MISSISSAUGA, ON, Oct. 23, 2017 /CNW/ - Cargojet announced today that they have extended the Initial Term of the Master Services Agreement originally entered into in February 2014 with the Canada Post Group of Companies (CPGOC).
The Initial Term of the Agreement continued until March 31, 2022 with three (3) additional thirty-six (36) month renewal terms. The parties have elected to exercise the first thirty-six (36) month renewal term at this time. The term will now continue until March 31, 2025.
"Cargojet is extremely pleased to have successfully transitioned and operated a highly reliable and cost-effective air network for the past two and one-half years for the Canada Post Group of Companies," said Ajay Virmani President and CEO of Cargojet. "The business environment is changing rapidly especially with the growth of E-Commerce. Cargojet is fully equipped to service the growing demands of the marketplace. This early extension is also a testament to the confidence that CPGOC has in Cargojet's teams capabilities and further secures our longer term commitment to providing a scalable and cost-effective service to our customers," added Virmani.
Cargojet is Canada's leading provider of time sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft. For more information, please visit: www.cargojet.com.
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 Inc.
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