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 Aviation Services, LLC, a North Carolina limited liability company		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	%
Delphax Technologies Inc., a Minnesota corporation		38*	%
Delphax Technologies Canada Limited, an Ontario corporation		**
Delphax Technologies Limited, a United Kingdom corporation		**
Delphax Technologies S.A.S., a France joint stock company		**

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* 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.

** Wholly owned subsidiary of Delphax Technologies Inc.