(JET: TSX-V)
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"
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.
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.