CALGARY, ALBERTA and HONG KONG, CHINA--(Marketwired - March 31, 2014) - Grand Power Logistics Group Inc. ("Grand Power" or the "Company") (TSX VENTURE:GPW) is pleased to announce that, in addition to its recent announcement on the sale of the Yangshan port project, it has recently sold a piece of property bought for warehousing in Macau, PRC. The property was purchased for a cost of HK$14.46 million (approx. US$1.8 million) and sold for HK$16.50 million (approx. US$2.12 million).
Ricky Chiu, President and CEO of Grand Power said "The Macau property did not fit into our expansion plans as originally intended and has gained significant value, so we decided to sell it, lock in the profits and further add to our healthy cash position." He added "We will continue to look for new opportunities to create value for our shareholders as we believe our share price is significantly undervalued, and will continue to strive to do what is best for the company and its investors."
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 news release may contain forward-looking statements about the Corporation's future prospects. Due to many risks and uncertainties including market conditions, industry uncertainty and other factors, the Corporation can give no assurance that the forward-looking statements in this news release will be realized.
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.