MISSISSAUGA, ON, Jan. 10,
2022 /CNW/ - Cargojet ("CJT") announced today the
early renewal and extension of the Air Cargo Services Agreement
with two major domestic customers. The agreements will run for a
three-year term and contain two (2) one year renewal options. The
original agreements were due for renewal in 2021 and in
July 2022. This is another example of
customers continuing to secure long-term capacity on Cargojet's air
cargo network considering structural shifts in the nature of supply
chains which are leading to significant growth in demand for
time-sensitive air cargo services across Canada.
Cargojet will continue to be the exclusive provider of the
overnight air cargo services in Canada for these customers. The total revenues
represented by these contract renewals are estimated over
$150 million during the term of the
new agreements, including the extension options.
"Cargojet is extremely pleased to have been successful in
extending the exclusive domestic air cargo service agreements with
two strong Canadian logistics providers. The confidence that our
customers place in Cargojet is a testament to the high level of
reliability and cost-effective air cargo services that we have
consistently provided over the past twenty-years", said Dr.
Ajay Virmani President and CEO of
Cargojet. "We will continue to work closely with all of our
customers to provide the most flexible; the most reliable and the
most scalable air cargo network in Canada", concluded Mr. Virmani.
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 31 Cargo aircraft. For further information, please contact
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.