Canada Jetlines Ltd. (JET: TSX-V) (the
“
Company” or “
Jetlines”) is
pleased to announce the appointment of Alan Bird to Jetlines’ Board
of Directors serving as well as a special advisor to the CEO. Alan
has more than 25 years of airline finance experience including
executive tenure with VivaAerobus, Tiger Airways, and British
Midland.
Mr. Bird most recently served as Chief Financial
Officer for Mexico’s fastest growing ULCC air carrier, VivaAerobus.
During his tenure as CFO Alan helped create the lowest cost airline
in North America. Mr. Bird was responsible for the purchase
agreement for 52 new Airbus 320, the largest deal recorded at that
time by a Latin American airline. In addition, he successfully
raised MXN$1billion of fiduciary certificate debt finance as a part
of an acquisition program.
Prior to VivaAerobus, Mr. Bird served as Chief
Financial Officer and board member for Tiger Airways Singapore. In
this role, he initiated the IPO process that realized significant
gains for shareholders and was instrumental in establishing sound
financial practices for the start up of a subsidiary airline in
Australia. From 1997 to 2007, Mr. Bird held the role of Finance
Director to British Midland International and was responsible for
the overall financial management and procurement function for the
BMI Group of Companies. Mr. Bird was part of the team in the deal
that secured an exit for shareholders at a valuation of £500
million when the airline was sold to Lufthansa.
Mr. Bird currently serves as an advisor to
Irelandia Aviation, the world’s premier low-cost carrier developer.
Irelandia initiates, develops and delivers successful low-cost
carriers in partnership with airline management and investors.
Irelandia has successfully developed five low cost carriers to date
– Ryanair in Europe, Tiger Airways in Asia, Allegiant in the USA,
VivaAerobus in Mexico and VivaColombia in Colombia. Mr. Bird is an
Advisor to Viva Air, VivaColombia, and Viva Peru on financial
matters including aircraft acquisition and the development of joint
ventures for engineering and maintenance initiatives.
In addition to his role as a director, Mr. Bird
will serve as Special Advisor to the CEO. Commenting on his
appointment Allan Bird said, “I am very pleased to join my former
colleague from VivaAerobus, Javier Suarez, to build Canada’s first
true ULCC; the opportunity in Canada remains very exciting. Javier
is building a solid team having recently added seasoned ULCC
operator Michael Bata as COO and I am looking forward to working
with Javier to continue the build out of the airline”.
CEO, Javier Suarez commented, ‘I am excited with
the opportunity to work with Alan again. He played a key role
helping VivaAeorbus become the lowest cost airline in America. His
experience and support will help us progress in the right direction
to soon become the lowest cost airline in Canada.
Executive Chairman, Mark Morabito commented, “I
am thrilled to announce Alan’s appointment to the Board, and as a
Special Advisor to our CEO. Alan’s experience is invaluable for
Jetlines as we advance towards commercial operations and are
engaged in the financing process for the Company. Alan is a highly
qualified finance and procurement professional and his track record
of increasing and realizing shareholder value and strategic
planning will add significant bench strength to our already
talented Board.”
Alan Bird is a Chartered Accountant and holds an
honours degree in Mathematical Economics from Birmingham
University.
Jetlines has granted a total of 225,000 stock
options to Mr. Bird in his role as a director. The stock options
have been issued for a five-year term, with one quarter vesting
every six months from the date of grant.
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.
For more information, please
contact:Toll Free: 1-833-226-5387Email:
investor.relations@jetlines.ca
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 commencement of operations, the ability to offer
ultra-low airfares, the financing process for the start of airline
operations and the success of expected future operations of the
Company.
In certain cases, forward-looking information
can be identified by the use of words such as "plans", "expects"
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or " 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 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 success of the
Jetlines’ business model; the timely receipt of governmental
approvals; the timely commencement of operations by Jetlines and
the success of such operations; 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 ability to
obtain financing at acceptable terms, the impact of general
economic conditions, domestic and international airline industry
conditions, volatility of fuel prices, increases in operating
costs, terrorism, pandemics, natural disasters, 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 disputes under the agreement with Boeing to
acquire 737-Max aircraft, 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.
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