Cinaport Acquisition Corp. Provides Update on Shareholders' Meeting and Plan to Apply for Transfer to NEX

Toronto, Ontario--(Newsfile Corp. - January 7, 2014) - Cinaport Acquisition Corp. (TSXV: CPQ.P) (the "Company"), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSXV"), announced that the Company has obtained the requisite shareholders' approval for the Company's proposed application to transfer its listing to the NEX Board of the TSX Venture Exchange in order to avoid delisting resulting from the Company's inability to complete its Qualifying Transaction within 2 years from the time of its listing on the TSX Venture Exchange. In order to qualify for the proposed transfer to the NEX Board, the Company has also sought and obtained the requisite shareholders' approval for the cancellation of one half of the seed shares purchased by the Non Arms Length Parties to the Company.

The Company intends to apply for the transfer to the NEX Board immediately and will continue to actively seek out opportunities to complete its Qualifying Transaction in the best interest of all shareholders.

The Company also announced that Donald Wright has resigned as Chairman and a director of the Company effective January 8, 2014. On behalf of the Company, the Board of Directors thanks Mr. Wright for his contributions during his tenure as the Chairman of the Company.

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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