Global Crossing Airlines Signs Second A321 Lease With Greenwich Highland Aviation for Freighter Program

MIAMI, June 14, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. ( JET: NEO; JET.B: NEO; JETMF: OTCQB ) (the " Company " or " GlobalX ") is pleased to announce the signing of a second operating lease of an Airbus A321 aircraft from a Greenwich Highland Aviation, LLC (" GHA ") managed entity (the " Aircraft "), for use in its Passenger-to-Freighter (" P2F ") program.

GHA arranged the acquisition of the Aircraft (MSN 1953), which will commence conversion in July 2022, and will enter service with GlobalX by Jan 2023.

"We are delighted to sign our second lease from our original agreement for four A321 freighters with Greenwich Highland Aviation. Our first A321F from GHA is expected to deliver in September 2022, and we look forward to receiving the second freighter by the end of 2022. Our XCargo™ division is moving forward quickly, with our first A321F dedicated to fly for Avianca," said Ed Wegel, Chair and CEO of GlobalX.

"We are proud to be supplying GlobalX with additional A321P2F freighter aircraft as they develop their fleet and cargo operations," said Stuart Peebles, Principal of Greenwich Highland Aviation.

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 .

About Greenwich Highland Aviation (GHA)

Formed in 2011 by a team of aviation industry professionals, each with over 25 years experience, GHA has become a very successful lessor and trader, specializing particularly in the A320 family. Building on previous individual experience in converting and leasing P2F narrow body equipment GHA has for some time been developing its A321 P2F lease offering package for the narrow body freighter market.

For more information, please contact:

Mark Salvador, Chief Marketing Officer
Email: [email protected]
Tel: 786.751.8510

Cautionary Note Regarding Forward-Looking Statements

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, conversion and entry into service timelines of the A321F aircraft and details regarding freighter operations.

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; 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, 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.

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