VANCOUVER, B.C., June 13, 2018 (GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (TSX-V:JET) (the
“Company” or “Jetlines”) is pleased to announce that it has partnered with AerCap, a global
leader in aircraft leasing and aviation finance, and has signed a Definitive Lease Agreement for two Airbus A320 aircraft,
effective June 12, 2018. Delivery of the two aircraft is expected by the first half of 2019.
AerCap is the world's largest independent aircraft leasing company with a well-diversified portfolio of
high-quality aircraft. They provide aircraft to a global network of approximately 200 airline customers in approximately 80
countries and is recognized as the most active aircraft trader globally. AerCap’s President & Chief Commercial Officer, Philip
Scruggs commented, “We are very pleased to welcome our new customer airline, Jetlines, and particularly pleased to play a role in
the start-up of their new operations. We wish the board and management team every success and we look forward to working with the
Jetlines team as they begin operations.”
Incoming CEO Lukas Johnson stated, “AerCap has a proven reputation of leasing high-quality aircraft and we look
forward to continuing to build a positive relationship with them. Through my experience with Airbus, I believe that these planes
are the right aircraft to commence operations with. The majority of ultra-low cost carriers worldwide operate with the Airbus A320
fleet based on its fuel-efficient narrow-body framework that supports a high-density seat configuration.”
The two committed Airbus A320’s are sister aircraft, having virtually identical conformity in design, features,
and equipment, allowing Jetlines to expedite the necessary training and maintenance processes to commence operations at an earlier
date. The sister aircraft are 12 years old.
Executive Chairman Mark Morabito stated, “Our operations team has worked diligently on securing quality
aircraft, carrying out a meticulous vetting process to ensure that the aircraft are fit for Jetlines and our future passengers.”
Mr. Morabito continued, “I am pleased to report that we are now positioned to carry out the remainder of work to complete our
licencing process and that we are continuing to advance our financing initiatives, personnel recruitment, and airport
agreements.”
The pre-existing purchase agreement with Boeing for the 737-MAX’s for delivery in 2023 remains in place.
Jetlines plans to use the Airbus planes to support its start-up operations and is not limited from securing a Boeing fleet in
future, should the Company decide to do so.
About Canada Jetlines Ltd.
Canada Jetlines is set to become Canada’s first true Ultra-Low Cost Carrier (ULCC) airline, with plans to
operate flights across Canada and provide non-stop service from Canada to the United States, Mexico and the Caribbean. Jetlines is
led by a board and management team with extensive experience and expertise in low-cost airlines, start-ups, and capital markets.
The Company was granted an unprecedented exemption from the Government of Canada that will permit it to conduct domestic air
services while having up to 49% foreign voting interests.
For more information on Jetlines, please visit our website at www.jetlines.ca.
About AerCap
AerCap is the global leader in aircraft leasing with, as of March 31, 2018, 1,519 owned, managed or on order
aircraft in its portfolio. AerCap has one of the most attractive order books in the industry. AerCap serves approximately 200
customers in approximately 80 countries with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER)
and has its headquarters in Dublin with offices in Shannon, Los Angeles, Singapore, Amsterdam, Fort Lauderdale, Shanghai, Abu
Dhabi, Seattle and Toulouse.
ON BEHALF OF THE BOARD
"Mark J. Morabito"
Executive Chairman
Canada Jetlines is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in
identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors
For more information, please contact:
The Howard Group Inc.
Tel: (403) 221-0915
Toll Free: 1-888-221-0915
Jeff Walker: jeff@howardgroupinc.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that
may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements
with respect to the delivery of aircraft, launch of commercial operations, business plan, the ability to offer ultra-low fares,
potential route destinations, ticket sales and future airline operations of the Company.
In certain cases, forward-looking information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does
not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs,
plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained
in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to
commence airline operations, the accuracy, reliability and applicability of the Jetlines’ business model; the timely receipt of
governmental approvals, including the receipt of approval from regulators in Canada, the United States, Mexico and other
jurisdictions where Jetlines may operate; the timely commencement of operations by Jetlines and the success of such operations; the
ability of Jetlines to implement its business plan as intended; the legislative and regulatory environments of the jurisdictions
where the Jetlines will carry on business or have operations; the impact of competition and the competitive response to the
Jetlines’ business strategy; and the availability of aircraft. While the Company considers these assumptions to be reasonable based
on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to acts of
God, the impact of general economic conditions, changing domestic and international airline industry conditions, volatility of fuel
prices, increases in operating costs, terrorism, pandemics, currency fluctuations, interest rates, risks specific to the airline
industry, the ability of management to implement Jetlines’ operational strategy, the ability to attract qualified management and
staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, risks
related to the acceleration of payments under the agreement with Boeing to acquire 737-Max aircraft, financing, capitalization and
liquidity risks, including the risk that the financing necessary to fund operations may not be obtained and the additional risks
identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities
regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or
results to differ materially from those described in forward-looking information, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by
applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking
information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
