Miami, Florida--(Newsfile Corp. - July 15, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce the signing of an operating lease for its fourth passenger aircraft, an Airbus A320-214 ("the Aircraft").
The Aircraft, the first from Irish-based lessor Genesis, is expected to be delivered to GlobalX in October 2021. The Aircraft will join the fleet after receipt of final DOT and FAA approvals.
GlobalX continues the development of its A320 passenger and A321 passenger and cargo aircraft fleet plans. GlobalX recently completed all of its FAA requirements for its certification as a US 121 flag, domestic, and supplemental carrier, and is expected to enter passenger service after final DOT requirements are concluded.
"We are delighted to be working with the Genesis team on this operating lease. They are true professionals and will ensure we have a good aircraft to fly. This aircraft will be assigned to our new regional base at Atlantic City, New Jersey, where it will have a full slate of northeast originating charter flights starting soon after delivery," said Ed Wegel, Chair and CEO of GlobalX.
Also reacting to the news, Karl Griffin, CEO of Genesis, stated, "Genesis is delighted to enter into this lease agreement adding GlobalX as a new customer that is at the vanguard of new entrants to the charter market in North America."
About Genesis
Genesis is a full-service aircraft lessor based in Dublin, with 32 customers across the globe. The Genesis portfolio, an all narrow-body aircraft, currently comprises 71 owned, managed and Boeing and Airbus aircraft. Genesis was established in 2014 by global financial service firm Barings. For further information go to https://www.genesis.aero/.
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. 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.
For more information, please contact:
Ryan Goepel, EVP and CFO
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503
Or
Jeff Walker, Vice President - The Howard Group
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 completion of final DOT requirements, the Company's aircraft fleet size, the timeline for commencement of passenger service and the destinations that the Company intends to service.
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/90256
