received by the Corporation of $955,000. 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 $0.20 per share. Finders’ fees in the aggregate of $95,500 were paid in relation to this initial closing of the private placement.
The proceeds from the initial closing of the private placement will be used for payment of some existing convertible debentures that will mature on February 26 and March 13, 2009.
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.