Global Crossing Airlines Completes Initial Draw Down on GEM Facility and Releases Details of Management Monthly Update

Miami Florida--(Newsfile Corp. - August 26, 2020) -  Global Crossing Airlines Inc. (TSXV: JET) (OTC Pink: JETMF) (the "Company" or "GlobalX") is pleased to announce that the initial draw down (the "Draw Down") has been completed under the GEM Facility in accordance with the GEM Agreement as previously disclosed. (See the news release dated May 6, 2020 for further information with respect to the GEM Agreement.)

Pursuant to the Draw Down, GEM Global Yield LLC SCS was issued 473,714 common voting and variable voting shares ("Shares") of GlobalX at a price of $0.8937 per Share (the "Share Price") for gross proceeds of $423,358.20. The dilution to shareholders from this funding is approximately 1.7%. The Share Price reflects an approx. 160% increase from the share price at the restart of trading on June 24^th. GlobalX will use the funds to complete Phase 2 requirements under its plan of certification with the FAA, including the implementation of airline specific software systems for flight operations and maintenance, as well as initial deposits for A320 aircraft.

GlobalX EVP/CFO, Ryan Goepel stated "This first draw of funds under the GEM facility was very efficient, and shows our ability to tailor the amount of each draw to specific operational requirements, minimizing shareholder dilution while allowing us to meet on a timely basis our funding needs going forward."

Management will host its monthly update through a Zoom webinar on Monday, August 31 at 3:00 PM EST. Interested parties are encouraged to register below.

When: Aug 31, 2020 - 03:00 PM Eastern Time
Topic: Global Crossing Airlines Management Update

Register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_9W5eNz_5TEmDKzh32yH03w

After registering, you will receive a confirmation email containing information about joining the webinar.

About Global Crossing Airlines

GlobalX is a new entrant airline now in FAA certification using the Airbus A320 family aircraft. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets.

For more information please visit https://www.globalairlinesgroup.com/

For more information, please contact:

Mark Tender
Head- Corp. Communications & Investor Relations
Email: mark.tender@globalairlinesgroup.com
Phone: 914-646-5012

or

Jeff Walker
Vice President
The Howard Group Inc.
Email: jeff@howardgroupinc.com
Tel: 403-221-0915
Toll Free: 1-888-221-0915

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 Company's intention to fly as an ACMI and wet lease charter airline, the completion of the FAA certification process, the use of proceeds of the drawdown and the creation of a cost efficient and performance focused airline.

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 GlobalX's business model; the timely receipt of governmental approvals; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX's 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, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the impact of the global uncertainty created by COVID-19, future relations with shareholders, 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 GlobalX's 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; 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 results to differ materially from those described in forward-looking information, there may be other factors that cause 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/62532