Strategic Renewal with Canada Post Corporation and Purolator Inc. reinforces Cargojet’s Leadership Position in the Domestic Air Cargo Market
Mississauga, ON, January 17, 2023 – Cargojet Inc. (“Cargojet”) (TSX:CJT) is pleased to announce today that it has extended the Master Services Agreement (the “Agreement”) with Canada Post Corporation and Purolator Inc., (Canada Post Group of Companies “CPGOC”) until September 30, 2029. An additional option to renew to March 31, 2031, continues to remain available.
Cargojet and CPGOC first entered into the Agreement in 2014 for a seven-year term, with CPGOC exercising its first three-year renewal option in 2017 extending the Agreement until March 31, 2025. The newly extended Agreement will also continue to have minimum guaranteed volumes allowing Cargojet to continue to invest in value-added and enhanced services.
“From the very first day of our relationship with CPGOC, we have focused on delivering an unparalleled service, industry leading reliability and on-time performance. The customer centric mindset of our entire team has once again allowed us to renew the trust and confidence of two of Canada’s most iconic brands,” said Ajay Virmani, President & Chief Executive Officer, Cargojet. “Cargojet’s flagship domestic air network is uniquely positioned to serve the needs of all of our strategic customers. By serving over 90% of Canadian population each and every day, we provide a critical backbone for Canada’s supply chains”, concluded Mr. Virmani.
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America and select international destinations, providing dedicated, ACMI, CMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet owns/operates a fleet of 40 aircraft.
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