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.
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