Rand Logistics, Inc.

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June 24, 2004 – Rand Logistics, Inc. (formerly Rand Acquisition Corporation) was formed as a blank check company to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business.

March 3, 2006 – Rand, through its wholly-owned subsidiary, LL Acquisition Corp., acquired all of the outstanding shares of capital stock of Lower Lakes Towing and its affiliates Grand River and Lower Lakes Transportation, whereby each of Lower Lakes, Grand River and Lower Lakes Transportation became indirect, wholly-owned subsidiaries of Rand.  In conjunction with the foregoing transactions, as of March 3, 2006, Rand changed its name to Rand Logistics, Inc. and its fiscal year end to March 31.

August 1, 2006 – Lower Lakes Transportation entered into a Time Charter Agreement with Wisconsin & Michigan Steamship Company ("WMS"), pursuant to which three United States flag vessels owned by WMS were available for the exclusive use of Lower Lakes Transportation.

March 23, 2007 – Grand River purchased the M/V MANISTEE, a self-unloading bulk carrier, on an "as-is" basis, for a purchase price of $2,200,000 from Lake Service Shipping Co.  Grand River had previously operated the MANISTEE under a chartering agreement with Lake Service.

August 27, 2007 – Lower Lakes purchased the VOYAGEUR INDEPENDENT and the VOYAGEUR PIONEER from Voyageur Marine Transport Limited ("Voyageur") and Voyageur Pioneer Marine Inc. for an aggregate purchase price of CDN $25,000,000.

August 27, 2007 – Lower Lakes entered into a Contract of Affreightment with Voyageur and Voyageur Maritime Trading Inc. under which the MARITIME TRADER was made available exclusively to Lower Lakes for its use in providing transportation and storage services for its customers.

February 13, 2008 – Grand River Navigation exercised its option to purchase three vessels from WMS, the David Z., the Earl W. and the Wolverine, for an all-in cost of approximately $20 million in cash.  One of the three vessels purchased has subsequently been sold to the Company’s Canadian subsidiary for Canadian registry and deployment.

February 13, 2008 – Rand Logistics entered into an Amended and Restated Credit Facility Agreement with General Electric Capital Corporation.  The amended credit facility increases Rand’s borrowing capacity to approximately $100 million.

February 13, 2008 – Rand Logistics announced the planned repowering of one of its Canadian-flagged vessels with a new highly automated emissions compliant power plant. The project, estimated to cost approximately $13 million, is expected to generate an annual mid-teens return and will be completed in April 2008, at which time the vessel will be fully operational. The repowering is expected to improve operating margins due to an increase in speed and a reduction in fuel consumption, labor, maintenance and other operating costs.

February 13, 2008 – Rand Logistics announced the planned retirement of the Calumet, the oldest and smallest vessel in its fleet.

July 27, 2010 – Rand Logistics announced the planned conversion of its last steam powered vessel, the SS Michipicoten, to diesel power, consistent with the engine replacement completed on the Saginaw in 2008. Based on the actual results from the Saginaw repowering, which was completed in June 2008, the project, which is estimated to cost approximately US $15 million, is expected to generate an annual return on invested funds in the mid teens. The benefits of the conversion include increased revenues from higher speeds and lower costs from reduced fuel consumption, labor, maintenance and other operating expenses. Rand has received a commitment from its lenders to amend its existing credit agreement to provide for an additional CDN $20 million of term debt to complete the engine repowering project and other capital expenditures. Including this project, since the acquisition of Lower Lakes by Rand, the Company has invested more than US $100 million in fleet expansion, life extension and operating improvement projects.

February 14, 2011 – Rand Logistics announced the acquisition of two Jones Act compliant, self-unloading integrated tug/barge units from KK Integrated Shipping (KKIS). The acquisition was structured with $35.5 million cash paid at closing (including $31.0 million financed with third party debt), $5.1 million of attractively priced junior seller paper and 1,305,963 shares of the Company’s common stock.

July 14, 2011 – Rand Logistics announced that it signed a binding asset purchase agreement, whereby its designated subsidiary, Lower Lakes Towing Ltd. ("Lower Lakes") will acquire the Maritime Trader, a Canadian flagged dry bulk carrier, subject only to final approval by the Federal Court of Canada. Concurrent with final court approval, Lower Lakes will enter into a long term contract of affreightment for substantially all of the sailing days related to the acquired vessel. It is anticipated that the closing of the transaction will occur prior to July 31, 2011. The acquisition, which increases the Company’s fleet size to fifteen dry bulk carriers, including twelve self unloading and three bulk carriers, is projected to be accretive to Rand’s free cash flow per share for the year ending March 31, 2012.

September 27, 2011 – Rand Logistics announced that it successfully closed its public underwritten offering of 2,800,000 shares of common stock at $6.00 per share. The Company’s proceeds from the offering, net of underwriter’s commissions, were $16.1 million. Rand expects to use the net proceeds of the offering to partially fund the anticipated acquisition of two dry bulk carriers, one of which is a self-unloader, and for general corporate purposes. With respect to the anticipated acquisitions, Rand also announced today that it has entered into agreements to purchase the two bulk carriers for a total purchase price of $25 million. The acquisition of the self-unloading vessel (which is an integrated tug/barge unit) is subject to Rand obtaining acceptable debt financing for such acquisition. Rand anticipates investing an additional $10 million to modify the two bulk carriers.

October 20, 2011 – Rand Logistics announced that Lower Lakes Towing Ltd., Rand’s Canadian operating subsidiary, completed the previously announced acquisition of a U.S. flagged bulk carrier on October 14, 2011, pursuant to the terms of an Asset Purchase Agreement, dated as of September 21, 2011, utilizing proceeds from Rand’s public offering of its common stock in September 2011. Subsequent to closing, the vessel was reflagged Canadian.

December 6, 2011 – Rand Logistics announced that it completed the previously announced acquisition of a Jones Act compliant, self-unloading articulated tug/barge unit. Concurrent with the closing, the Company placed an additional $25 million of long term debt to fund the acquisition and anticipated modifications to the acquired vessel, as well as for general corporate purposes.

 

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