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.

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