Global Crossing Airlines Provides Fourth Quarter 2021 Update

Quarter Highlights

• Q4 2021 actual hours sold was 280% higher compared to the 378 hours sold in Q3 2021
• Signed LOI for an Airbus A319 for delivery by mid-February 2022
• Signed LOI for an Airbus A320 (ex-Alaska) to be delivered in March 2022- sister ship to two other aircraft in our fleet
• Signed LOI for two additional A321 freighter aircraft to be delivered in 2023, bringing the total number of A321F's that GlobalX intends to acquire to 11

MIAMI, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: TSX-V; JET.B: TSX-V; JETMF: OTCQB) (the "Company" or "GlobalX") today provided an update on its operations for the fourth quarter of 2021 and a preview of Q1 2022.

"Q4 was an excellent quarter with over 1,400 block hours sold (of which half was in December) versus 378 block hours in Q3 2021. Our government business remained strong, and we added several new clients with football bowl game flying and continued expansion of our Havana flying. We continue to be very excited about the enthusiasm for our product offering and our growing portfolio of customers. Our operations during the fourth quarter again demonstrated the validity of our business case," said Ed Wegel, Chair and CEO of GlobalX.

Outlook

Looking ahead, GlobalX projects strong demand and increased block hours in the first quarter of 2022. In addition to the delivery of two additional passenger aircraft in the first quarter, GlobalX's first two A321 freighters will enter conversion in January and February, on time for a Q3 delivery. In the fourth quarter of 2021, GlobalX sold 85% of its available capacity and expects to continue to sell capacity at that rate in 2022. Expected capacity in Q1 2022 will increase by 41% over Q4 2021 and expected capacity in Q4 2022 is projected to be 2.3 times greater than available capacity in Q4 2021.

Commenting on the results, Mr. Wegel stated: "Our growth continues, and we are being offered additional aircraft at very advantageous lease rates and terms. Our business case remains strong, and we will start our cargo certification with the FAA this quarter with converted A321 freighters being delivered in the third quarter of 2022."

As a reminder, there will be a Zoom webinar today at 2:00PM Eastern Time with Management to discuss these results and more.

You can register in advance for this webinar:
https://us02web.zoom.us/webinar/register/WN_OICZC9lLSLemfEmz9k09Sg

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, and Latin American markets. In 2022, 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:

Ryan Goepel, Chief Financial Officer
Email: [email protected]
Tel: 786.751.8503

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 Company's intention to fly as an ACMI and wet lease charter airline, Company's projected aircraft fleet size and delivery dates, projections for future revenue and block hours, and the destinations that the Company intends to service.

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 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 continue airline operations, the accuracy, reliability and success of GlobalX's business model; the timely receipt of governmental approvals; the success of airline operations of GlobalX; 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.