VANCOUVER, British Columbia, May 08, 2018 (GLOBE
NEWSWIRE) -- Canada Jetlines Ltd. (TSX-V:JET)
(OTCQB:JETMF) (the “Company” or
“Jetlines”) provides an update on recent corporate
developments related to aircraft acquisition. Jetlines concluded a
term sheet on April 23, 2018 to lease two Airbus A320 aircraft and
made a deposit payment of US$876,000. The term sheet is subject to
executing a definitive lease agreement and other conditions
customary to a transaction of this nature.
Once a definitive lease agreement is concluded
for these aircraft, the Company will be able to provide new
guidance to the market on its projected start-up date and aircraft
delivery schedule. The Company is targeting the conclusion of a
definitive lease agreement before the end of Q2, 2018. In the
interim Jetlines continues to advance its efforts with personnel
recruitment, airport agreements, the licensing process and the
financing plan. Additional information is available in the
Company’s Management Discussions & Analysis dated April 26,
2018.
About Canada Jetlines Ltd.
Canada Jetlines is set to become Canada’s first
true ultra-low cost carrier (ULCC) airline, with plans to operate
flights across Canada and provide non-stop service from Canada to
the United States, Mexico and the Caribbean. Jetlines is led by a
board and management team with extensive experience and expertise
in low-cost airlines, start-ups and capital markets. The Company
was granted an unprecedented exemption from the Government of
Canada that will permit it to conduct domestic air services while
having up to 49% foreign voting interests.
For more information on Jetlines, please visit
our website at www.jetlines.ca.
ON BEHALF OF THE BOARD
"Mark J.
Morabito"
Executive Chairman
Canada Jetlines is part of the King & Bay group
of companies. King & Bay is a merchant bank that specializes in
identifying, funding, developing and supporting growth
opportunities in the resource, aviation, and technology
sectors.
For more information, please contact:
The Howard Group Inc.
Tel: (403) 221-0915
Toll Free: 1-888-221-0915
Jeff Walker: jeff@howardgroupinc.com
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 conclusion of a definitive agreement for aircraft,
routes that Jetlines intends to fly, Jetlines business plan,
Jetlines ability to offer ultra-low fares, and future airline
operations of the Company.
In certain cases, forward-looking
information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state 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 accuracy,
reliability and applicability of the Jetlines’ business model; the
timely receipt of governmental approvals, including the receipt of
approval from regulators in Canada, the United States, Mexico and
other jurisdictions where Jetlines may operate; the timely
commencement of operations by Jetlines and the success of such
operations; the ability of Jetlines to implement its business plan
as intended; the legislative and regulatory environments of the
jurisdictions where the Jetlines will carry on business or have
operations; the impact of competition and the competitive response
to the Jetlines’ business strategy; the completion of financing for
airline operations; 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 acts of God, the
impact of general economic conditions, changing domestic and
international airline industry conditions, volatility of fuel
prices, increases in operating costs, terrorism, pandemics,
currency fluctuations, interest rates, risks specific to the
airline industry, the ability of management to implement Jetlines’
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,
risks related to the acceleration of payments under the agreement
with Boeing to acquire 737-Max aircraft, financing, capitalization
and liquidity risks, including the risk that the financing
necessary to fund operations may not be obtained 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 actions, events
or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or 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 or revise 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.
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