Cinaport Acquisition Corp. Completes Initial Public Offering

Toronto, Ontario--(October 24, 2011) - Cinaport Acquisition Corp. (TSXV: CPQ.P) (the "Company"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), is pleased to announce that it has successfully completed its initial public offering of 2,260,000 common shares at a price of $0.10 per common share (the "Offering") for gross proceeds of $226,000.

Union Securities Ltd. (the "Agent") acted as agent for the Offering. In connection with the Offering, the Agent received a cash commission of $22,600, a corporate finance fee of $10,000 (excluding applicable taxes and disbursements) and a non-transferable option to purchase up to 226,000 common shares of the Company at a price of $0.10 per common share exercisable for a period of 24 months after the common shares of the Company commence trading on the TSX-V.

The common shares of the Company have been conditionally approved for listing on the TSX-V and are expected to commence trading on or about October 31, 2011 under the symbol CPQ.P.

The Company is a capital pool company within the meaning of Policy 2.4 of the TSX-V. The Company currently has no assets other than cash. The Company proposes to use the net proceeds of the Offering to identify and evaluate business and assets with a view to completing a "Qualifying Transaction" under Policy 2.4 of the TSX-V.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, will benefit the Company. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) has reviewed or accepts responsibility for the adequacy or accuracy of this press release.

For more information, please contact:
Avi Grewal
President & Chief Executive Officer
Phone: (416) 213-8118 Ext. 210
E-mail: agrewal@cinaport.com 

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