Canada Jetlines Ltd. (TSX-V: JET) (the “Company” or “Jetlines”) is pleased to announce that it has partnered with AerCap, a global leader in aircraft leasing and aviation finance, and has signed a Definitive Lease Agreement for two Airbus A320 aircraft, effective June 12, 2018. Delivery of the two aircraft is expected by the first half of 2019.
AerCap is the world's largest independent aircraft leasing company with a well-diversified portfolio of high-quality aircraft. They provide aircraft to a global network of approximately 200 airline customers in approximately 80 countries and is recognized as the most active aircraft trader globally. AerCap’s President & Chief Commercial Officer, Philip Scruggs commented, “We are very pleased to welcome our new customer airline, Jetlines, and particularly pleased to play a role in the start-up of their new operations. We wish the board and management team every success and we look forward to working with the Jetlines team as they begin operations.”
Incoming CEO Lukas Johnson stated, “AerCap has a proven reputation of leasing high-quality aircraft and we look forward to continuing to build a positive relationship with them. Through my experience with Airbus, I believe that these planes are the right aircraft to commence operations with. The majority of ultra-low cost carriers worldwide operate with the Airbus A320 fleet based on its fuel-efficient narrow-body framework that supports a high-density seat configuration.”
The two committed Airbus A320’s are sister aircraft, having virtually identical conformity in design, features, and equipment, allowing Jetlines to expedite the necessary training and maintenance processes to commence operations at an earlier date. The sister aircraft are 12 years old.
Executive Chairman Mark Morabito stated, “Our operations team has worked diligently on securing quality aircraft, carrying out a meticulous vetting process to ensure that the aircraft are fit for Jetlines and our future passengers.” Mr. Morabito continued, “I am pleased to report that we are now positioned to carry out the remainder of work to complete our licencing process and that we are continuing to advance our financing initiatives, personnel recruitment, and airport agreements.”
The pre-existing purchase agreement with Boeing for the 737-MAX’s for delivery in 2023 remains in place. Jetlines plans to use the Airbus planes to support its start-up operations and is not limited from securing a Boeing fleet in future, should the Company decide to do so.