CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwired - March 13, 2014) - Grand Power Logistics Group Inc. ("Grand Power" or the "Corporation") (TSX VENTURE:GPW) is pleased to announce that, further to its press release dated August 16, 2013 in which it was announced that Grand Power's indirect ownership interest in the Yangshan International Container Transit Logistics Park ("Yangshan Logistics Park") project was decreased from 36.67% to 13.2% as a result of an investment by a new partner, Grand Power has now sold its 13.2% interest in the Yangshan Logistics Park project as a part of the sale of the whole project to a new group of investors.
The sale price for the whole Yangshan Logistics Park project is RMB239 million (approx. US$38.93 million). Grand Power's portion of the sale price is RMB31.55 million (approx. US$5.139) for its 13.2% interest. As of today, Grand Power has received a payment deposit of RMB10.45 million (approx. US$1.7 million). Grand Power has invested a total of HK$13.2 million (approx. US$1.7 million) for its 13.2% interest in the project.
About Grand Power Logistics Group Inc.
Grand Power 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 and Guangzhou. GP Express also operates in other regions through Subsidiaries and Branch Offices or Supporting Offices in Shanghai, Beijing, Tianjin and Xiamen. For more information, please visit http://www.grandpowerlogistics.com.
This press release contains forward-looking information. This forward-looking information relates to the closing of the sale of Yangshan Logistics Park and Grand Power's interest in same. Since forward-looking information addresses future events, by its very nature it involves inherent risks and uncertainties. In this regard, there is a risk that the sale may not be completed.
Neither 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.
Grand Power Logistics Group Inc.