Global Crossing Airlines, America’s Fastest Growing Charter Airline, Receives Increased Authorization for up to 20 Aircraft by US DOT

Rhea-AI Summary

Global Crossing Airlines Group, Inc. (JETMF) receives approval from the US Department of Transportation to increase its fleet to 20 aircraft, allowing for expansion and growth in the charter airline business.

MIAMI, April 03, 2024 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe: JET, OTCQB: JETMF) (the “Company” or “GlobalX”), the Nation's fastest growing charter airline, has been approved by the US Department of Transportation for an increase to 20 aircraft from its current authorization of 16 aircraft.

The increased fleet authorization allows GlobalX to add two (2) Airbus A320 and two (2) Airbus A321 passenger aircraft to its fleet by Summer 2024, subject to FAA approvals. The additional aircraft will strengthen GlobalX's refocused strategy to expand its ACMI passenger charter business.

“This increased authorization is a key step in our path to sustained profitability and achieving our goal to become America’s largest charter airline, setting the industry high mark for on-time performance and reliability,” said Chris Jamroz, Executive Chairman of GlobalX.

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, European and Latin American markets. GlobalX is also now operating ACMI cargo service flying the A321 freighter. For more information, please visit www.globalxair.com.

For more information, please contact:

Ryan Goepel, President & CFO
Email: JET@elevate-ir.com
Tel: 720.330.2829

Cautionary Note Regarding Forward-Looking Information

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 plan to add two Airbus A320 and two Airbus A321 to its fleet by Summer 2024, the Company’s refocused strategy of expanding its ACMI passenger charter business, the goal sustained profitability and becoming one of America’s largest charter airlines, receipt of FAA approvals, the destinations that the Company intends to service, statements regarding on-time performance and reliability, and the Company’s growth plans.

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 ticker symbol for Global Crossing Airlines Group, Inc.?

The ticker symbol for Global Crossing Airlines Group, Inc. is JETMF.

How many aircraft has Global Crossing Airlines Group been approved to add to its fleet?

Global Crossing Airlines Group has been approved to add four aircraft to its fleet, including two Airbus A320 and two Airbus A321 passenger aircraft.

When is Global Crossing Airlines Group expected to add the additional aircraft to its fleet?

Global Crossing Airlines Group is expected to add the additional aircraft to its fleet by Summer 2024, subject to FAA approvals.

What is the significance of the increased fleet authorization for Global Crossing Airlines Group?

The increased fleet authorization allows Global Crossing Airlines Group to strengthen its refocused strategy to expand its ACMI passenger charter business, aiming to become America's largest charter airline.

Who is the Executive Chairman of Global Crossing Airlines Group?

Chris Jamroz is the Executive Chairman of Global Crossing Airlines Group.