MIAMI, May 23, 2022 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) announces the signing of a multiple-year charter agreement for its first Airbus A321 Passenger-to-Freighter (P2F) aircraft (the “Aircraft”) entering service to an affiliate of Avianca Cargo (“Avianca”) to support its North American and Latin America cargo programs. The Aircraft, which marks the beginning of the Company’s XCargo™ division, is the first of thirteen (13) firm agreements with lessors, as well as seven (7) additional commitments to acquire and convert Airbus A321s in its P2F program. GlobalX intends to bring all of these future converted aircraft to market between October 2022 and the end of calendar year 2024. Terms of the agreement allow Avianca Cargo to wet lease or charter up to four additional freighters from GlobalX over the next five years. The Aircraft will be the first A321 Freighter to be operated by a U.S. airline.

“We are extraordinarily honored that we will be operating our first A321 freighter for Avianca, one of the great and storied names in aviation. The A321 P2F is a great addition to Avianca Cargo’s aircraft fleet, providing it flexibility to offer cargo services to smaller markets, and to feed Avianca’s A330 fleet at the airline’s main hubs,” said Ed Wegel, Chair and CEO of GlobalX.

“This partnership will allow us to offer in the short and mid-term, more capacity to our customers starting in 2022, with a clear objective of fulfilling their needs. With this, we will expand our capacity in specific markets, offering more options and products,” said Gabriel Oliva, CEO of Avianca Cargo.

About the A321 P2F:

The A321 P2F features a capacity of 14 upper deck and 10 lower deck containers, which is fifty-five percent (55%) more containerized volume than the Boeing 737-800 freighter and fourteen percent (14%) more containerized volume than the Boeing 757-200 freighter. Additionally, it boasts an estimated nineteen percent (19%) lower fuel burn than the Boeing 757-200 freighter. The capacity and fuel economy of the aircraft is poised to position the A321 freighter as the dominant player in the narrowbody cargo market.

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 Avianca Cargo

Avianca Cargo is a leader in the region in the cargo movement and the principal in several markets across the Americas. Serving over 50 destinations with a cargo fleet of Airbus 330 freighter aircrafts, in addition to belly operations in more than 100 Avianca passenger aircrafts. In 2021, Avianca Cargo transported more than 770,000 tons in all its operating markets.

For more information, please contact:

Mark Salvador
Chief Marketing Officer
Global Crossing Airlines Group, Inc.
Email: mark.salvador@globalxair.com
Tel: 786.751.8510 (o)

Gabriela Sarmiento
Cargo Communications Coordinator
Avianca Cargo
mailto:gabriela.sarmiento@avianca.com
Tel: +57 313599251

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 number of and expected timing of delivery of freighter aircraft, expectations with respect to the transaction with Avianca, expectations for future capacity and the business of the Company.

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 labour 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, labour 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.