Rand Acquisition Corp.

                              FOR IMMEDIATE RELEASE

           RAND SHAREHOLDERS APPROVE ACQUISITION OF LOWER LAKES TOWING
                       AND GRAND RIVER NAVIGATION COMPANY

New York, NY - February 28, 2006 - Rand Acquisition Corporation (OTC: RAQC.OB;
RAQCW.OB; RAQCU.OB), a specified purpose acquisition company, announced today
that Rand shareholders approved the acquisition of privately-held Lower Lakes
Towing Ltd. and Grand River Navigation Company, Inc. The vote to approve the
acquisition took place today at Rand's special meeting of shareholders. The
acquisition is expected to close within one week. Upon completion of the
acquisition, Rand will change its name to Rand Logistics Inc.

Under the terms of the acquisition, Rand will purchase all of the stock of Lower
Lakes Towing and Grand River for $53.73 million less indebtedness to be
refinanced at closing of the acquisition, subject to adjustment. The transaction
is being financed through a combination of cash on hand, the private placement
of $15.0 million of Rand's newly-created Series A Convertible Preferred Stock
and $22.5 million of senior debt financing from an institutional lender. Upon
completion of the acquisition, Rand intends to apply to list its common stock,
warrants and units of common stock/warrants on The Nasdaq Stock Market.

Laurence S. Levy, Chairman and CEO of Rand, stated, "We are extremely pleased
that our shareholders have overwhelmingly approved the acquisition, which we
look forward to promptly completing. I believe we are creating a public company
with compelling investment characteristics, including a 30% share of the niche
Great Lakes River Class bulk freight market, substantial regulatory and
asset-oriented barriers to entry, long-standing relationships with an
attractive, diversified base of customers, and a well maintained fleet. I look
forward to working closely with the skilled management team and Board to
continue to grow the Company."

About the Companies

Rand, which was organized to effect a business combination with an operating
business, consummated its initial public offering on October 27, 2004 through
the sale of 4.6 million units at $6.00 per unit. Each unit was comprised of one
share of Rand common stock and two common stock purchase warrants.

Based in Port Dover, Ontario, Lower Lakes Towing, together with its wholly-owned
U.S. subsidiary Lower Lakes Transportation Company, is a leading provider of
bulk freight shipping services throughout the Great Lakes region. Grand River
charters four U.S. flag vessels to Lower Lakes Transportation under long-term
time charters. The companies, which began operations in 1994, operate a fleet of
seven River Class self-unloading carriers and one integrated self-unloading
tug/barge unit representing more than one-third of all River Class vessels
servicing the Great Lakes. The companies are the only carriers able to offer



significant domestic port-to-port services in both Canada and the U.S. on the
Great Lakes. Grand River'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. Lower Lakes' vessels operate under the auspices of
the Canada Marine Act, which requires Canadian commissioned ships to operate
between Canadian ports.

Forward-Looking Statements

This press release contains forward-looking statements (within the meaning of
the Private Securities Litigation Reform Act of 1995) concerning Rand, Lower
Lakes Towing and its subsidiaries and Grand River. Forward looking statements
are statements that are not historical facts, but instead statements based upon
the current beliefs and expectations of management of Rand, Lower Lakes Towing
and Grand River. 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.

CONTACT:                             -OR-     INVESTOR RELATIONS COUNSEL:
Rand Acquisition Corporation                  The Equity Group Inc.
Laurence S. Levy, Chairman & CEO              Loren G. Mortman
212-644-3450                                  (212) 836-9604
                                              Lauren Till
                                              (212) 836-9610, LTill@equityny.com
                                              www.theequitygroup.com