On February 22, 2022, European Cargo Limited (ECL) closed a significant minority equity investment by Priority 1 Logistics Holdings, a newly-formed subsidiary of US-based, Priority 1.  Proceeds of the investment will be used to eliminate third-party debt, convert EAL’s A340 fleet to full cargo freighters, acquire additional aircraft, complete heavy maintenance checks and for shareholder dividends. Paul Stoddart, Chairman of ECL commented: “This is a major step forward in the growth of European Cargo. We have positioned our airline to provide our valued freight customers with a reliable air bridge to meet the increasing demand for air freight. The investment by

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