ACE Aviation announces transfer of Stock Exchange listing to NEX

MONTREAL, July 16, 2012 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE) announced today that the Toronto Stock Exchange ("TSX") has advised ACE that it no longer meets the continued listing requirements of the TSX as a result of the previously announced appointment of Ernst & Young Inc. as liquidator of ACE and the resignation of all of the directors and officers of ACE. The TSX has advised ACE that if it did not voluntarily delist by September 14, 2012, the TSX would delist its common shares. As a result, ACE has applied to voluntarily delist its common shares from the TSX effective at the close of business on September 14, 2012.

ACE has confirmed with the NEX board of the TSX Venture Exchange that its common shares will be eligible for listing on NEX. ACE expects that the transfer of the listing of its common shares from the TSX to NEX will occur on September 17, 2012, the trading day immediately following the delisting from the TSX. The listing of the common shares of ACE on NEX is subject to final acceptance by NEX.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this news release may contain forward-looking statements. Forward-looking statements may relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to strategies, expectations, planned operations, future actions, the delisting of the common shares from the TSX, the listing of the common shares on NEX and related approvals. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation, market, regulatory developments or proceedings, and actions by third parties as well as the factors identified throughout ACE's filings with securities regulators in Canada and, in particular, those identified in the Risk Factors section of ACE's 2011 Annual MD&A and First Quarter 2012 MD&A. If ACE does not proceed with the winding-up in a timely manner, ACE will continue to incur operating costs and fees. The forward-looking statements contained in this news release represent ACE's expectations as of the date they are made, and are subject to change after such date. However, ACE disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.


SOURCE ACE AVIATION HOLDINGS INC.

For further information:

Contact: David Saldanha, Ernst & Young Inc.      (416) 943-4444

Internet: www.aceaviation.com

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ACE AVIATION HOLDINGS INC.

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