Global Crossing Airlines Announces US$10 Million Financing with Ascent Global Logistics, Inc

Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce a 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.

According to Ed Wegel, the Chair and CEO of GlobalX, "We are delighted to welcome Ascent to our investor group. Their investment signals their strong confidence in the management team and our strategic plan, and the funds will be used to accelerate our growth with additional A320s added to our fleet in 2021 and to prepare for A321 freighter aircraft later this year. As well, we see strong synergies with Ascent's logistics capabilities and robust freight network."

Added Chris Jamroz, Executive Chairman of Ascent, "We evaluated entering the charter air market on our own, and realized we were much better off partnering with GlobalX instead. This is the team to back and the time to do so. We look forward to working closely with GlobalX as they pounce on the tremendous growth opportunities they have."

Pursuant to the Offering, Ascent will subscribe for and purchase 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 the date which is 60 months following the closing date. Ascent will also subscribe for and purchase 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 and one purchase 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 Company intends to use the net proceeds of the Offering to accelerate its growth plans with the planned acquisition of additional A320 family aircraft and to prepare for cargo charter operations later in 2021.

In connection with the Offering, Ascent will have the right to nominate two directors to the Company's Board of Directors. The Offering is non-brokered and is subject to the approval of the TSX Venture Exchange.