VANCOUVER, British Columbia, June 25, 2019 (GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (JET: TSX-V) (the “Company” or “Jetlines”) is pleased to announce the appointment of Mr. Jyri Strandman as Chief Operating Officer, effective July 1, 2019. Jyri is a seasoned aviation veteran with over 30 years experience in the aviation industry and has held senior positions with ultra-low cost carrier (ULCC) leader Spirit Airlines.
“I am very pleased that Jyri has agreed to join Jetlines full-time as Chief Operating Officer. We are lucky to have access to someone of his caliber and experience. Having held progressively senior positions with one of the market leaders, Jyri truly understands the ultra-low cost model and will assist Jetlines with its goal of being the lowest cost operator in Canada,” commented Javier Suarez, CEO of Jetlines.
Jyri comments; “It is a great privilege to lead our capable operations teams from buildup to actual start of operations, deploying high degree of fully integrated automation. It frees up our passionate team members to serve our flyers genuinely, thoughtfully and kindly. While our product is distinctly fun and light-hearted, we are fiercely revved up and committed to liberating Canadians from overpriced air travel. We look forward to sharing our contagiously energetic and positive brand experience in tangible ways. This is not a job, but a mission; to provide a real value proposal to the millions, so they can reach and experience new destinations.”
Jyri most recently held the position of COO at GoAir, an Indian low cost carrier. As the Accountable Manager, he was responsible for operational control, regulatory oversight and the operations departments of the airline; Maintenance and Engineering, Airport Operations, Flight and Inflight Operations, Rostering, Dispatch and Safety.
Prior to GoAir, Jyri held progressively senior roles with Spirit Airlines, the leading ULCC in the US, the Caribbean and Latin America. He carried dual roles as Vice President of Flight Operations and Director of Operations, responsible for operational control and regulatory oversight of the airline, including all the regulatory training programs and FAA relationship. Under Jyri’s leadership, the operational teams successfully introduced 76 additional Airbus A320 family aircraft, including the first Sharklet equipped A320 and the first North American A320 neo. Prior to these roles, he served as the Director, Flight Training and Standards, leading the redesign of pilot training programs and new manual sets, both creating safety, functional flexibility and efficiency in the operational environment.
His prior 20 years of experience include increasing responsibility in training and operations roles at Virgin America and American Eagle Airlines. Jyri is a highly experienced captain, training and check pilot, and pilot examiner on the Airbus A320 family, also having served in the same capacities in many other aircraft with over 12 400 hours of flight time.
In connection with his appointment, Mr. Strandman will receive a grant of 500,000 Restricted Share Units (“RSUs”). The RSUs vest over a three-year period from the date of grant, with one third vesting at the end of each year during the three-year period.
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. The Company plans to commence operations with the Airbus A320 fleet, the most widely used aircraft for ultra-low cost carriers worldwide. 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.
Jetlines ability to sell tickets and launch airline service remains subject to the completion of the airline licensing process, the receipt of applicable regulatory approvals and the completion of financing.
For more information on Jetlines, please visit our website at www.jetlines.com.
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:
Toll Free: 1-833-226-5387
Email: investor.relations@jetlines.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 (i) the commencement of operations and the success of expected future operations of the Company; (ii) Mr. Strandman’s expected contributions to the Company; (iii) the routes that Jetlines intends to service; and (iv) Jetlines ability to offer the lowest airfares in Canada.
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, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, future relations with shareholders, 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; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators. There is no assurance that the closing of the Offering will occur. 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.
