MIAMI and PANAMA CITY, Panama, Aug. 24, 2022 (GLOBE NEWSWIRE) – Global Crossing Airlines Group Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company“Or”GlobalX“) And The Latin American and Caribbean Air Transport Association (“HIGH “) announce that the Company’s operating subsidiary Global Crossing Airlines, Inc. has become a new associate member airline.
Known as GlobalX, the airline was founded in 2019 by a team of seasoned airline executives led by Ed Wegel, and began passenger operations in August 2021 with an Airbus A320 family fleet. GlobalX’s business includes wet leasing and charter for passenger services within the US, Caribbean, and Latin America. Its customers include major tour operators, university and college teams, VIP entertainment clients, cruise lines, and airlines needing additional lift or AOG subservice.
Ed Wegel, GlobalX Chairman and CEO, was CEO and launched the new Eastern Air Lines between 2007 and 2016. He also privatized Trinidad and Tobago’s BWIA West Indies Airways, where he was President from 1994 to 1996.
“All of our 350 team members at GlobalX are delighted and honored to become a new Associate Member of ALTA. This membership allows us to more effectively work with airlines in Latin America, providing not only passenger wet lease and charter services for them but also cargo lift. In addition, it enables our team to learn best practices from ALTA member airlines as we grow our airline and provide more connectivity to the region. We plan to be an active member and participate in all of the safety, maintenance, and legal workshop meetings, “said Mr. Wegel.
GlobalX is expanding into air cargo in Latin America
GlobalX has launched its cargo division under the XCargo® brand with A321 P2F (Passenger to Freighter) aircraft and expects to put the A321F on its US Part 121 Air Carrier Operating Certificate by October of this year, subject to all DOT and FAA approvals. It has signed an agreement with Avianca to operate its first A321F for them on routes from the US to Latin America. It is working to place its next four (4) A321F expected to be delivered between October 2022 and March 2023 with airlines in Latin America.
XCargo® has lease agreements and firm LOIs in place with lessors for fifteen (15) A321F aircraft, as well as seven (7) additional commitments to acquire A321 passenger aircraft and convert them to freighters.
GlobalX’s goal is to build a fleet of 50 aircraft by the end of 2025, evenly split between passenger and freighter service.
“We are very pleased to welcome GlobalX among our Associate Member Airlines. As a new airline entering the regional market, it brings more options to the people, continues to boost tourism, and also increases air cargo routes that perform key roles in keeping the supply chains active in our countries. It will be a pleasure to accompany GlobalX as an ALTA member in its integration into Latin America and the Caribbean, “said José Ricardo Botelho, ALTA’s Executive Director & CEO.
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 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.
ALTA is a private non-profit association serving the airline industry whose objective is to develop a safer, more efficient, and sustainable aviation in Latin America and the Caribbean. ALTA coordinates collaborative efforts throughout the entire value chain maximizing the impact that aviation has on the economic and social growth of the region for the benefit of industry, nations, and populations served by air transport.
AIRLINE MEMBERS | ASSOCIATE MEMBERS | AFFILIATE MEMBERS
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For more information, please contact:
Ryan Goepel, CFO
786 516 0850
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 expected conversion, delivery and entry into service timelines for A321F aircraft, future demand and future A321 freighter transactions and benefits of ALTA Associate Membership.
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, includ ing 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 US 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.