Miami, Florida--(Newsfile Corp. - April 29, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce that it has closed its previously announced US$10 million equity offering (the "Offering") from Ascent Global Logistics, Inc. ("Ascent"). Ascent is a leading logistics, transportation and supply chain solutions provider. Ascent-On-Demand operates the largest domestic expedited air charter operation in North America, as well as USA Jet and Rambler Air, airlines in the US with more than 30 aircraft in total.

Pursuant to the Offering, Ascent purchased 2,000,000 units (each a "Unit") at a price of US$1.29 per Unit for gross proceeds of US$2,580,000. Each Unit is comprised of one share of Common Stock (each, a "Share") and one purchase warrant of the Company (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share of the Company (each, a "Warrant Share") at a price of US$1.50 per Warrant Share until April 29, 2026. Ascent also purchased 5,537,313 Units at a price of US$1.34 per Unit for gross proceeds of US$7,419,999.42. Each Unit is comprised of one share of non-voting Class A Common Stock ("Class A Shares") and one Warrant. Each Warrant will entitle the holder thereof to acquire one Share, and with other terms and conditions identical to the Warrant described above.

The Class A Shares are convertible into Shares on a one-for-one basis upon written notice to the Company; provided, however, that the Class A Shares may not be converted to the extent that, after giving effect to such conversion, the holder thereof, or any of its affiliates, collectively, would beneficially own in excess of 4.99% in the aggregate of the issued and outstanding Shares after such conversion.

The Company intends to use the proceeds of the Offering to complete the FAA certification process, accelerate its growth plans with the planned acquisition of additional A320 family aircraft, to prepare for cargo charter operations later in 2021 and for general corporate and working capital purposes.

In connection with the Offering, the Company has appointed, as a nominee of Ascent, David G. Ross to its Board of Directors. David serves as Chief Strategy Officer at Ascent and was previously the Head of Transportation and Logistics Equity Research at Stifel Nicolaus.

No finder's fees were paid in connection with the Offering. The securities issued in the Offering are subject to a TSX Venture Exchange hold period that expires on August 30, 2021.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Ascent Global Logistics
As a leading transportation and supply chain solutions provider, Ascent Global Logistics focuses on simplifying logistics. Through its Domestic, International and On-Demand offerings, Ascent helps its clients with supply chain management by providing customized solutions, premium customer service and state-of-the-art technology. For more information, please visit the Ascent Global Logistics website, .

About Global Crossing Airlines Group

GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information please visit .

For more information, please contact:

Ryan Goepel
EVP and CFO
Global Crossing Airlines
786- 751-8503 (O)
Email:

Jeff Walker
Vice President
The Howard Group Inc.
Email:
Tel: 403.221-0915
Toll Free: 1-888-221-0915

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 the use of proceeds of the Offering, the Company's intention to fly as an ACMI and wet lease charter airline, the destinations of its intended charter flights, the timeline to commencement of its charter flights, and the completion of the FAA certification process.

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 GlobalX's business model; the timely receipt of governmental approvals; GlobalX concluding a definitive agreement for the Aircraft; the timely commencement of operations by GlobalX and the success of such operations; 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; the timely removal of air travel restrictions to Venezuela 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 failure of the Company to conclude a definitive agreement to acquire the Aircraft, 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.

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