CARGOJET RENEWS UPS CANADA AIR CARGO SERVICES AGREEMENT

MISSISSAUGA, ON, Nov. 14, 2022 /CNW/ - Cargojet announced today they have renewed and extended their Air Cargo Services Agreement with United Parcel Service Canada Ltd. for an additional five-year Term. The current agreement was due to expire on July 1, 2025 and the new Agreement is extended to December 31, 2030.

Cargojet continues to provide a comprehensive Canada-wide air cargo service for UPS. Cargojet's domestic overnight network provides additional capacity and long-term stability to UPS. 

"Cargojet is extremely pleased to have successfully renewed the domestic Air Cargo Services Agreement with UPS Canada. Cargojet has been the exclusive provider of time-sensitive domestic overnight air cargo services to UPS Canada since 2003. We will continue to provide the most cost-effective, best on-time performance as well as a scalable solution to UPS," said Dr. Ajay Virmani, CEO of Cargojet. "The renewal of the agreement is a testament to the committed, hardworking, and dedicated team of professionals at Cargojet. Cargojet continues to value our partnership with UPS. We will work together to provide Canadians with world-class and flexible air cargo services in today's changing business environment," added Dr. Virmani. 

About 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 34 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. 

SOURCE Cargojet Inc.

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