MIAMI, FLORIDA, July 16, 2020 – Global Crossing Airlines Inc. (TSXV: JET) (the "Company" or "GlobalX") announces that it has signed a letter of intent to acquire by purchase one A320-200 aircraft (the "Aircraft"). The specific aircraft data for the Aircraft has now been incorporated into the GlobalX manual set which has now been submitted to the FAA under Phase 2 of GlobalX's certification. Additional details regarding the Aircraft will be provided in the near term.
The Company also announces that, subject to regulatory approval, it has retained Venture Liquidity Providers Inc. ("VLP") to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common voting and variable voting shares of the Company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP Cdn$5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX Venture Exchange listed issuers.