VANCOUVER, Sept. 13, 2018 /CNW/ - Canada Jetlines Ltd. (JET: TSX-V) (the "Company" or "Jetlines") is pleased to announce that the Company successfully submitted operations manuals to Transport Canada in order to receive its Air Operator Certificate ("AOC") in preparation for first flight in 2019.
The Company has achieved a major milestone in the Project Plan with the submission of the operations manuals. Weekly updates have been provided to the Principal Operations Inspector and Jetlines has completed the amendment of required manuals to Airbus A320 operations and has provided these documents to the regulatory authority.
The Company will now focus on completing the second milestone through the amendment to training programs and completion of the contracts required for Airbus training. The final milestone will be achieved through conducting interviews, hiring and the training of all staff to prepare for aircraft delivery in the second quarter of 2019.
"With the submission of our manuals to Transport Canada, Jetlines has realized a significant milestone in our operations. We look forward to continuing to work with Transport Canada in order to further our licencing process and satisfying all requirements", stated CEO, Javier Suarez. "We are proud of the operations team and the work they have carried out to date. Their hard work and talent have brought us one step closer to enabling Jetlines to offer a true ultra-low fare service for the long haul" added Executive Chairman, Mark Morabito.
Jetlines also announces that is has closed its private placement with Mr. Lukas Johnson for aggregate gross proceeds of $700,000. Mr. Johnson was issued 1,627,907 variable voting shares at a price of $0.43 per share. The shares issued in the private placement are subject to certain escrow conditions regarding future sale of stock including a statutory four month hold period that expires on January 13, 2019.
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. The Company plans to commence operations with the Airbus A320 fleet, the most widely used aircraft for ultra-low cost carriers worldwide. 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"
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.
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 business plan, the completion of Milestones in the AOC process, the 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 receipt of financing to commence airline operations, 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; 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 disputesunder 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.
SOURCE Canada Jetlines Ltd.
For further information: Canada Jetlines Ltd., Toll Free: 1-833-226-5387, Email: [email protected]