Air Transport Services Group, Inc. (NASDAQ:ATSG) announced today it has
signed a new agreement with Cargojet, Canada’s Cargo Airline, to lease
two 767-200ER freighters.
Cargojet currently dry-leases two Boeing 767-200 freighters from ATSG’s
subsidiary Cargo Aircraft Management Inc. (CAM) under long-term
agreements. Cargojet has signed agreements to dry-lease an additional
two Boeing 767-200 freighters from CAM, for up to three years. The first
aircraft is expected to be delivered by the end of the second quarter,
with the second aircraft delivering early in the third quarter.
“This agreement reflects ATSG’s leadership in the 767-200 freighter
market and our ability to quickly react to meet the needs of expanding
cargo airlines like Cargojet,” ATSG President and CEO Joe Hete said.
“Cargojet will be putting these aircraft to work quickly. Our long term
relationship with them, and prior experience in leasing these
aircraft-types into Canada, will provide more rapid into-service
capability.”
“Cargojet is currently in the process of a fleet renewal plan. Leasing
these two additional 767-200 freighters is part of our current growth
strategy to continue to meet our customer’s requirements and needs,”
said Ajay Virmani, President and CEO of Cargojet. “The 767-200
freighters were introduced to our fleet in 2008. These aircraft have
provided our network with efficiency and reliability, allowing Cargojet
to be the most dependable air cargo service provider in Canada.”
CAM President Rich Corrado said, “It’s gratifying when a satisfied
customer like Cargojet, expands their business with us by taking
additional aircraft. We now expect 23, or over half of our 767
freighters, to be operating under long-term dry leases with external
customers by the end of the third quarter this year, and the remainder
being leased by ATSG subsidiary airlines.”
About Cargojet
Cargojet is Canada's leading provider of time sensitive overnight air
cargo services and carries over 750,000 pounds of cargo each business
night. Cargojet operates its network across North America each business
night, utilizing a fleet of all-cargo aircraft. Cargojet recently signed
an LOI with Air Canada to explore strategic opportunities in both cargo
and airline operations within Canada and international markets. For more
information, please visit: www.cargojet.com
About ATSG
ATSG is a leading provider of air cargo transportation and related
services to domestic and foreign air carriers and other companies that
outsource their air cargo lift requirements. Through five principal
subsidiaries, including two airlines with separate and distinct U.S. FAA
Part 121 Air Carrier certificates, ATSG provides air cargo lift,
aircraft leasing, aircraft maintenance services, airport ground
services, fuel management, specialized transportation management, and
air charter brokerage services. ATSG’s subsidiaries include ABX Air,
Inc.; Air Transport International, LLC; Capital Aircraft Management,
Inc.; Inc.; LGSTX Services, Inc.; and Airborne Maintenance and
Engineering Services Inc. For more information, please see www.atsginc.com
Except for historical information contained herein, the matters
discussed in this release contain forward-looking statements that
involve risks and uncertainties. There are a number of important factors
that could cause Air Transport Services Group's ("ATSG's") actual
results to differ materially from those indicated by such
forward-looking statements. These factors include, but are not limited
to, changes in market demand for our assets and services, the number and
timing of deployments of our aircraft, and other factors that are
contained from time to time in ATSG's filings with the U.S. Securities
and Exchange Commission, including its Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Readers should carefully review this
release and should not place undue reliance on ATSG's forward-looking
statements. These forward-looking statements were based on information,
plans and estimates as of the date of this release. ATSG undertakes no
obligation to update any forward-looking statements to reflect changes
in underlying assumptions or factors, new information, future events or
other changes.
Copyright Business Wire 2014