Cargojet Conversion Complete

MISSISSAUGA, ON, Jan. 4 /CNW/ - Cargojet Income Fund (CJT:UN) (the "Fund") has completed the final requirements to convert from an income fund to a corporation.

The unitholders of the Fund approved the conversion of the Fund to a corporate structure on May 18, 2010.  Pursuant to the terms of the conversion, the units of the Fund will be exchanged on a 1-for-1 basis for common voting shares or variable voting shares of Cargojet Inc.

The common voting shares and variable voting shares are expected to commence trading on the Toronto Stock Exchange on January 6, 2011 under the symbols of "CJT" and "CJT.A". At the same time, the units of the Fund will be delisted from the Toronto Stock Exchange and an application will be made for the Fund to cease to be a reporting issuer. 

Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet operates its network across North America, transporting approximately 750,000 pounds of time sensitive air cargo each business night, utilizing a fleet of thirteen 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 Income Fund

For further information:

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

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Cargojet Income Fund

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