Nicer Canada Corp. is pleased to announce that Jmars Information Technology Co, Ltd. has entered into logistic information solution purchase agreements with Shanghai Modern Logistics Investment and Development Co., Ltd., a subsidiary of Shanghai Bailian Group Co., Ltd. (the "Bailian Group", Shanghai Stock Exchange stock code: 600631).
Shanghai Modern Logistics Investment and Development Co., Ltd. is the principal logistics operations company under the Bailian Group. According to the development strategies of the Bailian Group, Shanghai Modern Logistics Investment and Development Co., Ltd. will serve as the principal logistics operation service provider to the various retail operations of the Bailian Group upon the Bailian Group's consolidation of its retail businesses.
Shanghai Modern Logistics Investment and Development Co., Ltd. will implement JMIT's comprehensive logistics information management solution and adopt it as the total information management solution for Shanghai Modern Logistics Investment and Development Co., Ltd. and the logistics operation bases belonging to it.
In addition to the current two logistics and commercial warehousing operations for which the Bailian Group has purchased JMIT solution, there are seven other logistics operation bases within the Bailian Group that will potentially benefit from the implementation of JMIT's software systems.
On June 12, 2008, Nicer signed an agreement with the principal of JMIT to purchase 66.67% of JMIT (the "Acquisition"). Nicer received conditional acceptance of the Acquisition from the TSX Venture Exchange on July 3, 2008. However, completion of the Acquisition is still subject to a number of conditions, including but not limited to, final acceptance by the TSX Venture Exchange. There can be no assurance that the Acquisition will be completed as proposed or at all.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Acquisition and has neither approved nor disapproved the contents of this press release. -- www.cnxmarketlink.com
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