RLOGU Rand Logistics Unit 10/26/08 (MM)

Rand Logistics, Inc. (NASDAQ: RLOG, RLOGW, RLOGU) today announced that the deadline to exercise its outstanding, publicly traded warrants (�Warrants�) at the previously announced $4.50 exercise price (instead of the $5.00 exercise price provided by the original terms of the Warrants) has been extended until 5:00 p.m. eastern time on July 13, 2007 (the "Extended Expiration Time"). Rand determined to extend the deadline for exercises in order to accommodate the exercise by a limited number of Warrantholders who experienced difficulties effectuating the exercise of their Warrants. Any and all Warrants properly exercised in accordance with the terms of the Warrants prior to the Extended Expiration Time will be accepted by Rand at the reduced exercise price, and one share of registered common stock per Warrant will be issued to the exercising Warrantholder. After the Extended Expiration Time, the $5.00 exercise price included in the original terms of the Warrants will be reinstituted. Except for the reduced exercise price of the Warrants prior to the Extended Expiration Time, the terms of the Warrants remain unchanged. The reduced exercise price applies to all of Rand's currently outstanding publicly traded Warrants, including those Warrants still included as part of the units issued in Rand's initial public offering. Holders of Warrants that desire to exercise their Warrants should contact their brokers and instruct them to effectuate an exercise of the Warrants prior to the Extended Expiration Time. As of July 9, 2007, approximately 4,000,000 of the 9,200,000 Warrants originally issued by Rand had been exercised. Rand's Warrants, common stock and units are listed on the Nasdaq Capital Market under the symbols RLOGW, RLOG AND RLOGU, respectively. On July 6, 2007, the last reported sale prices of the Warrants, common stock and units were $1.79, $6.49 and $11.65, respectively. Rand recommends that Warrantholders obtain current market quotations for Rand's securities before deciding whether or not to exercise their Warrants. Approximately 1,571,349 of the Warrants are held by individuals, or affiliates of individuals, who are officers, directors, employees or consultants of Rand. Each such officer, director, employee and consultant has agreed not to exercise his Warrants prior to the Extended Expiration Time. While Rand considers acquisition and other investment opportunities on a regular basis, Rand does not presently have any contemplated specific use for the proceeds of any Warrant exercises, other than for general working capital purposes. RAND'S BOARD OF DIRECTORS HAS APPROVED THE WARRANT EXERCISE PRICE REDUCTION. HOWEVER, NEITHER RAND NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES MAKES ANY RECOMMENDATION AS TO WHETHER TO EXERCISE WARRANTS. EACH HOLDER OF A WARRANT MUST MAKE ITS OWN DECISION AS TO WHETHER TO EXERCISE SOME OR ALL OF ITS WARRANTS. The information above does not constitute an offer to buy or exchange securities or constitute the solicitation of an offer to sell or exchange any securities in Rand. About Rand Logistics Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, the Company operates a fleet of eleven self-unloading bulk carriers, including nine River Class vessels and one River Class self-unloading tug/barge unit. The Company is the only carrier able to offer significant domestic port-to-port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act - which dictates that only ships that are built, crewed and owned by U.S. citizens can operate between U.S. ports - and the Canada Marine Act - which requires Canadian commissioned ships to operate between Canadian ports. Forward-Looking Statements This press release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) concerning the Company and its operating subsidiaries. Forward-looking statements are statements that are not historical facts, but instead statements based upon the current beliefs and expectations of management of the Company. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the results included in such forward-looking statements.