Cargojet Announces Shares Will Trade on the Toronto Stock Exchange Under a Single Ticker and Exemptive Relief to Facilitate Trading by Non-Canadians

MISSISSAUGA, ON, May 6, 2019 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT, CJT.A) is pleased to announce that on or about May 8, 2019, each of its common and variable voting shares will trade on the TSX under a single ticker designated "CJT", will bear CUSIP / ISIN numbers 14179V503 / CA14179V5036 and will be designated for purposes of trading on the TSX and reporting in brokerage accounts under the single designation of "Common and Variable Voting Shares" of Cargojet.

In conjunction with this change, Cargojet applied and received exemptive relief (the "Decision") from the Canadian securities administrators (the "CSA") to allow Cargojet's common shares and variable voting shares to be treated as a single class for the purposes of applicable take-over bid requirements and early warning reporting requirements under Canadian securities laws. The two classes of shares have identical terms except for the foreign ownership voting limitations under the Canada Transportation Act (the "CTA") applicable in the case of the variable voting shares.

Together, these changes are intended to facilitate investment by non-Canadians and improve the liquidity for the variable voting shares. These changes do not involve any amendment to Cargojet's articles, by-laws or share capital structure, nor the terms and conditions or the voting and ownership restrictions applicable to the common and variable voting shares. As previously disclosed, Cargojet intends to amend its articles to increase the foreign ownership limits on its variable voting shares, as permitted by recent amendments to the CTA, at the 2020 annual meeting of its shareholders. Voting procedures currently adopted by Cargojet for purposes of shareholder meetings will remain the same until such time.

A copy of the Decision and additional information relating to the terms of the variable voting shares and common shares is included in Cargojet's annual information form, filed with the securities regulatory authorities in Canada, available on SEDAR at www.sedar.com.

Cargojet is Canada's leading provider of time-sensitive overnight air cargo services and carries over 1,300,000 pounds of cargo each business night. Cargojet operates its network across North America each business night, utilizing a fleet of all-cargo aircraft.

Notice on Forward-Looking Statements:

Certain statements contained herein constitute "forward-looking statements", including the expectation that Cargojet's common shares and variable voting shares will trade under a single ticker on the TSX. 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 Corporation's public filings available at www.sedar.com and at www.cargojet.com, including its most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Consolidated Financial Statements and Notes thereto and related Management's Discussion and Analysis (MD&A), for a summary of material risks. These risks are not intended to represent a complete list of the risks that could affect the Corporation; however, these risks should be considered carefully. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if the Corporation's estimates or assumptions prove inaccurate. The forward-looking statements contained herein describe the Corporation's expectations at the date of this news release and, accordingly, are subject to change after such date. 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. Readers are cautioned not to place undue reliance on these forward-looking statements.

SOURCE Cargojet Inc.