MISSISSAUGA, ON, Aug. 11,
2021 /CNW/ - Cargojet Inc. ("Cargojet" or the
"Corporation") (TSX: CJT) announced today that it has completed a
strategic minority investment in Greensboro, North Carolina headquartered cargo
airline 21Air LLC (21Air) with corporate offices in Miami, Florida.
21Air is certified by the Federal Aviation Administration (FAA)
as a Part-121 air carrier presently operating a fleet of five (5)
Boeing 767 all cargo aircraft.
21Air provides Charter, ACMI, and CMI services to major air
cargo consolidators, freight forwarders, couriers, and global
integrators, including Cargojet.
"My relationship with Dr. Ajay
Virmani goes back over twenty years, and we have
accomplished a lot together with our teams. We are honored to have
Cargojet as our partners and look forward to growing 21 Air into a
major player in the international cargo space, "says Jim Crane, Chairman 21Air.
"This transaction is in line with Cargojet's previously
announced international growth strategy. This investment further
demonstrates our ambition to build a more diversified and robust
global footprint with strategic partnerships." commented Dr.
Ajay Virmani, President and CEO.
As a result of this investment, Cargojet will acquire a 25%
interest in 21Air and will continue to collaborate with 21Air on
mutually beneficial opportunities in this expanding air cargo
market.
About Cargojet
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities across North America,
providing Dedicated, ACMI and International Charter services and
carries over 25,000,000 pounds of cargo weekly. Cargojet operates
its network with its own fleet of 30 aircraft.
Notice on Forward Looking Statements:
Certain statements contained herein constitute "forward-looking
statements". Forward-looking statements look into the future and
provide an opinion as to the effect of certain events and trends on
the business. Forward-looking statements may include words such as
"plans," "intends," "anticipates," "should," "estimates,"
"expects," "believes," "indicates," "targeting," "suggests" and
similar expressions. These forward-looking statements are based on
current expectations and entail various risks and uncertainties.
Reference should be made to the issuer's most recent Annual
Information Form filed with the Canadian securities regulators, and
it's most recent Annual Consolidated Financial Statements and Notes
thereto and related Management's Discussion and Analysis
(MD&A), for a summary of major risks. Actual results may
materially differ from expectations, if known and unknown risks or
uncertainties affect our business, or if our estimates or
assumptions prove inaccurate. The issuer assumes no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events or any other reason, other than
as required by applicable securities laws. In the event the issuer
does update any forward-looking statement, no inference should be
made that the issuer will make additional updates with respect to
that statement, related matters, or any other forward-looking
statement.
SOURCE Cargojet Inc.