The Virmani Family Trust Acquires Common Voting Shares of Cargojet Inc.

MISSISSAUGA, ON, Jan. 5 /CNW/ - The Virmani Family Trust, a trust of which Ajay Virmani, the Chief Executive Officer of Cargojet Inc. (the "Issuer"), is a beneficiary and one of three trustees, announced today that it has acquired control and direction over 1,400,000 common voting shares ("Common Voting Shares") of the Issuer representing approximately 18.1% of the issued and outstanding Common Voting Shares and 17.5% of the issued and outstanding Common Voting Shares and variable voting shares (together the "Voting Shares") of the Issuer on a combined basis.

The Common Voting Shares were acquired by the Virmani Family Trust as a result of the completion of the plan of arrangement (the "Arrangement") involving, among others, Cargojet Income Fund (the "Fund") and the Issuer which resulted in the Fund converting from an income trust to a corporate structure and all of the trust units ("Fund Units") of the Fund and class B limited partnership units (the "Exchangeable LP Units") of Cargojet Holdings Limited Partnership being acquired by the Issuer in exchange for Common Voting Shares on the basis of one Common Voting Share for each Fund Unit or Exchangeable LP Unit so transferred.

The Common Voting Shares of the Issuer were acquired by the Virmani Family Trust for investment purposes.

For further information: and for a copy of the National Instrument 62-103 Early Warning Report to be filed on SEDAR at www.sedar.com.

SOURCE Cargojet Income Fund

For further information:

P. Dhillon
VP Marketing, Public & Government Relations
(905) 501-7373 ext 135 or pdhillon@cargojet.com.

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Cargojet Income Fund

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