Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Canada Jetlines Ltd. (JET: TSX-V) (the "Company" or "Jetlines") is pleased to announce that its shareholders have overwhelmingly approved the business combination transaction (the "Transaction") of Global Crossing Airlines, Inc. ("GlobalX") and Jetlines. At Jetlines' Special Meeting of shareholders, 95.89% of the common and variable voting shares were voted in favour of the Transaction. With shareholder approval of the Transaction completed, GlobalX and Jetlines are working to satisfy the final closing conditions. The parties are anticipating that all closing conditions will be satisfied or waived in June 2020, such that the closing of the Transaction can occur during the current month.
The Company also announces that GlobalX's Chairman and CFO will be providing an online presentation on Thursday, June 4, 2020 at 11:00 a.m. (PDT) / 2:00 p.m. (EDT). In this presentation, GlobalX presentation will be providing an overview of the market opportunity provided by GlobalX as a Miami based charter airline servicing airlines, tour operators and leasing companies on a global basis. They will also be answering questions from investors. Any one who is interested in joining the online presentation can register through the link below:
Online Presentation: https://us02web.zoom.us/webinar/register/WN_fhjfXOAkQuytwbpJROpAtg
About Global Crossing Airlines
GlobalX is a new entrant airline now in FAA certification using the Airbus A320 family aircraft. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets.
For more information please visit https://www.globalairlinesgroup.com/
Miami based AVi8 Air Capital, LLC advised and structured the transaction on behalf of GlobalX.
Additional Information
The Company also announces that in connection with the Transaction it intends to settle approximately Cdn$145,000 of debt due to certain creditors through the issuance of approximately 418,000 common shares (post-Consolidation) at a deemed price of US$0.25 per share (the "Shares for Debt Settlement"). The board and management of the Company believe that the proposed Shares for Debt Settlement is in the best interests of the Company as it will eliminate a significant liability for the Company. The completion of the Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange (the "Exchange").
Additional information as required will be provided by way of a subsequent news release. Trading in the common shares of the Company on the Exchange will remain halted until such time as the requirements of the Exchange are met.
Completion of the Transaction is subject to a number of conditions, including Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Jetlines should be considered highly speculative.
The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
For more information, please contact:
Global Crossing Airlines, Inc.
Ryan Goepel, Chief Financial Officer
Email: Ryan.goepel@globalairlinesgroup.com
Media Contact: mark.tender@avi8aircapital.com
Canada Jetlines Ltd.
Carlo Valente, Chief Financial Officer
Toll Free: 1-833-226-5387
Email: investor.relations@jetlines.com