Cargojet Responds to Transport Canada Clarification
November 9 2016
MISSISSAUGA, ONT- Cargojet Inc. (the "Company" or “Cargojet”) (TSX: CJT, CJT.A)
Cargojet acknowledges receipt of Transport Canada’s press release on the miscommunication and further clarification of the proposed legislation to increase the limit of international ownership of Canadian air carrier’s voting interests to 49% from 25% to apply all carriers, including all-cargo carriers.
"We remain committed to participating as a key stakeholder and to assisting the Federal Government to ensure that this initiative is implemented in the most responsible manner with accompanying safeguards to ensure that all Canadians continue to receive cargo and mail services at the most economical costs while maintaining a healthy Aerospace and Aviation sector", said Ajay Virmani, President & CEO. "We will also continue our dialogue with the Minister of Transport to explore reciprocity with other countries to create business opportunities for Canadian carriers", added Virmani.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet services 14 major city centers coast to coast each business night. Cargojet operates its network across North America carrying approximately 1,300,000 pounds of cargo each business night. Cargojet has a fleet of 22 aircraft consisting of B767-300ER, B767-200ER, B757-200ER and B727-200AF long range freighter aircraft. For more information please visit www.cargojet.com
For further information, please contact:
Executive Vice President Marketing, Public & Government Relations
Tel: (905) 501 7373
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 its most recent Annual Consolidated Financial Statements and Quarterly 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.