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EXHIBIT 21.1

AIR T, INC.

LIST OF SUBSIDIARIES AND CONSOLIDATED VARIABLE INTEREST ENTITIES

 

			Percent Ownership
Air T Global Leasing, LLC, a North Carolina limited liability company						100%
CSA Air, Inc., a North Carolina corporation						100%
Global Ground Support, LLC, a North Carolina limited liability company						100%
Mountain Air Cargo, Inc., a North Carolina corporation						100%
Space Age Insurance Company, a Utah corporation						100%
Stratus Aero Partners LLC, a Delaware limited liability company						100%
Jet Yard, LLC, an Arizona limited liability company						100%
Jet Yard Solutions, LLC, an Arizona limited liability company						100%
AirCo, LLC, a North Carolina limited liability company						100%
AirCo 1, LLC, a Delaware limited liability company						100%
AirCo Services, LLC, a North Carolina limited liability company						100%
Contrail Aviation Support, LLC, a North Carolina limited liability company						79%
Contrail Aviation Leasing, LLC, a Wisconsin limited liability company						100%
BCCM Inc, a Delaware Corporation						100%
BCCM Advisors, LLC, a Delaware limited liability company						100%
BCCM Services, LLC, a Delaware limited liability company						100%
Graphoptix, LLC, a Minnesota limited liability company						100%
Delphax Solutions, Inc., an Ontario Corporation						100%
Delphax Technologies Inc., a Minnesota Corporation						67%*
Worthington Aviation, LLC, a North Carolina limited liability company						100%
Ambry Hills Technologies, LLC, a Minnesota limited liability company						100%
Air'Zona Acquisition, LLC, an Arizona limited liability company						100%
Air'Zona Aircraft Services, Inc., an Arizona Corporation						100%
Air T Ag Lending, LLC, a Minnesota limited liability company						100%
Farmland Credit FR, LLC, a Minnesota limited liability company						100%
Farmland Credit AV, LLC, a Minnesota limited liability company						100%
Giant Jump, LLC, a Minnesota limited liability company						100%
Wolfe Lake HQ, LLC, a Minnesota limited liability company						100%
Air T Acquisition 22.1, LLC						100%
Shanwick B.V., a Dutch holding company						70%
Worldwide Aircraft Services, Inc., a Kansas corporation						100%
AAM 24-1, LLC						100%

 

*			Percent ownership assumes conversion by Air T of all shares of Series B Preferred Stock of Delphax Technologies Inc. into shares of common stock of Delphax Technologies Inc.