Cargojet Income Fund, Canada’s leading domestic premium overnight air cargo network operator, announced today that it has sold its 55 per cent interest in the Cargojet Regional Partnership to SkyLink Express Inc. for a CDN$3.2 million (US$3.1 million) promissory note secured by aircraft owned by SL Express. SL Express previously held the other 45 per cent interest in the partnership, and will operate the regional business under its own trade name, Skylink Express. Specializing in time-sensitive and cost effective aircraft charter services, SkyLink Express will now operate 21 aircraft daily to locations throughoutCanada and the US.

“The sale of our regional air cargo business was a difficult but necessary decision that was made in the best interests of our customers, our employees and our unit holders,” said Ajay Virmani, president and CEO of Cargojet. “Sustaining a profitable regional air cargo business has been especially challenging, as recent economic conditions have resulted in a decline in customer demand and lower yields. The elimination of the drag on our financial and administrative resources will allow Cargojet to continue to focus upon and to seek further profitable growth opportunities in its national and international air cargoprogrammes.”