Global Crossing Airlines Signs Operating Lease Agreement for Second Airbus A320 Family Aircraft

Miami, Florida--(Newsfile Corp. - December 10, 2020) -  Global Crossing Airlines Inc. (TSXV: JET) (OTCQB: JETMF) ( "GlobalX") is pleased to announce the signing of an operating lease agreement for its second aircraft, GlobalX's first Airbus A320-200 (the "Aircraft"), with Dubai Aerospace Enterprise ("DAE").

The Aircraft, a 2005 vintage, is scheduled to be delivered to GlobalX in late December, 2020. Delivery will occur after routine inspection/acceptance flights and completion of the painting of the Aircraft in GlobalX livery. The painting slot has been reserved at IAC in Amarillo, Texas.

The Aircraft was specifically selected by GlobalX to initiate its services to Latin America (subject to governmental approvals) and was previously operated by a major US airline which allows for a more efficient FAA conformity and entry into service.

GlobalX continues the development of its A320 family passenger and cargo aircraft fleet plans, as it moves into the final phases of its certification as a US scheduled flag carrier

"We are grateful to DAE, a major world class aircraft leasing company, for their support of our vision and business plan. This A320 perfectly complements our plans for our initial charter operations. We look forward to bringing this aircraft into our fleet and continuing to build our commercial relationship with DAE," said Ed Wegel, Chairman and Founder of GlobalX.

"We are delighted to welcome GlobalX as our newest customer and are very pleased to support them with their fleet expansion ambitions. We look forward to building a long term relationship and wish GlobalX success with their growing operations," said Firoz Tarapore, Chief Executive Officer of DAE.

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 initially fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets.

For more information please visit www.globalxair.com

About Dubai Aerospace Enterprise

Dubai Aerospace Enterprise (DAE) Ltd. is a globally recognized aerospace corporation with two divisions: Aircraft Leasing and Engineering. Headquartered in Dubai, DAE serves over 125 airline customers in over 60 countries from its seven office locations in Dubai, Dublin, Amman, Singapore, Miami, New York and Seattle.

DAE's award-winning Aircraft Leasing division has an owned, managed, committed and mandated to manage fleet of approximately 425 Airbus, ATR and Boeing aircraft with a fleet value exceeding US$16 billion. DAE's Engineering division serves customers in Europe, Middle East, Africa and South Asia from its state-of-the-art facility accommodating up to 15 wide and narrow body aircraft. It is authorized to work on 13 aircraft types and has regulatory approval from over 25 regulators globally.

For more information please visit www.dubaiaerospace.com

For more information, please contact:

Ryan Goepel
EVP and Chief Financial Officer

Ryan.goepel@globalxair.com
Phone: 305-869-4780

Holly Zawyer
Zapwater Communications

holly@zapwater.com
Phone: 305-505-0312

or

Jeff Walker
Vice President
The Howard Group Inc.

Email: jeff@howardgroupinc.com
Tel: 403.221-0915
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, GlobalX's intentions with respect to additional aircraft, and the completion of the certification as a US scheduled flag carrier.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69914

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