Miami, Florida--(Newsfile Corp. - December 22, 2020) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") announces that it has achieved two major milestones in its progress towards certification.
GlobalX received FAA approval and authorization of its training programs for Pilots, Flight Attendants and Dispatchers and Maintenance Technicians. With this approval, GlobalX will proceed with an in person training start date in Miami of January 4, 2021 for this first class of Pilots, with computer based training for initial training modules starting week of December 28.
"We are pleased to welcome our first class of pilots to GlobalX. The addition of these highly skilled and tenured professionals, along with the domestication to Delaware as required under US Dept. of Transportation regulations, are required steps for GlobalX to be certified as a US airline. With these milestones now achieved, GlobalX turns to on the next steps in the certification process in preparation for the launch of A320 charter operations in 2021," said Juan Nunez, VP - Flight Operations.
Additionally, GlobalX completed the change of its jurisdiction of incorporation from the Province of British Columbia, Canada to the State of Delaware (the "U.S. Domestication"). In connection with the U.S. Domestication, the Company has also changed its name to "Global Crossing Airlines Group Inc.". The Company will continue to trade on the TSX Venture Exchange (“TSXV”) under the symbol "JET" and on the OTCQB under the symbol "JETMF". Trading in the shares of common stock of the Company as a Delaware corporation and under the new name will commence at market open on the date specified in the final TSXV bulletin that will be issued in connection with the name change and U.S Domestication. The U.S. Domestication also better reflects from a commercial perspective the Company's U.S.-based business and operations.
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 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.
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Chief Financial Officer
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 destinations of its intended charter flights, the timeline to commencement of its charter flights, the completion of the FAA certification process and details regarding pilot recruitment and training.
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; GlobalX concluding a definitive agreement for the Aircraft; 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 failure of the Company to conclude a definitive agreement to acquire the Aircraft, 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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