Fleet Financing

Annou from Global Crossing Airlines – GuruFocus.com

MIAMI, May 23, 2022 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” Where “GlobalX”) announces the signing of a multi-year charter contract for its first Airbus A321 Passenger-to-Freighter (P2F) (the “Plane”) entering service with a subsidiary of Avianca Cargo (“Avianca”) to support its freight programs in North America and Latin America. The Aircraft, which marks the start of the Company’s XCargo™ division, is the first of thirteen (13) firm agreements with lessors, as well as seven (7) additional commitments to acquire and convert Airbus A321s in its P2F program . GlobalX intends to market all of these future converted aircraft between October 2022 and the end of calendar year 2024. The terms of the agreement allow Avianca Cargo to wet lease or charter up to four additional freighters from GlobalX over the next five years. The aircraft will be the first freighter A321 operated by an American airline.

“We are extremely honored to operate our first A321 freighter for Avianca, one of the big names in aviation. The A321 P2F is an excellent addition to Avianca Cargo’s aircraft fleet, giving it the flexibility to offer cargo services to smaller markets and to supply Avianca’s A330 fleet in major airline hubs,” said Ed Wegel, president and CEO of GlobalX.

“This partnership will allow us to offer, in the short and medium term, more capacity to our customers from 2022, with a clear objective of meeting their needs. Thanks to this, we will expand our capacity in specific markets, offering more options and products,” said Gabriel Oliva, CEO of Avianca Cargo.

About the A321 P2F:

The A321 P2F has a capacity of 14 containers on the upper deck and 10 containers on the lower deck, fifty-five percent (55%) more containerized volume than the Boeing 737-800 freighter and fourteen for one hundred (14%) more containerized volume than the Boeing 757. -200 freighter. In addition, its fuel consumption is estimated to be nineteen percent (19%) lower than that of the Boeing 757-200 freighter. The aircraft’s capacity and fuel economy are poised to position the A321 freighter as the dominant player in the narrow-body freighter market.

About Global Crossing Airlines

GlobalX is a US national flag 121 and additional airline flying the Airbus A320 family aircraft. GlobalX flies as an ACMI passenger and charter airline serving the United States, Caribbean and Latin American markets. In 2022, GlobalX will enter ACMI freighter service flying the A321 freighter, subject to DOT and FAA approvals. For more information, visit www.globalxair.com.

About Avianca Cargo

Avianca Cargo is a leader in the region in the movement of cargo and the principal in several markets throughout the Americas. Serving over 50 destinations with a cargo fleet of Airbus 330 cargo aircraft, in addition to belly operations in over 100 Avianca passenger aircraft. In 2021, Avianca Cargo transported more than 770,000 tonnes in all of its operating markets.

For more information please contact:

Marc Salvador
Marketing Director
Global Crossing Airlines Group, Inc.
E-mail: [email protected]
Such : 786.751.8510 (o)

Gabriela Sarmiento
Cargo Communications Coordinator
Avianca Cargo
email:[email protected]
Tel: +57 313599251

Caution Regarding Forward-Looking Information

This press release contains certain “forward-looking statements” and “forward-looking information”, as defined by applicable United States and Canadian securities laws, regarding anticipated developments and events that may occur in the future. Forward-looking statements in this press release include, but are not limited to, statements regarding the size of the company’s aircraft fleet, the destinations the company intends to serve, the number and expected timing cargo aircraft delivery, expectations regarding the transaction with Avianca, expectations regarding future capacity and the Company’s business.

In some instances, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “budget”, “expected”, “estimates”, “anticipates”, “intends”, ” anticipates” or variations of such words and phrases or statements that certain actions, events or results “could”, “could”, “would”, “could” or “will be taken”, “occur” or “will be achieved” suggesting future results, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding future events or performance. The forward-looking statements contained in this press release are based on certain factors and assumptions regarding, among other things, the receipt of funding to continue flight operations; the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; the timely receipt of government approvals; the success of GlobalX’s flight operations; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will operate or conduct business; the Company has or will have a sufficient number of aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; future fuel prices and aircraft availability. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that 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 statements. forward-looking statements. These factors include risks relating to the ability to obtain financing on acceptable terms, the impact of general economic conditions, risks relating to the supply chain and labor disruptions, the inability to retain or obtaining sufficient aircraft, domestic and international airline industry conditions, the effects of increased competition from our market competitors and new market entrants, lower than expected passenger demand, the impact of the global uncertainty created by COVID-19, future shareholder relations, fuel price volatility, increased operating costs, terrorism, pandemics, disasters, currency fluctuations, interest rates interest, risks specific to the airline industry, risks associated with doing business in foreign countries, management’s ability to implement the strategy GlobalX’s operating strategy, the ability to attract qualified management and personnel, labor disputes, regulatory risks, including risks relating to the acquisition of necessary licenses and permits; risks relating to a material disruption or breach of security of GlobalX’s information technology systems and resulting service interruptions and any related impact on its reputation; and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators and the United States Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or expected. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date of this press release. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking statements. If GlobalX updates one or more forward-looking statements, no inference should be made that it will make any additional updates with respect to such or other forward-looking statements.

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