TORONTO--(BUSINESS WIRE)--Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines”) is pleased to announce that it has received a determination from the Canadian Transportation Agency (“CTA”) that Canada Jetlines meets the regulation requirements with regards to Canadian ownership and control, subject to filing confirming corporate documents. The CTA also completed Stage 1 “Determination of Financial Requirements” for Canada Jetlines’ application.
“I am very excited that Canada Jetlines has now received Canadian ownership and control approval and the Stage 1 determination from the CTA,” stated Eddy Doyle, CEO of Canada Jetlines. “We are now in the final stages of the licensing process, and I am confident we will satisfy the final requirements in time for a summer launch date.”
In 2021 Canada Jetlines commenced the application process for a license to operate air service, large aircraft pursuant from the CTA. The application process requires Canada Jetlines to provide information regarding the ownership structure and financial information in two stages. The first stage requires the provision of information and documentation regarding the funding requirements for the start-up and operation of an air service for a 90-day period. The second stage requires the provision of evidence that the requisite funding is in place to finance the proposed air service. Jetlines is advancing the completion of the funding to satisfy stage 2 requirements with the intention to commence air service in the summer of 2022, subject to final CTA and Transport Canada approval.
The Air Operator Certificate (“AOC”) application process with Transport Canada is progressing as planned, having achieved significant milestones never before achieved by Canada Jetlines. These include the approval of the majority of submitted manuals, conditional approval for pilot training, the completion of the first pilot course and simulator check ride. Subject to receiving Transport Canada approval, Canada Jetlines intends to start flight attendant training next month.
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About Canada Jetlines
Canada Jetlines is a well-capitalized leisure focused carrier, utilizing a growing fleet of Airbus320 aircraft targeting a start in 2022, subject to Transport Canada approval. The all-Canadian carrier was created to provide passengers another choice to travel to their favorite destinations within the U.S., Caribbean, and Mexico. With a projected growth of 15 aircrafts by 2025, Canada Jetlines aims to offer the best-in-class operating economics, customer comfort and fly-by-wire technology, providing an elevated guest centric experience from the first touchpoint. The efficient aircraft design merged with the experience of the all-Canadian management team, allows for accessible flight options without sacrificing quality or convenience. Canada Jetlines will use a state-of-the-art web booking platform, making the turnkey solution available to Travel Agents, Tour Operators, and consumers, with the capability of generating revenue on reservations and ancillary sales. We aim to provide more revenue opportunities to express our gratitude to current and future agent partners and all the work that they do. We look forward to working with you to create memorable travel experiences for consumers. To learn more, please visit www.jetlines.com and follow on all social media platforms for news and updates.
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to the Company’s intention to operate as a leisure airline, number of aircraft it intends to operate, the completion of the CTA and Transport Canada approval process, growth plans, revenue options and intended timeline to begin servicing destinations and business of Jetlines.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to commence airline operations, the accuracy, reliability and success of Jetlines’ business model; the timely receipt of governmental approvals including from the CTA and Transport Canada; Jetlines concluding a definitive agreement for aircraft to commence airline operations; the timely commencement of operations by Jetlines and the success of such operations; the legislative and regulatory environments of the jurisdictions where Jetlines will carry on business or have operations; the impact of competition and the competitive response to Jetlines’ business strategy; and the availability of aircraft. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the failure of the Company to conclude definitive agreements to acquire aircraft, supply chain disruptions causing delays in expected timelines, the impact of the global uncertainty created by COVID-19, future relations with shareholders, volatility of fuel prices, increases in operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, the ability of management to implement Jetlines’ operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits from Transport Canada, the Canadian Transportation Agency and other regulatory agencies, and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update any forward-looking information.