Miami, Florida--(Newsfile Corp. - August 28, 2020) - Global Crossing Airlines Inc. (TSXV: JET) (OTC Pink: JETMF) (the "Company" or "GlobalX") pleased to announce the signing of a letter of intent for its first A321-200 (the "Aircraft"), under an operating lease with Magnetic Leasing.
The Aircraft, a 2005 year build previously operated by a major government owned Asian airline, is expected to be delivered to GlobalX in December 2020. Delivery will occur after signing of definitive lease documents and painting the Aircraft in GlobalX colors at IAC in Lake City, Florida.
This aircraft was specifically selected by GlobalX to initiate its services to Cuba, subject to governmental approvals, and planned as the first aircraft that will eventually be converted to freighter configuration. GlobalX is currently negotiating the acquisition of additional A321 aircraft for conversion to freighters as part of its overall strategic plan to become a narrowbody A321 freighter operator.
GlobalX continues the development of its A320 fleet plan and expects to announce the closing of additional aircraft under lease and purchase contracts in the next 15 days.
"We are grateful to Magnetic Leasing for their support of our vision and business plan. This A321 complements our plans for our initial charter operations. Magnetic is a dynamic and entrepreneurial company very much like GlobalX intends to be, and we look forward to working with them on this delivery and additional aircraft." said Ed Wegel, Chairman and Founder of GlobalX.
"We are delighted to have signed with GlobalX, said Alex Vella, COO of Magnetic Leasing. "They have an impressive management team which has developed a business plan to challenge the status quo and create excitement at a time when the industry is depressed. We are honoured to provide the first leased aircraft to GlobalX to help launch their International operations and look forward to developing and expanding our partnership for many years to come."
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/
About Magnetic Leasing
Magnetic Leasing is an international aviation leasing company specializing in aviation asset management and leasing. With an in-house maintenance organization and a global customer network, the company focuses on mid-life Airbus A320 Family and Boeing 737 NG aircraft, as well as their engine and landing gear systems. Magnetic provides total technical care and asset management solutions.
For more information please visit : www.MagneticLeasing.com
For more information, please contact:
Mark Tender,
Head- Corp. Communications & Investor Relations
Email: mark.tender@globalairlinesgroup.com
Phone: 914-646-5012
or
Jeff Walker
Vice President
The Howard Group Inc.
Email: jeff@howardgroupinc.com
Tel: 403.221-9015
Toll Free: 1-888-221-0915
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 Company's intention to fly as an ACMI and wet lease charter airline, the details of the Aircraft delivery date, and GlobalX's intentions with respect to additional aircraft.
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 GlobalX's business model; the timely receipt of governmental approvals; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX's 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, the impact of the global uncertainty created by COVID-19, 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 GlobalX's 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. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause 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 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.
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