Global Crossing Airlines Announces Agreement for A321 Freighters with Greenwich Highland Aviation
Global Crossing Airlines Group (JETMF) announced a long-term lease agreement for four Airbus A321 Passenger-to-Freighter aircraft from Greenwich Highland Aviation. The first aircraft will begin conversion in January 2022 and is expected to enter service in July 2022. The second aircraft is slated for conversion in June 2022, with deployment in December 2022. CEO Ed Wegel expressed optimism about expanding the deal, while GHA's Stuart Peebles praised GlobalX's business plan execution. The partnership signifies a strategic move to enhance GlobalX's charter airline operations.
- Long-term lease of four Airbus A321 P2F aircraft to enhance fleet.
- First aircraft entering service by July 2022, implying timely fleet expansion.
- Potential for additional aircraft based on successful lease arrangements.
- Dependence on timely conversion and financing for aircraft.
MIAMI, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: TSX-V; JET.B: TSX-V; JETMF: OTCQB) (the “Company” or “GlobalX”) announces the signing of an order for the long term lease of four Airbus A321 Passenger-to-Freighter (P2F) aircraft with options for multiple additional units from a Greenwich Highland Aviation, LLC (“GHA”) managed entity.
GHA arranged the acquisition of the four Airbus A321 passenger aircraft, the first of which (MSN 1438) will commence conversion in January 2022 and will enter service with GlobalX in July 2022. The second aircraft (MSN 1953) will commence conversion in June 2022 and will be placed into service by GlobalX in December 2022. The next two aircraft will be converted and leased to GlobalX in 2023.
“We are very pleased to enter into these orders for long term leases with Greenwich Highland – an experienced and successful lessor who understand the narrow body freighter market and our particular requirements. We hope and expect to expand this deal beyond the first four aircraft and convert more A321s with GHA,” said Ed Wegel, Chairman and CEO of GlobalX.
“We are very impressed with GlobalX’ execution of their business plan and their progress in building a world class charter airline. We look forward to working closely with Ed and his great team to deliver these four aircraft and more as we continue to develop our mutually successful long term partnership,” said Stuart Peebles, Principal of Greenwich Highland Aviation.
About Greenwich Highland Aviation (GHA)
Formed in 2011 by a team of aviation industry professionals, each with over 25 years experience, GHA has become a very successful lessor and trader, specialising particularly in the A320 family. Building on previous individual experience in converting and leasing P2F narrow body equipment GHA has for some time been developing its A321 P2F lease offering package for the narrow body freighter market.
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX flies 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:
Mark Salvador, Chief Marketing Officer
Email: mark.salvador@globalxair.com
Tel: 786.751.8510
Or
Tracie Gunion, Investor Relations
Email: tracie.gunion@globalxair.com
Tel: 786.793.5424
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 Company’s aircraft fleet size, the number of aircraft under order, the conversion and entry into service timelines 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 conclusion of definitive lease agreements for the aircraft detailed in this news release, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; the timely receipt of governmental approvals; the success of airline operations of GlobalX; 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 failure to conclude definitive lease agreements for the aircraft detailed in this news release, 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.
FAQ
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