MISSISSAUGA, ON, Sept. 10, 2019 /CNW/ - Cargojet ("Cargojet" or the "Corporation") (TSX:CJT) said today that during the permitted open period, Ajay Virmani, President and Chief Executive Officer, sold 674,000 common voting shares held through The Virmani Family Trust. The sale was facilitated by a Canadian investment dealer through a block trade arrangement.
After this sale, Mr. Virmani will continue to retain the majority of his holdings in Cargojet and remains committed to leading the Corporation as CEO into its next phase of growth. "Cargojet is uniquely positioned to capitalize on positive industry trends. I'm as excited as ever to lead the strong Cargojet team and intend to continue to participate in the Corporation's growth through a meaningful equity stake over the long-term," said Ajay Virmani, President and CEO.
Mr. Virmani plans to use proceeds from the sale of shares for estate planning and to fund his family foundation for charitable giving.
Cargojet is Canada's leading provider of time sensitive premium overnight air cargo services and carries over 8,000,000 pounds of cargo weekly. Cargojet operates its network across North America each business night serving 15 major cities, and selected international destinations, utilizing a fleet of 26 all-cargo aircraft.
SOURCE Cargojet Inc.
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