Global Crossing Airlines Takes Delivery of Seventh A320 family passenger aircraft

Rhea-AI Summary

Global Crossing Airlines Group, Inc. (JETMF) announced the delivery of its seventh A320 aircraft, increasing its fleet to seven A320s and one A321. This A320 will enter revenue charter service shortly, generating approximately 1,600 ACMI revenue hours over July and August. Additionally, GlobalX plans to add three more A320 passenger aircraft and two A321 freighters this year, pending regulatory approvals. The expansion aims to enhance service across the US, Caribbean, and Latin American markets.

Positive

• Delivery of seventh A320 aircraft expands fleet to enhance service capacity.
• Expected 1,600 ACMI revenue hours to be generated in July and August.
• Plans to add three more A320s and two A321 freighters in 2022 indicate growth.

Negative

• None.

MIAMI, June 16, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to announce the delivery of its seventh A320 family aircraft, joining the existing fleet of six (6) A320’s and one (1) A321.

“Our next growth phase begins with this A320 aircraft. It is expected to be in revenue charter service in the next few days. This aircraft enables us to execute on our European summer contract that will generate approximately sixteen hundred (1600) ACMI revenue hours for July and August across two aircraft. We are planning, subject to DOT and FAA approvals, to add three (3) more A320 passenger aircraft this year, along with two A321 freighters,” said Ed Wegel, Chair and CEO 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, 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. 

For more information, please contact:

Mark Salvador, Chief Marketing Officer
Email: mark.salvador@globalxair.com
Tel: 786.751.8510

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 delivery, conversion and entry into service timelines of the A321F aircraft and details regarding freighter operations.

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; 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, 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 Global Crossing Airlines Group's recent aircraft delivery on June 16, 2022?

The delivery of the seventh A320 aircraft enhances Global Crossing Airlines Group's fleet, enabling increased service capacity and revenue generation.

How many ACMI revenue hours is Global Crossing Airlines expected to generate in July and August 2022?

Global Crossing Airlines is expected to generate approximately 1,600 ACMI revenue hours across two aircraft during July and August.

What future aircraft additions are planned by Global Crossing Airlines Group in 2022?

Global Crossing Airlines plans to add three more A320 passenger aircraft and two A321 freighters, pending DOT and FAA approvals.

What markets does Global Crossing Airlines Group serve with its fleet?

Global Crossing Airlines serves the US, Caribbean, and Latin American markets with its Airbus A320 family aircraft.