Canada Jetlines Provides Corporate Update

World News: . []

VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) -- (TSX-V:JET) (OTCQB:JETMF) (the “” or “”) is pleased to provide an update on certain recent corporate developments related to financing, the regulatory process, aircraft acquisition, personnel additions and launch timeline. Jetlines has been diligently pursuing a number of initiatives required for the start-up of operations as an ultra-low-cost carrier. Over the last year since Jetlines commenced trading on the TSX Venture Exchange, it has accomplished the following:

The key items remaining to commence flight operations are the completion of the licensing process, aircraft acquisition and completion of the financing process. With respect to aircraft acquisition, the current market for leased aircraft has tightened considerably during 2017 and early 2018. The principal reasons are the well documented engine manufacturing issues for the Airbus neo-powered aircraft, the increased demand for the Boeing freighter conversion program for Boeing 737-800s and world-wide traffic demand exceeding projections. All of these factors have led to increased demand and decreased supply of used aircraft available for lease. Jetlines previously secured aircraft under an LOI; however, the lessor was unable to provide a definitive delivery date.

At this stage Jetlines is in advanced negotiations with several major aircraft lessors to secure the aircraft required to support both its start-up and growth plans. However, it will not attain a June 2018 start-up date as previously projected. Once Jetlines has secured definitive aircraft delivery dates, it will provide new guidance to the market on its projected start-up date. It expects to provide an update announcement in the second quarter of 2018.  In the interim Jetlines continues to advance its efforts with personnel recruitment, airport agreements, the licensing process and the financing plan.

Canada Jetlines is set to become Canada’s first true ultra-low cost carrier (ULCC) airline, with plans to operate flights across Canada and provide non-stop service from Canada to the United States, Mexico and the Caribbean. Jetlines is led by a board and management team with extensive experience and expertise in low-cost airlines, start-ups and capital markets. The Company was granted an unprecedented exemption from the Government of Canada that will permit it to conduct domestic air services while having up to 49% foreign voting interests.

For more information on Jetlines, please visit our website at .

Canada Jetlines is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

More news and information about Canada Jetlines Ltd.

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Globe Newswire: 21:00 GMT Tuesday 13th March 2018

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