Global Crossing Airlines Receives FAA Approval to Commence Cargo Operations

Global Crossing Airlines Group Inc.
Global Crossing Airlines Group Inc.

--will be first A321 Freighter operator in the Americas
--will take delivery of six A321 Freighters this year and up to nine in 2024/2025

MIAMI, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to announce that is has received approval from the US FAA for cargo operations and will commence revenue cargo flights with the A321 Passenger to Freighter (P2F) aircraft (“A321F”) this week (pending final FAA approved documentation).

“This is a tremendously significant milestone for GlobalX on our path to being one of the leading narrow body charter operators for both passengers and freight in North America. Our expansion into cargo has always been a key aspect of our growth strategy to diversify our revenue streams and maximize the use of all of our assets,” said Ed Wegel, Chair and CEO. “We are also particularly honored to be the first airline in the Americas to operate the A321F and we believe this aircraft is a game changer in the narrowbody freighter market and we thank ST Engineering for their total support during the conversion and delivery of this aircraft,” he continued.

Currently GlobalX has one A321F aircraft and is expecting the second A321F to arrive by mid-March, with the third A321F to be delivered in May. GlobalX currently is scheduled to take delivery of an additional three (3) A321F aircraft in 2023 for a total of six (6), and two (2) in 2024. Additionally, GlobalX is working to finalize leases on lessor commitments for another five (5) A321F aircraft to be delivered in the 2024-2025 time frame and is working on letters of intent for two (2) additional A321F aircraft.

About the A321 P2F:

The A321 P2F features a capacity of 14 upper deck and 10 lower deck containers, which is fifty-five percent (55%) more containerized volume than the Boeing 737-800 freighter and fourteen percent (14%) more containerized volume than the Boeing 757-200 freighter. Additionally, it boasts an estimated nineteen percent (19%) lower fuel burn than the Boeing 757-200 freighter. The capacity and fuel economy of the aircraft is poised to position the A321 freighter as the dominant player in the narrowbody cargo market.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, European and Latin American markets. In 2023, GlobalX will enter ACMI cargo service flying the A321 freighter, subject to DOT and FAA approvals. For more information, please visit www.globalxair.com.

For more information, please contact:

Glen Gates, VP-A321F Programs
Email: glen.gates @globalxair.com
Tel: 916-844-9040

Ryan Goepel, Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503

Cautionary Note Regarding Forward-Looking Information

This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the delivery and entry into service timelines for future aircraft, the number of future aircraft it intends to acquire, potential revenue streams, the fuel performance and capacity of aircraft and the conclusion of letters of intent.

In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" 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 statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, 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 statements involve 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 statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, 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, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service 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 U.S. 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 intended. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements are 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 statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.