Alden Global Capital Reduces Position in Cargojet Income Fund

    NEW YORK, Jan. 29 /CNW/ - Alden Global Capital (formerly BreakPoint
Capital Group - "Alden") announces that on January 25, 2008 it disposed of
243,000 trust units in Cargojet Income Fund (TSX: CJT.UN) ("CJT"), reducing
its interest in CJT to 427,600 units, representing an 6.38% interest in CJT.
Alden has exclusive control over the trust units in its capacity as investment
advisor for Alden Global Canada Fund, Ltd. and Alden Global Canada Fund, L.P.
This announcement is not an admission that Alden is a joint actor with either
of those beneficial owners.
    The sale of the units was made through the facilities of the Toronto
Stock Exchange in the ordinary course of business for risk and portfolio
management purposes as part of swap transactions. Alden will retain economic
exposure to CJT both through the ownership of its remaining units in the
Issuer units and derivatively through swap instruments with Canadian bank
counterparties. Alden may from time to time acquire additional trust units of
CJT, dispose of some or all of its existing or additional trust units of CJT,
or continue to hold the trust units in CJT in the normal course of Alden's
investment activities, subject to applicable securities laws.

    About Alden Global Capital

    Alden Global Capital (formerly BreakPoint Capital Group), is a New York,
New York based private asset management company.

For further information:

For further information: Heath Freeman, Managing Director, Portfolio
Manager - Canada, Alden Global Capital, 885 Third Avenue, 34th Floor, New
York, NY, 10022, Tel: (212) 888-5500

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