VANCOUVER, British Columbia, Sept. 11, 2018
(GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (JET:
TSX-V) (the “Company” or
“Jetlines”) is pleased to announce the appointment
of Mr. Javier Suarez as Chief Executive Officer of the Company
after being promoted from the role of Chief Commercial
Officer.
Javier is replacing the Company’s former CEO,
Mr. Lukas Johnson. Mr. Johnson recently informed the Company that
he will be returning to the United States for personal and family
reasons. Prior to his departure, he is showing his support for
Jetlines and its new CEO by investing $700,000 into the
Company.
Lukas Johnson commented, “While I need to return
to the United States at the end of October 2018 for personal and
family reasons, I am very supportive of Javier and Jetlines
business plan. I understand the need for a true ultra-low cost
carrier airline in Canada and that is why I am investing $700,000
into the Company. Javier has a great deal of experience and
knowledge, and I have absolute confidence in his ability to
successfully step into this role. I will be assisting with
continued progression of the launch plans for the next two months
to ensure a smooth transition.”
Mr. Javier Suarez has over 15 years of airline
experience with expertise in most commercial functions, strategy
and operations. Most recently, Javier was Vice President, Network
Planning, Revenue Management, E-Commerce with ultra-low cost
carrier VivaAerobus. Javier was part of the senior management team
that improved profitability from a breakeven in 2014 to becoming
the most profitable airline in Mexico in 2017. During his tenure,
he was responsible for growing its fleet from 13 to 32 aircraft
between 2014 and 2018. He was also part of the team who recently
negotiated the purchase of VivaAerobus’ 25 new Airbus 321NEO
aircraft.
Javier’s previous experience includes holding
progressively senior roles with Vueling Airlines from 2010 to 2014,
a successful low cost carrier in Europe, most notably as the
Director of Network Planning, Scheduling, Slots and Corporate
Affairs. During his tenure, Javier managed the network of the
airline, growing the fleet size from 38 to 105 aircraft in a
four-year span. He defined the Vueling network strategy that
operated close to 400 routes that generated over USD $2 billion in
revenue. Additionally, Javier was responsible for launching more
than 200 routes over three years, achieving a 92% success rate.
Prior to his tenure with Vueling, Javier held the role of Senior
Strategist with Qatar Airways from 2008 to 2010 and Quality Manager
with Iberia Regional AirNostrum from 2002 to 2006.
Javier has earned a Masters in Management from
Harvard University, Masters in Marketing from ESIC Marketing School
in Madrid, and Bachelor of Arts, Airline Business Administration
from the University of Madrid. “With years of executive experience
growing two of the world’s most successful low-cost carriers, Mr.
Javier Suarez will take Jetlines through to its first flight,” said
Executive Chairman, Mr. Mark Morabito.
The $700,000 investment, which Mr. Johnson was
originally planning to make while CEO, has been restructured.
Instead of acquiring a 5% equity interest in the Company’s
subsidiary (Canada Jetlines Operations Ltd.), Mr. Johnson will
complete a private placement for variable voting shares of the
Company. Mr. Johnson will purchase variable voting shares for an
aggregate subscription price of $700,000. Subject to TSX Venture
Exchange (“TSXV”) approval, the subscription price per share shall
be equal to $0.43. The completion of the private placement, which
is expected to occur within the next two weeks, is subject to the
approval of the Exchange and is subject to certain escrow
conditions regarding future sale of stock.
In connection with his appointment as Chief
Executive Officer, Mr. Suarez will be granted 750,000 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. Jetlines is led by a
board and management team with extensive experience and expertise
in low-cost airlines, start-ups and capital markets.
For more information on Jetlines, please visit
our website at www.jetlines.ca.
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 business plan, the closing of the private placement,
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 any potential disputes that might arise as a
result of 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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