VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (JET:
TSX-V) (the “Company” or “Jetlines”) is pleased to announce that further to its news
release of June 13, 2018, it has completed a second set of advance lease payments to AerCap, a global leader in aircraft leasing
and aviation finance, for two Airbus A320 aircraft. Delivery of Airbus A320 MSNs 2594 and 2663 are expected by early Q2 of 2019.
Both aircraft are currently with Air New Zealand and are approaching end of lease service with the airline. Jetlines has made
another deposit to AerCap for USD $438,000 per the terms of the agreement and in demonstration of the continued partnership. To
date Jetlines has made payments totalling USD $2,190,000 toward securing these aircraft.
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. 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 approximately 12 years old.
CEO Javier Suarez 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’ ultra-low-cost operation. As a part of the process,
Jetlines retained Lufthansa Technik to accomplish the preliminary inspection prior to the lease agreement completion to ensure the
aircraft suitability and condition. Both AerCap and Air New Zealand have been proactive in supporting the transfer of data and
information to Jetlines in order to allow the early entry into service. We look forward to getting these aircraft off the ground
and to finally bring low fares to Canada.”
AerCap has retained the services of AKKA Technologies, an Aerospace design organization, to complete the cabin
interior reconfiguration engineering approval with the engineering now in work. Acro Aircraft Seating has also been retained as a
part of the cabin reconfiguration to manufacture new Acro Series 3 ST seats. Acro is one of the world’s leading innovators in
aircraft seating design and manufacturing and has a detailed working knowledge of the ULCC model, translating to a thorough
understanding of Jetlines’ needs. Safety, durability, and a lightweight construction are all pillars necessary for an
ultra-low-cost carrier to be effective and maintain good fuel efficiency. Acro is the ULCC aircraft seating company of choice for
many ULCC’s across North America.
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 September 30, 2018, 1,457 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:
Canada Jetlines Ltd.
Toll Free: 1-833-226-5387
Email: investor.relations@jetlines.ca
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 commencement of operations and the success of expected future operations of the Company.
In certain cases, forward-looking information can be identified by the use of words such as "plans",
"expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or " or variations of such words and phrases or
statements 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 success of
the Jetlines’ business model; the timely receipt of governmental approvals; the timely commencement of operations by Jetlines and
the success of such operations; 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 ability
to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline
industry conditions, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, 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 disputes under the agreement with Boeing to acquire 737-Max
aircraft, 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.