Global Crossing Airlines Announces Agreement to Finance Construction of its new Maintenance Facility

MIAMI, Sept. 07, 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 reached an agreement with Sheltair Aviation for the financing and construction of a new aircraft maintenance facility at the Fort Lauderdale- Hollywood International Airport (KFLL). GlobalX expects to break ground on this new facility in Q4 2023, occupy the facility in Q2 2025, and to cost approx. $25 million to construct.

“We are pleased that we are partnering with Sheltair to build our maintenance home base facility. This state-of-the-art facility will cover approximately 69,650 square feet of hangar, office and shop space, providing the capability to hold three A320 family aircraft or one A330 sized aircraft. This facility is vital to our growth and allows us to perform maintenance up to C checks on our growing Airbus fleet. Sheltair has extensive experience in the design, financing, and construction of hangar facilities and continually adds new facilities to their portfolio acting as construction program manager and working with world-class design and construction team to develop large aircraft hangar facilities. We welcome their proven track record and expertise to finish the design and build out of this incredible new facility” said Ed Wegel, Chair and CEO of GlobalX.

“Sheltair is honored and excited for our new partnership and opportunity to design, build, finance, and leaseback a new MRO hangar facility for GlobalX at the Fort Lauderdale-Hollywood International Airport (KFLL). This large-scale hangar project will also complement Sheltair’s existing award winning FBO and hangar complex. Sheltair looks forward to completing this planned premium facility for GlobalX to enable them to have a state-of-the-art MRO facility at KFLL and support the rapid growth of their fleet.” said Todd Anderson, Sheltair’s Chief Operating Officer.

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. GlobalX is also now operating ACMI cargo service flying the A321 freighter. For more information, please visit . 

About Sheltair

Sheltair Aviation, now in it’s 60th year, is a leading developer and operator of premium aviation facilities. Founded by Jerry Holland in 1963 and now led by his daughter, Sheltair President and CEO, Lisa Holland, the company's holdings at 21 locations in Florida, Georgia, Texas, and Colorado, include more than 4.75 million square feet of specialized aviation facilities, including 548,135 square feet already in operation at Fort Lauderdale International Airport. In addition, Sheltair currently has 146,730 square feet of facilities in development at three locations, all expected to open between 2023 and 2025, including the Fort Lauderdale facility that will primarily house the GlobalX maintenance base. 

For more information, please contact:

Ryan Goepel, Chief Financial Officer

Email:

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 Company’s growth plans, the construction timeline, occupation date and cost estimate for the new facility, and the completion of maintenance at the facility.

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.