Cargojet completes acquisition - Launches feeder network

    TORONTO, Oct. 3 /CNW/ - Cargojet Income Fund (the "Fund") (TSX: CJT.UN),
Canada's leading domestic premium overnight air cargo network announced that
it has completed the previously announced acquisition of the cargo assets of
Georgian Express Ltd.
    Cargojet has successfully amended its Transport Canada Air Operators
Certificate to permit operations using small cargo aircraft. Operating under
the trade name Cargojet Regional, the Fund began serving 19 destinations in
Ontario, Quebec and the Maritimes using three B1900 and four Cessna Caravan
cargo aircraft effective October 2, 2007. Customer contracts that the Fund
purchased through the asset purchase agreement with Georgian Express will
generate approximately $10 million in annual revenues. The total purchase
price paid under the asset purchase agreement for customer contracts, aircraft
spare parts inventory and non-compete agreements was $1.8 million.
    "This acquisition provides an initial platform on which the Fund will
grow the Cargojet Regional brand. The launch of Cargojet Regional provides an
improved service to the Canadian air freight industry," said Ajay K. Virmani.
"The support that Cargojet has received from our existing customer base has
been extremely positive and we look forward to adding new customers as we
expand our regional brand," added Virmani.

    Cargojet is Canada's leading provider of time sensitive overnight air
cargo service. Cargojet operates its network from coast to coast transporting
over 550,000 pounds time sensitive air cargo to thirteen major cities in
Canada each business night.

    %SEDAR: 00022068E

For further information:

For further information: P. Dhillon, Vice President Marketing, Public &
Government Relations, Tel: (905) 501 7373,

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