Global Crossing Airlines Establishes UrbanX Air to Pursue Urban Air Mobility in South Florida

Rhea-AI Summary

Global Crossing Airlines Group, Inc. (GlobalX) (JET: NEO; JET.B: NEO; JETMF: OTCQB) has announced the creation of UrbanX Air, a subsidiary to pioneer Urban Air Mobility (UAM) in South Florida. Lucy Morillo, Esq., has been appointed as President and CEO of UrbanX to lead the development of the UAM ecosystem. GlobalX signed a letter of intent to purchase 200 electric vertical take-off and landing aircraft (eVTOL) from Eve Air Mobility, a subsidiary of aircraft manufacturer Embraer, with delivery expected in 2026.

MIAMI, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”), which operates the Miami-based airline GlobalX, has announced the creation of UrbanX Air (“UrbanX”), a wholly-owned subsidiary of GlobalX to pioneer the integration of Urban Air Mobility (UAM) in South Florida (subject to receiving all FAA and DOT approvals). In conjunction with this announcement, GlobalX Chairman and CEO, Ed Wegel, an aviation industry veteran, has appointed Lucy Morillo, Esq., as President and CEO of UrbanX.

UAM is the concept of flying highly automated, electrically propelled small aircraft to help commuters navigate short distances at lower altitudes in urban and suburban areas, combatting traffic congestion and improving travel times, while providing a safer, faster, and greener mode of transportation.

Morillo – an attorney, community leader, and serial entrepreneur with decades of executive experience in the business, private equity and non-profit sectors – is responsible for leading UrbanX’s launch and further developing the UAM ecosystem in South Florida. With this appointment Morillo becomes one of the few Hispanic female CEOs in the aviation and urban air mobility space. She is a member of the Wings Club; the Florida Department of Transportation (FDOT) Advanced Air Mobility Advisory Committee (AAMAC); the International Aviation Womens Association (IAWA); and EVE’s Air Mobility Advisory Board.

Morillo is working with local and state officials, infrastructure, energy and technology providers to ensure the appropriate framework is in place. For the past three decades, Morillo has established herself as a trusted member of the C-suite by building stakeholder engagement, fostering cross-functional relationships, enhancing corporate culture and managing risk in a fast-paced growth environment.

“We are delighted to have Lucy at the helm of UrbanX,” said Ed Wegel, chairman and CEO of GlobalX. “She brings a wealth of experience and enthusiasm from a range of industries with a proven track record of building stakeholder engagement and leading campaigns in many sectors.”

GlobalX, a U.S.-based 121 domestic flag and supplemental airline with more than 600 aviation professionals, will leverage its extensive aviation operation and knowledge to assist Morillo and UrbanX in developing and operating the UAM market in South Florida. In 2022, GlobalX signed a letter of intent to purchase 200 electric vertical take-off and landing aircraft (eVTOL) from Eve Air Mobility, a subsidiary of aircraft manufacturer Embraer and a leader in global eVTOL development. With delivery of its first Eve eVTOL expected in 2026, GlobalX is poised to be the first to bring the innovative aircraft technology to South Florida, revolutionizing urban transportation in the region.

As President and CEO, Morillo is committed to operating UrbanX under a social enterprise business model, working in conjunction with local governments to ensure the service the company offers benefits not only the passengers but the surrounding communities.

“I am honored and humbled to have the opportunity to bring accessible air transportation to the South Florida region,” said Morillo. “In coordination with Miami-Dade County and other local stakeholders, we will forge meaningful collaborations through a public-private partnership to ensure this cutting-edge technology lifts the entire community.”

In addition to leading UrbanX, Morillo is a principal and co-founder of LM & Associates (LMA), a women-owned marketing and communications firm providing support to socially conscious brands, and co-owner and publisher of S Revista, a luxury lifestyle publication that has quickly risen to prominence as the preeminent lifestyle magazine for Spanish speakers in the United States. Additionally, Morillo is President-Elect of the International Women’s Forum (IWF) Florida Chapter, an invitation-only network of women business leaders throughout the globe.

Throughout her career, Morillo has also held leadership roles in several large organizations based in the Miami area. As the Executive Director of Estates and Gift Planning for the University of Miami (UM), she was responsible for securing nearly $350 million as part of UM’s Momentum Campaign. Then, she took the helm of Miami Children’s Hospital Foundation, and managed $100 million in assets and was instrumental in securing a $60 million gift to rename the hospital after Jack and Barbara Nicklaus. Morillo also has vast legal and executive experience, including establishing an international legal team to expand a telecom company into nine Latin American countries.

The completion of the transactions contemplated by the Eve Air Mobility LoI is subject to the execution of definitive agreements and receipt of all necessary regulatory approvals.

About Global Crossing Airlines

GlobalX is a U.S. 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the U.S., Caribbean, European and Latin American markets. GlobalX is also now operating ACMI cargo service flying the A321 freighter. GlobalX is IOSA certified by IATA and holds TCO’s for Europe and the UK. For more information, please visit www.globalxair.com.

For more information, please contact:

Mark Salvador
Email: marketing@globalxair.com
Tel: 786.807.9631

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 destinations that the Company intends to service, the delivery and entry into service timelines for future aircraft, the creation of UrbanX, the description of UrbanX’s business including the flying of highly automated, electrically propelled small aircraft, the launch of UrbanX, GlobalX’s purchase of 200 eVTOLs, the timeline for delivery of eVTOLs, the revolutionization of urban transportation, 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 news about Global Crossing Airlines Group, Inc. (GlobalX) (JET: NEO; JET.B: NEO; JETMF: OTCQB)?

Global Crossing Airlines Group, Inc. has announced the creation of UrbanX Air, a subsidiary to pioneer Urban Air Mobility (UAM) in South Florida.

Who has been appointed as President and CEO of UrbanX?

Lucy Morillo, Esq., has been appointed as President and CEO of UrbanX to lead the development of the UAM ecosystem.

What did GlobalX sign a letter of intent for?

GlobalX signed a letter of intent to purchase 200 electric vertical take-off and landing aircraft (eVTOL) from Eve Air Mobility, a subsidiary of aircraft manufacturer Embraer.

When is the delivery of the first Eve eVTOL expected?

The delivery of the first Eve eVTOL is expected in 2026.