Global Crossing Airlines Provides Second Quarter 2022 Update

Editor -

During Q2:

  • Signed LOI for a second Airbus A319, MSN 1936, in passenger configuration, for delivery by end of August or early September 2022, from Blue Peak Aviation.
  • LOI with Blue Peak Aviation for MSN 1936 was executed in June, 2022.
  • Signed LOI for an Airbus A321, MSN 1966, to be delivered in August 2022 in passenger configuration; transaction includes eventual conversion to freighter in January 2024.
  • LOI with Greenwich Highland Aviation for MSN 1966 was executed in March 2022.
  • Signed LOI for the lease extension of current lease, and eventual conversion to freighter in March 2024, of our current A321, MSN 2480, with Icelease.
  • LOI with Icelease for MSN 2480 was executed in May, 2022.
  • Signed firm lease agreement for one A321 freighter, MSN 1438, to be delivered in October 2022, from Greenwich Highland Aviation (“GHA”).
  • Lease agreement with GHA for MSN 1438 was executed in June, 2022.
  • Signed firm lease agreements for two additional A321 freighter aircraft MSN 1451 and MSN 1503, to be delivered in July and October 2023, respectively, from Aerovista, bringing the total number of A321Fs that GlobalX intends to acquire to 15.
  • Signed lease agreements in March 2022 for MSN 1451 and MSN 1503.
  • Received FAA approval for North Atlantic Tracks operations specification which allows GlobalX to carry passenger traffic from the US to Europe.
  • Completed all requirement for IOSA 9000 certification and expect final certification approval in Q3.
  • Received approval for the land lease at Ft. Lauderdale Int’l Airport to build a major maintenance facility.
  • Received operating permit from Govt. of Colombia to allow for the establishment of a subsidiary cargo airline.
  • Received operating permit from the Govt. of Ecuador to allow for the establishment of a subsidiary airline.

MIAMI, July 05, 2022 – Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) today provided an update on its operations for the second quarter of 2022 and a preview of Q3 2022.

Commenting on the results, Mr. Wegel stated:

“Q2 was another excellent quarter with 2,418 block hours sold versus 1,729 block hours flown in Q1 2022 for a 40% quarter over quarter increase. We added a sixth A320 for a total fleet of seven aircraft, signed LOIs for two passenger aircraft and one freighter aircraft, and signed a firm lease agreements for three A321 freighter aircraft. We also signed a major contract with TUI fly Netherlands for up to 1,600 hours in Q3, and started flying for a major client in Dominican Republic,” said Ed Wegel, Chair and CEO of GlobalX.

Outlook

Looking ahead, GlobalX projects continued strong demand and increased block hours in the third quarter of 2022 with 2,997 block hours already sold. Expected capacity in Q3 2022 will increase by 45% over Q2 2022 and expected capacity in Q4 2022 is expected to increase an additional 45%. GlobalX will take delivery of two A319 and one A321 aircraft in Q3, as well as the first A321 freighter in late September, all subject to final DOT and FAA approvals.