Miami, Florida--(Newsfile Corp. - June 29, 2020) - Global Crossing Airlines Inc. (TSXV: JET) (the "Company" or "GlobalX") is pleased to announce the appointment of Mr. Zygimantas Surintas, CEO of SmartLynx Airlines ("SmartLynx"), to the Company's board of directors. His appointment follows the previously announced comprehensive commercial agreement covering several areas for cooperation and for the exchange of aircraft on damp lease during each airline's peak periods. The areas of cooperation include the reduction of costs through shared services, pilot and cabin crew recruitment and training.
Mr. Surintas has significant executive experience with commercial businesses in North America and Europe combined. Since June 2016, he has held the position of CEO and Director of SmartLynx. SmartLynx is one of the leading EU based ACMI and charter operators on Airbus A320 and A321 aircraft. SmartLynx is a family member of Avia Solutions Group, the largest aerospace business group from Central & Eastern Europe in 2019, providing aviation services and solutions worldwide.
The Company also announces that it has engaged The Howard Group as its capital markets communications advisor to direct both traditional and online initiatives targeting the investment, institutional, retail investors and investing groups.
The agreement with The Howard Group (the "Agreement") is for one-year effective July 1, 2020. The remuneration payable to The Howard Group will be $7,500 per month plus GST. In addition, The Howard Group will be granted 150,000 options, vested over twelve months with a three-year term and an exercise price equal to $0.60 per share.
Since 1988, The Howard Group has provided comprehensive investor outreach and capital markets programs, financing assistance, business development solutions and strategic planning to public companies.
The Howard Group and members of The Howard Group collectively own 46,000 variable voting shares of GlobalX on a post consolidated basis. The Company will pay the monthly fee from its cash on hand. The Agreement and grant of options are subject to TSX Venture Exchange approval.
In addition, The Howard Group Inc. will be providing an ongoing commentary on GlobalX's activities through its "Insight blog. Interested parties are encouraged to subscribe to the commentary feed: https://howardgroupinc.com/howard-group-blog/.
The Company further announces that its Board of Director has approved an amendment to the Company's Stock Option Plan (the "Plan") to increase the maximum number of common shares reserved for issuance under the Plan pursuant to the exercise of options from 1,600,000 to 2,730,000 (after taking into account any other outstanding securities under any other executive compensation plans of the Company). The new limit represents approximately 9.9% of the current issued and outstanding number of common voting and variable voting shares of the Company. The amendment of the Plan is subject to receipt of TSX Venture Exchange approval.
The Company also announces the appointment of Mr. Ed Wegel as Chair of the Board of Directors. Mr. Wegel is now the Chair and Chief Executive Officer of the Company.
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:
The Howard Group Inc.
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 business and operations of the Company and the commercial arrangement with SmartLynx.
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/58812