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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.
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