American Corporate Airport Partners to Build Widebody Maintenance Facility for Global Crossing Airlines at Fort Lauderdale-Hollywood International Airport

Rhea-AI Summary

Global Crossing Airlines Group (JETMF) announced a significant milestone on July 6, 2022, with American Corporate Airport Partners securing a long-term lease to build a $25 million aircraft maintenance facility at Fort Lauderdale-Hollywood International Airport. This 10-acre complex will feature a 54,000 square foot hangar and is expected to generate 100 permanent jobs. The facility aims to support the growth of GlobalX's passenger and cargo fleet and is slated to become operational in Q4 2023.

Positive

• Long-term lease secured for a $25 million maintenance facility.
• Facility expected to generate 100 permanent jobs.
• Construction of a widebody-capable complex to support fleet expansion.

Negative

• None.

MIAMI, July 06, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) announces that American Corporate Airport Partners (“ACAP”) has inked a long-term ground lease with Broward County to construct a widebody-capable, aircraft maintenance facility for GlobalX at Broward County’s Fort Lauderdale-Hollywood International Airport (FLL).

The estimated $25 million, 10-acre maintenance complex at a mid-field site on SW 41st Ct. is expected to consist of a 54,000 sf hangar; an aircraft ramp for staging and maneuvering; technical shops and office space; environmentally friendly building systems; and automobile parking, all in a build-to-suit layout exclusively for GlobalX, a passenger and cargo charter airline.

“At ACAP, we are enthusiastic and grateful to work alongside GlobalX and Broward County to bring this critical piece of airport infrastructure to FLL, already a vital cog in the engine that runs an exciting, vibrant, and growing economy in south Florida,” said CEO Thomas Bosco. “While executing the ground lease is an exciting and significant first step, our focus is now on delivering the GlobalX maintenance facility on-time and on-budget,” added Chief Development Officer Ronan Byrne.

According to Ed Wegel, Chair and CEO of GlobalX, “The FLL aircraft maintenance facility is vital to the future of GlobalX as we continue to grow our fleet of passenger and cargo aircraft. We are especially pleased to be working with ACAP who have the expertise and experience with building on-airport facilities that makes them a perfect fit for GlobalX.”

The airline maintenance complex is expected to be operational in 4Q 2023 and generate 100 permanent, full-time jobs.

About American Corporate Airport Partners (ACAP)

ACAP was established in 2019 with a $100 million equity commitment from investors. ACAP’s mission is to develop, build-to-suit, finance, and manage business, corporate, and industrial aviation facilities at US airports. For further information, please visit ACAP’s website at http://www.acapinfra.com.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, and Latin American markets. In 2022, GlobalX will enter ACMI cargo service flying the A321 freighter, subject to DOT and FAA approvals. For more information, please visit www.globalxair.com.

About Broward’s Fort Lauderdale-Hollywood International Airport (FLL)

Before the COVID-19 pandemic, the Airport generated $37.5 billion in economic activity annually and nearly 18,000 direct, local jobs. Currently, FLL is one of the fastest-recovering U.S. airports, with domestic passenger traffic approaching pre-pandemic levels. In 2021, the Airport served nearly 28.1 million passengers. FLL is located in Greater Fort Lauderdale in the heart of Florida's Gold Coast. The Aviation Department, FLL's operator, is a self-supporting agency of the Broward County Board of County Commissioners that does not rely on local tax dollars for operations and capital improvements. The department also operates North Perry Airport, a general aviation facility for private and charter aircraft operators. Call 954-359-6100 for more information. For updates on airport programs and services, follow us on Twitter, like us on Facebook, or visit fll.net.

For more information, please contact:

Ryan Goepel, Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503

Cautionary Note Regarding Forward-Looking Statements

This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the expected cost and details of the maintenance facility, the delivery of the maintenance facility on-time and on-budget, the timeline for completion of the maintenance facility and the number of full-time jobs it is expected to generate.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" 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 statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, 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 statements involve 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 statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, 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, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, 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 statements. The forward-looking statements are 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 statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.

 

FAQ

What is the purpose of the new maintenance facility for GlobalX?

The new maintenance facility aims to support the growth of GlobalX's passenger and cargo aircraft fleet.

When is the GlobalX maintenance facility expected to be operational?

The facility is expected to be operational in the fourth quarter of 2023.

How much is GlobalX investing in the new maintenance facility?

GlobalX is investing $25 million in the new maintenance facility.

How many jobs will the new maintenance facility create?

The new maintenance facility is expected to create 100 permanent, full-time jobs.

Which company is responsible for building the new maintenance facility for GlobalX?

American Corporate Airport Partners (ACAP) is responsible for building the new maintenance facility.