LAVAL, QC, July 27 /CNW Telbec/ - Mercator Transport Group Corporation ("Mercator Transport") (TSX-V: GMT) is pleased to announce it has completed the previously announced acquisition of the French corporation SAS Trans Orient Services ("Trans Orient"), following the withdrawal of the appeal procedure which had been filed against the court decision ratifying the transaction.
As announced June 23, 2009, this acquisition took place in the context of the judicial liquidation of the French corporation Orient Finances SAS, which held all the shares of Trans Orient, for a purchase price of (euro)675,000 (CAN$877,000), payable in cash at closing. Mercator Transport had subsequently been informed that the decision confirming the acquisition of Trans Orient was being subjected to an appeal procedure filed by the Orient Finances SAS minority shareholders. These shareholders now having withdrawn the appeal procedure, the act witnessing the transfer of all the shares of Trans Orient to the benefit of Mercator Transport France Inc., wholly owned subsidiary of Mercator Transport, has now been concluded.
At closing of the Trans Orient acquisition, the leasing-management agreement between Trans Orient and Mercator Transport, which had been announced September 2, 2009, ended.
Located in Lyon, France, Trans Orient is a French corporation specialized in international transport brokerage, prioritizing ocean and air transport.
$1,600,000 Private Placement
Mercator Transport also announces that the private placement announced on July 6, 2010 and made by institutional investors and independent directors of the corporation has now been completed, following the obtaining of required regulatory approvals and realisation of closing conditions.
About Mercator Transport
Mercator Transport specializes in transport brokerage, international logistics and distribution. Based in Montreal (Canada), with offices in the United States, France, Ghana, Kenya, Tanzania, Uganda and Zambia, Mercator Transport offers value-added services in global supply chain management, and designs tailor-made solutions. Customer intimacy and commitment differentiates Mercator Transport in its ability to implement customers' requirements.
Neither TSX Venture Exchange nor its Regulatory 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.
SOURCE MERCATOR TRANSPORT GROUP CORPORATION
For further information: For further information: Mr. Patrick Bazinet, Director and Interim CFO, Investor relations, (450) 667-8886, email@example.com