MISSISSAUGA, ON, April 1, 2021 /CNW/ - Cargojet Inc. ("Cargojet") (TSX: CJT) announced today that it has entered into a new Air Transportation Services Agreement with Amazon Canada Fulfillment Services, ULC ("Amazon").
Under the agreement, Cargojet will expand upon its existing commercial relationship with Amazon. As part of this arrangement, Cargojet will operate two Amazon-owned B767-300BDSF aircraft as part of the Amazon Air network on a CMI basis within Canada starting mid-2021. Cargojet expects the agreement to generate additional revenue growth to Cargojet's earnings and cash flows over time. The agreement has a four-year term with three successive two-year renewal options.
"We are very excited to expand our long-term relationship of providing a portfolio of services which support the rapid growth of e-Commerce in Canada. This new four-year Agreement with renewal options is a testament to our relentless focus on exceeding customer expectations," said Dr. Ajay Virmani, President and CEO Cargojet.
Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 27 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 of the Corporation. 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 public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with Canadian securities regulators, and its most recent Annual Consolidated 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 Corporation 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 Corporation does update any forward-looking statement, no inference should be made that the Corporation will make additional updates with respect to that statement, related matters, or any other forward-looking statement.
SOURCE Cargojet Inc.
Pauline Dhillon, Chief Corporate Officer, Tel: (905) 501 7373, [email protected]
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