Cargojet Income Fund announces results of substantial issuer bid and take up
of Debentures

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Jan. 15 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN) Cargojet Income Fund (TSX: CJT.UN) (the "Fund") announced today that an aggregate of Cdn$7,476,000 principal amount of its outstanding 7.5% Convertible Unsecured Subordinated Debentures due April 30, 2013 (the "Debentures") was deposited under the offer ("Offer") dated December 3, 2009.

The Fund has taken up and accepted for purchase and cancellation all of such deposited Debentures at a purchase price of Cdn$1,010 per Cdn$1,000 principal amount of Debentures, plus a payment in respect of all accrued and unpaid interest outstanding on such Debentures up to, and including, today's date, in the amount of Cdn$15.62 per Cdn$1,000 principal amount of Debentures, for an aggregate purchase price of Cdn$7,667,535.12 for all Debentures taken up. Payment to the depositary for such Debentures taken up and purchased by the Fund will be made by January 20, 2010.

About Cargojet

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.

%SEDAR: 00022068E

SOURCE Cargojet Inc.

For further information: For further information: Contact: P. Dhillon, Vice President Marketing, Public & Government Relations, Tel: (905) 501-7373, pdhillon@cargojet.com


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