Cargojet Announces A Strategic Minority Investment In 21Air

Mississauga, ON, August 10, 2021 – 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.