Global Crossing Airlines Granted Amended Foreign Air Operators Certificate by Transport Canada

Rhea-AI Summary

Global Crossing Airlines Group, Inc. (JETMF) has amended its Foreign Air Operators Certificate issued by Transport Canada, allowing the company to increase aircraft capacity for charter and ACMI services in Canada. The amendment includes new aircraft types like the A321, enhancing service offerings to Canadian airlines. CEO Ed Wegel highlighted the growing importance of the Canadian market for GlobalX. This development is positioned to support Canadian airlines during peak seasons and expand operational capabilities.

Positive

• Amendment of Foreign Air Operators Certificate allows for increased aircraft capacity.
• Inclusion of A321 and additional aircraft enhances service offerings.
• Expansion into the Canadian market is strategically important.

Negative

• None.

MIAMI, March 15, 2023 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) has amended its Foreign Air Operators Certificate issued by Transport Canada. The Amended Canadian FAOC adds the number of, and type of, aircraft GlobalX can provide as part of its charter and ACMI offering into Canada from the US, including operating on behalf of existing Canadian airlines.

“We greatly appreciate the support provided to us by Transport Canada during our approval process. Canada will become an increasingly important market for us and we continue to provide additional aircraft capacity to Canadian airlines during their peak seasons, as well as to provide aircraft for operational reasons,” said Ed Wegel, Chair and CEO. “By adding the A321 and additional aircraft to our FAOC we can offer both larger capacity and cargo aircraft to Canadian customers and airlines.”

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. In 2023, GlobalX entered ACMI cargo service flying the A321 freighter. For more information, please visit www.globalxair.com. 

For more information, please contact:

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

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 and future services into Canada and for Canadian airlines.

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 significance of the amendment to GlobalX's Foreign Air Operators Certificate on March 15, 2023?

The amendment allows GlobalX to increase aircraft capacity for charter and ACMI services in Canada, enhancing its operational offerings.

Which aircraft types are now included in GlobalX's services due to the recent FAOC amendment?

The amendment includes the Airbus A321 among additional aircraft types for service in Canada.

How does GlobalX plan to utilize the new aircraft capacity in Canada?

GlobalX aims to provide additional aircraft capacity during peak seasons and operational support to Canadian airlines.

What does CEO Ed Wegel say about the Canadian market following the FAOC amendment?

Ed Wegel stated that Canada will become an increasingly important market for GlobalX.