VANCOUVER, British Columbia, Nov. 01, 2018 (GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (JET:TSX-V) (the “Company” or “Jetlines”) is pleased to announce the appointment of industry veteran and former Southwest Airlines executive, Mr. Michael Bata as Chief Operations Officer, effective November 1, 2018. Michael is a seasoned aviation veteran with over 35 years experience in the aviation industry and has held positions with multiple fortune 100 and 500 companies.
“I am thrilled to welcome Michael to our Jetlines team. He brings the right experience and an outstanding attitude that will help build the foundation for Jetlines’ future. His entrepreneurial spirit and track-record of tight operational control will be an asset as we move closer to first flight and continue to build the team,” commented Javier Suarez, CEO of Jetlines.
Michael Bata commented, “I am very excited and look forward to working with all of the Jetlines’ teams. Coming from an industry leader like Southwest Airlines then continuing with Vueling and JetSuite, I understand the value of a strong, unique, positive, company culture which can only be realized by supporting a talented and dynamic team. Together we will be hyper focused on maintaining detailed operational control which is paramount for low-cost carriers. Javier and the current management team have done a great job so far and I look forward to being a part of Jetlines’ success as we prepare for our launch and into the future.”
In addition to his Southwest Airlines Experience, Michael held the role of Chief Operating Officer at JetSuite and JetSuiteX, the fourth-largest private jet charter company in the United States, with flights to over 3,000 destinations in Canada, the US, Mexico, and the Caribbean. During this time, Michael led operational teams including Pilots, Maintenance & Engineering, and Ground Operations; successfully developing initiatives that improved aircraft on ground recovery time by 73%.
Prior to JetSuite, Michael was Chief Operating Officer at Vueling Airlines, one of fastest-growing LCCs in Europe. At Vueling with Michaels leadership, Michael and his teams successfully lowered long term maintenance costs by €290 million through strategic sourcing projects, as well as developed and implemented a number of fuel savings and operational procedures initiatives that resulted in annual projected savings of an additional €30 million.
During his nine years at Southwest Airlines, the largest LCC in the world, Michael held senior roles with Southwest Airlines. As the Director of Maintenance, Michael was responsible for all maintenance and engineering operations of the Western Region, leading a team of 665 employees and maintaining a USD $459 million annual budget. Michael implemented new procedures to ensure timely, compliant check and repair of all aircraft in his region and was instrumental in reducing costs and managing a more efficient budget.
Michael is a commercial pilot with multiple ratings and over 3,500 hours of flight time logged.
In connection with his appointment as Chief Operating Officer, Mr. Bata will be granted 750,000 Restricted Share Units (“RSUs”). The RSUs vest over a three-year period from the date of grant, with one third vesting at the end of each year during the three-year period.
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"
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.
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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 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.
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