Mullen Group Ltd. acquires leading customs brokerage company

Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has entered into a definitive share purchase agreement to acquire the shares of Cole Group Inc., Cole International Inc., Abco International Freight Inc. and all related entities (collectively the "Cole Group"), subject to receiving regulatory approvals. The parties have filed the necessary regulatory submissions and expect the transaction to close in the second quarter.

The Cole Group is an industry-leading privately owned, full-spectrum logistics services company specializing in customs brokerage, freight forwarding, and trade consulting, operating throughout Canada and the United States ("U.S."). Employing over 700 employees and operating from 43 locations throughout Canada and the U.S., which includes strategically situated offices at various air and seaports of entry and land border crossings, the Cole Group provides industry-leading customs and logistics services to a diverse group of North American and international customers through a suite of proprietary technology solutions.

"Today, we announced that we will be adding another outstanding company to our portfolio of independently managed Business Units. Not only is the Cole Group an industry leader in customs brokerage and trade consulting, which happens to be one of the most talked about issues of the day, but they also have a sizeable 3PL freight service offering, a service that aligns very closely with our U.S. & International Logistics segment. These will be great additions to the Mullen Group," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer.

"When I first met the owner of Cole Group, Mr. Don Lucky, it was evident that our companies shared in a very similar set of values – integrity, people focused, and customer service as the centerpiece of the company. These are qualities that Mr. Lucky instilled in the Cole Group over his long-tenured career as the owner, qualities that will remain a priority in the Mullen Group. The Cole Group will continue to be overseen by the current senior leadership team, a very talented and seasoned group, who are supported by over 700 professional associates. Together we will build on the legacy of the founders. I am both delighted and honored to welcome the Cole Group into our growing organization," added Mr. Mullen.

Mullen Group intends to fund this transaction through its existing cash and credit facilities.