TORONTO, Oct. 21 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN), Canada's leading domestic premium overnight air cargo network operator, announced today it has entered into a strategic aircraft wet lease agreement with LOT Polish Airlines effective November 7, 2009.
Cargojet will operate a weekly trans-Atlantic flight between Hamilton International Airport and Poland every Saturday. The schedules have been designed to meet the increasing needs and requirements of air cargo shippers in North America and Eastern Europe and will provide the only direct freighter service between North America and Poland.
"We are very excited to be the first North American all cargo operator to introduce this new freighter service. The B767-200 Extended Range freighter aircraft will allow us to provide significant international air cargo capacity, as the global economy rebounds," says Ajay K. Virmani, President and CEO of the Fund. "Cargojet will continue to work closely in assisting LOT to develop this market and continue to work closely with their team of dedicated air cargo professionals by providing a value added service to their customers," adds Virmani.
LOT Polish Airlines headquarters are based in Warsaw, Poland. It is the only airline which offers direct transatlantic flights from Poland to Canada and the USA and now, in cooperation with Cargojet, LOT will be the first airline to offer direct all cargo flights from Poland to North America. "We are very proud to be the first and the only airline with a direct cargo service from Poland to Canada. We believe that our new service will please our present Clients and attract new ones. Together with Cargojet we expect to create a new quality of cargo flights between Poland and North America.
In Poland the plane will operate from Katowice - Pyrzowice Airport. The airport is situated in the Upper Silesian Industrial Region, which is one of the most industrialized areas in Poland. The location of the airport allows a time efficient delivery to destinations in Poland as well as Eastern and Central Europe," says Mariusz Kuczek Director and General Manager Cargo & Mail Bureau of LOT Polish Airlines.
In Canada the goods will be transported to their destination point by Cargojet. If the destination point is outside Canada LOT Polish Airlines has many interline agreements, which enable the cargo to be flown or trucked to any city within the USA as well as Central and South America.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America transporting over 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of forty-one all cargo 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 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.
SOURCE Cargojet Inc.
For further information: For further information: CONTACT PERSON(S) FOR LOT: Poland: Mr. Mariusz Kuczek, Director and General Manager, Tel: (+48 22) 606 84 31, firstname.lastname@example.org; USA: Mr. Marek Kasiak, Director - North & South America, Tel: (718) 656-2674, email@example.com; CONTACT PERSON FOR CARGOJET: P. Dhillon, Vice President Marketing, Public & Government Relations, Tel: (905) 501-7373 or firstname.lastname@example.org