LAVAL, QC, Nov. 18 /CNW Telbec/ - Mercator Transport Group Corporation ("Mercator Transport") (TSX-V: GMT) announces the conclusion of an agreement for the acquisition of all the assets of the corporation Toti Berg Freight Services Limited ("Toti Berg") through its wholly owned subsidiary, Mercator Ghana Limited.
More specifically, Mercator Ghana Limited will acquire all the assets, including goodwill, as well as all rights in the permits and licenses held by Toti Berg, such as its Ghanaian Licence for Custom-House Agent. Mercator Transport Ghana assumes none of the liabilities of Toti Berg. This acquisition is concluded at a purchase price of CAD$100,000, payable through the issuance to the vendor of 250,000 common shares of the share capital of Mercator Transport, at a unit price of CAD$0.40 per share. This transaction is concluded at arm's length and is subject to the approval of the TSX Venture Exchange.
During its last financial year ended December 31, 2008, Toti Berg generated sales of CAD$226,000 (CAD$209,000 in 2007) and net profits of CAD$5,400 (CAD$7,300 in 2007) (amounts converted from Ghanaian to Canadian currency as at November 17, 2009, at a rate of 1,35 Ghanaian Cedis = CAD$1).
Toti Berg is a Ghanaian corporation specialized in transport brokerage and transit operations, held by Messrs. Wilberforce Nuku Addae and Daniel Narh Bedu. Toti Berg, with its place of business located in Tema, Ghana, was constituted in 1999. Messrs. Addae and Bedu, along with certain employees of Toti Berg, will join the team of Mercator Ghana Limited, managed by Mr. Sudarsanan Pankajakshan.
Mr. Addae has more than 20 years of experience in the field of transport brokerage, including 11 as manager for a large international scale corporation. He is also Vice-President of the Ghana Institute of Freight Forwarders ("GIFF"). For his part, Mr. Bedu has been specialized in transport and customs brokerage, as well as in logistics in Ghana for the last 22 years. Both of Messrs. Addae and Bedu are licensed members of the GIFF.
About Mercator Transport
Mercator Transport specializes in transport brokerage, international logistics and distribution. With offices in Montreal (Canada), Las Vegas (USA), Lyon (France), and Tema (Ghana), 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, firstname.lastname@example.org