Miami, Florida (August 28, 2020) - Global Crossing Airlines Inc. (TSXV: JET) (OTC Pink: JETMF) (the "Company" or "GlobalX") pleased to announce the signing of a letter of intent for its first A321-200 (the "Aircraft"), under an operating lease with Magnetic Leasing.
The Aircraft, a 2005 year build previously operated by a major government owned Asian airline, is expected to be delivered to GlobalX in December 2020. Delivery will occur after signing of definitive lease documents and painting the Aircraft in GlobalX colors at IAC in Lake City, Florida.
This aircraft was specifically selected by GlobalX to initiate its services to Cuba, subject to governmental approvals, and planned as the first aircraft that will eventually be converted to freighter configuration. GlobalX is currently negotiating the acquisition of additional A321 aircraft for conversion to freighters as part of its overall strategic plan to become a narrowbody A321 freighter operator.
GlobalX continues the development of its A320 fleet plan and expects to announce the closing of additional aircraft under lease and purchase contracts in the next 15 days.
"We are grateful to Magnetic Leasing for their support of our vision and business plan. This A321 complements our plans for our initial charter operations. Magnetic is a dynamic and entrepreneurial company very much like GlobalX intends to be, and we look forward to working with them on this delivery and additional aircraft." said Ed Wegel, Chairman and Founder of GlobalX.
"We are delighted to have signed with GlobalX, said Alex Vella, COO of Magnetic Leasing. "They have an impressive management team which has developed a business plan to challenge the status quo and create excitement at a time when the industry is depressed. We are honoured to provide the first leased aircraft to GlobalX to help launch their International operations and look forward to developing and expanding our partnership for many years to come."