Cargojet & TransForce Renew Air Cargo Services Agreement
Mississauga, ON - March 30, 2016- Cargojet Airways Ltd. ("Cargojet") a wholly-owned subsidiary of Cargojet Inc. (TSX: CJT, CJT:A) and TFI Holdings Inc. a wholly-owned subsidiary of TransForce (TSX:TFI), announced today that they have renewed their existing agreement. The new multi-year contract is for three years with two one year renewal options, to provide air cargo services on Cargojet’s domestic overnight network.
Cargojet will provide time sensitive overnight air cargo transportation for TransForce companies group of companies including Loomis Express; Information Communication Services (ICS) Inc.; and TF Integrated Solutions between fourteen major cities across Canada each business night.
"Cargojet is a very pleased to solidify and continue our long-standing relationship with the TransForce group of companies," said Ajay K. Virmani, President and CEO of Cargojet. "We are looking forward to providing highly reliable air cargo service and to adding-value to TransForce as it continues to grow its business across Canada", he added.
About Cargojet:
Cargojet is Canada's leading provider of time sensitive overnight air cargo services. Cargojet services 14 major city centers coast to coast each business night. Cargojet operates its network across North America carrying approximately 1,300,000 pounds of cargo each business night. Cargojet has a fleet of 22 aircraft consisting of B767-300ER, B767-200ER, B757-200ER and B727-200AF long range freighter aircraft. For more information please visist www.cargojet.com.
About Transforce:
Transforce Inc. is a North American leader in the transportation industry operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TransForce umbrella companies benefit from financial and operational rescources to build their business and increase their efficiency. TransForce companies service the following segements: Package and Courier; Less-Than-Truckload; Truckload; Logistics. TransForce Inc. is a publicly traded on the Toronto Stock Exchange (TSX:TFI) and the OTCOX marketplace in the U.S. (OTCQX:TFIFF)
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.