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%
Stratus Aero Partners LLC, a Delaware limited liability company	100%
Jet Yard, 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	79%
BCCM Inc, a Delaware Corporation	100%
BCCM Advisors, LLC	100%
BCCM Services, LLC	100%
Graphoptix, LLC, a Minnesota limited liability company	100%
Delphax Solutions, Inc., an Ontario 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	**

* 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.