Miami, Florida--(Newsfile Corp. - December 14, 2020) - Global Crossing Airlines Inc. (TSXV: JET) (OTCQB: JETMF), operating as "GlobalX" is pleased to announce, effective January 1, 2021, the appointment of Captain Eddy Doyle as President of its Canada Jetlines affiliate. Captain Doyle will lead the development and certification of Canada Jetlines as a Canadian charter airline, operating the Airbus A320 family of aircraft.
Eddy Doyle has more than 35 years of aviation experience, first as a Canadian Air Force officer and later in a long career with Air Canada, culminating in his position as Vice President of Flight Operations directly responsible to Transport Canada and overseeing over 3,000 pilots and dispatchers. After retirement from Air Canada, he served as Deputy CEO and board member of Bamboo Airways, where he led the regulatory certification and growth to 25 Airbus family aircraft in its first year of operations, gaining IOSA certification and recognized as best Service Airline in Vietnam.
"Captain Doyle is the right person to lead the Canada Jetlines launch, given his experience with over 11,000 hours in the cockpit and his extensive management experience with the national airline of Canada, and one of the most successful start up airlines in Asia," said Ed Wegel, Chairman and CEO of GlobalX. "This announcement represents a major milestone for GlobalX as we move forward with our plans to spin out Canada Jetlines."
As a result of its merger with Canada Jetlines, GlobalX acquired all of the assets and intellectual property of Jetlines. GlobalX will retain a controlling interest in Canada Jetlines and is evaluating distributing this residual ownership interest in Canada Jetlines to its shareholders on a pro-rata basis. The completion of this transaction would not affect in any way the current shareholdings of shareholders in GlobalX.
"I am very excited to lead this effort to bring Canada Jetlines into the air with the support of GlobalX. The time is right for a new alternative for vacationing Canadians as we look at initially serving South Florida, the Caribbean, and Mexican markets," added Captain Doyle.
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.
The completion of the spin out of Canada Jetlines transaction and distribution of any securities to shareholders in the new proposed company is subject to a number of conditions including the completion of legal and tax structuring analysis, identification of a suitable shell company, completion of financing and receipt of required regulatory approvals. There is no certainty the transaction will be completed on the terms proposed or at all. Further details will be provided in subsequent news releases.
The Company will also issue a total of 95,000 restricted share units ("RSUs") to officers.
About Canada Jetlines
Canada Jetlines Operations Ltd. is a subsidiary of Global Crossing Airlines and will be a new entrant airline in Canada, with the intention to apply for Transport Canada certification using the Airbus A320 family aircraft. Initially Canada Jetlines will utilize Global Crossing Aircraft until certified. Subject to Transport Canada approvals, Canada Jetlines intends to initially fly as an ACMI and wet lease charter airline serving the Canada, US, Caribbean and Latin American markets.
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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 completion of the certification as a US scheduled flag carrier, the details of the spin-out of Canada Jetlines, creation and business of Canada Jetlines, future collaboration with Canada Jetlines, the distribution of shares of Canada Jetlines to shareholders of the Company, and the licensing process for Canada Jetlines with Transport Canada.
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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