VANCOUVER, BC--(Marketwired - October 02, 2017) - Canada Jetlines Ltd. (TSX VENTURE: JET)(the "Company" or "Jetlines") is pleased to announce that further to its press release of September 13, 2017 it has obtained final approval for trading on the OTCQB under the ticker symbol JETMF and will commence trading tomorrow at market open on Tuesday, October 3, 2017.
The OTCQB provides more efficient access to U.S. investors, helping Canadian companies to build shareholder value with a goal of enhancing liquidity and share valuation. In addition, investors have access to more transparent pricing information through the availability of premium Real-Time Level 2 quotes. This, in turn, leads to more efficient trading for investors. Through trading on the OTCQB, companies can engage a far greater network of U.S. investor, data distributors and media partners, ensuring U.S. investors have access to the same high-quality information that is available to investors in Canada, but through U.S. platforms and portals used to conduct research.
The Company further announces that it has now received TSX Venture Exchange approval for, and has completed, the issuance 250,000 common voting shares to Echelon Wealth Partners Inc. as payment for certain advisory services that were provided to the Company. The issued common voting shares will be subject to a statutory four month hold period that expires February 3, 2018.
About Canada Jetlines Ltd.
Canada Jetlines is set to become Canada's first 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. 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.
Jetlines plans to operate modern Boeing 737-800NG aircraft in a 189 seat, all-coach configuration. Jetlines believes that Canadians deserve to have affordable low fares with the added convenience of operating from secondary airports. Additional services for baggage, seat selection and onboard beverages will be available to customers for an additional charge. Jetlines is planning to begin ticket sales through its website www.jetlines.ca in Spring 2018 and targeting start of flight operations for Summer 2018, subject to government approval.
For more information on Jetlines, please visit our website at www.jetlines.ca.
ON BEHALF OF THE BOARD
"Mark J. Morabito"
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 trading on the OTCQB, business plan, Jetlines ability to offer ultra-low fares, and future airline operations of the Company.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state 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 accuracy, reliability and applicability of the Jetlines' business model; the timely receipt of governmental approvals, including the receipt of approval from regulators in Canada, the United States, Mexico and other jurisdictions where Jetlines may operate; the timely commencement of operations by Jetlines and the success of such operations; the ability of Jetlines to implement its business plan as intended; 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; the completion of financing for airline operations; 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 acts of God, the impact of general economic conditions, changing domestic and international airline industry conditions, volatility of fuel prices, increases in operating costs, terrorism, pandemics, 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, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained 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.
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.
These press releases may also interest you