Canada Jetlines Confirms Shareholder Approval of Transaction and Provides Details of GlobalX Online Presentation

Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Canada Jetlines Ltd. (JET: TSX-V) (the "Company" or "Jetlines") is pleased to announce that its shareholders have overwhelmingly approved the business combination transaction (the "Transaction") of Global Crossing Airlines, Inc. ("GlobalX") and Jetlines. At Jetlines' Special Meeting of shareholders, 95.89% of the common and variable voting shares were voted in favour of the Transaction. With shareholder approval of the Transaction completed, GlobalX and Jetlines are working to satisfy the final closing conditions. The parties are anticipating that all closing conditions will be satisfied or waived in June 2020, such that the closing of the Transaction can occur during the current month.

The Company also announces that GlobalX's Chairman and CFO will be providing an online presentation on Thursday, June 4, 2020 at 11:00 a.m. (PDT) / 2:00 p.m. (EDT). In this presentation, GlobalX presentation will be providing an overview of the market opportunity provided by GlobalX as a Miami based charter airline servicing airlines, tour operators and leasing companies on a global basis. They will also be answering questions from investors. Any one who is interested in joining the online presentation can register through the link below:

Online Presentation: https://us02web.zoom.us/webinar/register/WN_fhjfXOAkQuytwbpJROpAtg

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/

Miami based AVi8 Air Capital, LLC advised and structured the transaction on behalf of GlobalX.

Additional Information

The Company also announces that in connection with the Transaction it intends to settle approximately Cdn$145,000 of debt due to certain creditors through the issuance of approximately 418,000 common shares (post-Consolidation) at a deemed price of US$0.25 per share (the "Shares for Debt Settlement"). The board and management of the Company believe that the proposed Shares for Debt Settlement is in the best interests of the Company as it will eliminate a significant liability for the Company. The completion of the Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange (the "Exchange").

Additional information as required will be provided by way of a subsequent news release. Trading in the common shares of the Company on the Exchange will remain halted until such time as the requirements of the Exchange are met.

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Jetlines should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

For more information, please contact:

Global Crossing Airlines, Inc.
Ryan Goepel, Chief Financial Officer
Email: Ryan.goepel@globalairlinesgroup.com

Media Contact: mark.tender@avi8aircapital.com

Canada Jetlines Ltd.
Carlo Valente, Chief Financial Officer
Toll Free: 1-833-226-5387
Email: investor.relations@jetlines.com

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 (i) the details of the closing of the Transaction, including potential timelines and satisfaction of closing conditions, (ii) the details of the Shares for Debt Settlement; and (iii) receipt of TSXV and regulatory approvals of the Transaction.

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' and GlobalX's business model; the timely receipt of governmental approvals; the timely commencement of operations by Jetlines and GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where the Jetlines and GlobalX will carry on business or have operations; the impact of competition and the competitive response to the Jetlines' or 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 Jetlines' or 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. There is no assurance that the closing of the Transaction will occur. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57039

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