MIAMI and SAN ANTONIO, April 14, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today will celebrate a key milestone for its first A321 P2F aircraft by ST Engineering with a door cutting ceremony that takes place this morning. The freighter aircraft is currently undergoing conversion at ST Engineering’s airframe facility in San Antonio. GlobalX and ST Engineering had in 2021 signed an LOI to lease up to five (5) A321 P2F. The first aircraft is expected to be delivered in Q3 2022. In addition to leasing freighter aircraft, GlobalX will also use the engineering and maintenance services provided by ST Engineering to support the operation of its passenger and freighter aircraft.
“We are honored to be working with ST Engineering and their support has been crucial to GlobalX as we launch our cargo division and it is very special to celebrate the door cutting ceremony for our first A321 P2F. We are in the certification process with the FAA to place the A321 P2F on our certificate and we expect to be certified by October 1 of this year. We expect to operate as many as 25 A321 freighters by the end of 2025,” said Ed Wegel, Chair and CEO of GlobalX.
“We are delighted to celebrate this milestone development in the conversion of the first A321 P2F with GlobalX since we started this journey together back in May 2021,” said Yip Hin Meng, EVP/Head of Aviation Asset Management, ST Engineering. “As the air freight market continues in its strong growth, we stand ready to support operators with a comprehensive suite of solutions to address their various needs, from leasing to engineering and maintenance services. With our latest offering, the A320 P2F, achieving certification by EASA earlier in March this year, our customers will have more options when selecting the most suitable freighter in supporting their operations.”
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI and charter airline serving the US, Caribbean, and Latin American markets. For more information, please visit www.globalxair.com.
About ST Engineering
ST Engineering is a global technology, defence and engineering group with a diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. The Group harnesses technology and innovation to solve real-world problems, enabling a more secure and sustainable world. Headquartered in Singapore, it has operations spanning Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. ST Engineering reported revenue of $7.7b in FY2021 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.
For more information, please contact:
Ryan Goepel, EVP and CFO
Email:ryan.goepel@globalxair.com
Tel: 786-751-8503
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 Company’s aircraft fleet size, the destinations that the Company intends to service, the forecast for completion of FAA certification for freighter operations, and the number of freighters expected to be operated by 2025.
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 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 continue airline operations, the accuracy, reliability and success of GlobalX’s business model; the timely receipt of governmental and FAA approvals; the success of airline operations of GlobalX; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; 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, risks related to supply chain disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, passenger demand being less than anticipated, 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.
