Cargojet Announces Conversion Details

TORONTO, Dec. 2 /CNW/ - As previously announced, Cargojet Income Fund (the "Fund") will convert to a corporation structure on or about January 1, 2011.  All current unitholders of the Fund will have their units automatically converted into shares in the new corporate entity, Cargojet Inc., on a one-for-one, basis on or about January 3, 2011. Cargojet will make an announcement when the conversion has been completed and will set out details relating to when the units of the Fund will be delisted from the Toronto Stock Exchange ("TSX") and when the common voting shares and variable voting shares of Cargojet Inc. will begin trading on the TSX under the symbols "CJT" and "CJT.A", respectively. The conversion by way of plan of arrangement was approved by more than two-thirds (85.35%) of the votes cast by voting unitholders on May 18, 2010 at the annual and special meeting of unitholders of the Fund and final approval of the Ontario Superior Court of Justice was obtained on May 27, 2010. Additional information relating to the conversion is available in the management information circular of the Fund dated April 9, 2010, which is available on the Fund's SEDAR profile at www.sedar.com.

"This is an exciting new chapter in the evolution of Cargojet and will benefit our customers, team members and shareholders, " added Ajay Virmani, President and Chief Executive Officer. 

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.

%SEDAR: 00022068E

For further information:

P. Dhillon
Vice President Marketing, Public & Government Relations
Tel: [phone]
[email protected]