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Railpower Technologies completes C$5.1 million asset sale to R.J. Corman Railroad Group

Date Closed

May 29, 2009

Lead Office

Montréal

Value

5.10 Million CAD

On May 29, 2009, Railpower Technologies Corp. and its U.S. subsidiary, Railpower Hybrid Technologies Corp. (collectively “Railpower”), announced that further to the receipt of all required approvals from the Québec Superior Court and the United States Bankruptcy Court for the Western District of Pennsylvania, Railpower has concluded the sale of all of its assets, except cash on hand and on deposit in financial institutions, the land and property located in St-Jean-sur-Richelieu (Québec), and two road switching locomotives, to R.J. Corman Railroad Group, LLC, a Kentucky limited liability company.

R.J. Corman Railroad Group, headquartered in Nicholasville, Kentucky, is a privately held railroad holding company.

Railpower Technologies was founded in 2001 in Vancouver, British Columbia, and incorporated an automotive propulsion system into a new hybrid yard locomotive.

McCarthy Tétrault LLP represented Railpower Technologies, as seller, with a team led by Patrick Boucher and Alain Tardif.

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