ACE Aviation announces new date for shareholders meeting



    MONTREAL, Jan. 21 /CNW Telbec/ - ACE Aviation Holdings Inc. (ACE)
announced today that the date of the special shareholders meeting at which
shareholders will be asked to approve the previously announced plan of
arrangement for the liquidation and dissolution of ACE has been postponed to
April 7, 2009. On January 19, 2009, ACE announced the results of its offers to
purchase its outstanding 4.25% Convertible Senior Notes and preferred shares,
which offers expired on January 19, 2009 and pursuant to which ACE purchased
for cancellation Notes in an aggregate principal amount of Cdn$258,863,000 and
8,300,000 preferred shares. Given the results of the Notes and preferred
shares offers, and also considering the stated intent to oppose the plan of
arrangement made public by certain shareholders of ACE and the tax and other
preparatory work required in advance of the plan of arrangement, ACE has
determined that the postponement of the shareholders meeting is appropriate.
In the meantime, in pursuance of the plan of arrangement, ACE will continue to
explore opportunities, including possible further substantial issuer bids
(which require a minimum statutory offer period of 35 days).
    In addition, in light of the publicly stated opposition of certain
shareholders with respect to the plan of arrangement, ACE will also consider
other alternatives available to it with a view to achieving an optimal
outcome.
    Subject to court and regulatory approvals, the record date for purposes
of determining the shareholders entitled to receive notice of the meeting and
to vote at the meeting will be announced at a later date. The information
circular for the meeting is expected to be mailed to shareholders of ACE at
the beginning of March 2009.

    CAUTION REGARDING FORWARD-LOOKING INFORMATION
    ---------------------------------------------

    Certain statements in this news release may contain forward-looking
statements. 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. Such
statements may involve but are not limited to comments with respect to
strategies, expectations, planned operations or future actions.
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. Such
statements involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements to differ
materially from those expressed in the forward-looking statements. Results
indicated in forward-looking statements may differ materially from actual
results for a number of reasons, including without limitation, energy prices,
general industry, market and economic conditions, war, terrorist acts, changes
in demand due to the seasonal nature of the business, the ability to reduce
operating costs and employee counts, employee relations, labour negotiations
or disputes, pension issues, currency exchange and interest rates, changes in
laws, adverse regulatory developments or proceedings, pending and future
litigation and actions by third parties, volatility in the market price of the
securities of ACE, the conditions of the plan of arrangement, including the
requirement for shareholder, court and regulatory approvals of the plan of
arrangement, including the obtention of any required tax certificates and
approvals, the uncertainty with respect to the amount, timing and order of
payments and distributions under the liquidation process, as well as the
factors identified throughout ACE's filings with securities regulators in
Canada and the United States and, in particular, those identified in the Risk
Factors section of ACE's 2007 MD&A dated February 7, 2008 and in Section 11 of
ACE's Third Quarter 2008 MD&A dated November 11, 2008. The forward-looking
statements contained herein 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.
    %SEDAR: 00020954EF




For further information:

For further information: Des Beaumont (Montréal), (514) 205-7639;
Internet: www.aceaviation.com


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