Canada Jetlines Announces Special Meeting Results

TORONTO, ON / ACCESSWIRE / November 14, 2023 / Canada Jetlines Operations Ltd. (NEO:CJET) ("Canada Jetlines" or the "Company"), the dynamic, all-Canadian leisure airline, announces the results of the Special Meeting held on November 14, 2023 in Mississauga, Ontario. Shareholders at the Special Meeting voted in favour of (i) an ordinary resolution approving the second and third tranche of the private placement (the "Offering") with Jetstream Aviation Inc. (the "Investor"); and (ii) a special resolution approving an amendment to Articles of Incorporation of the Company to set a new minimum number of directors at five and maximum number of directors at fifteen.

Now that shareholder approval has been received, the second tranche of the Offering will result in the Investor purchasing 29,416,635 common shares ("Shares"), for an aggregate purchase price of $5,063,344 issued at $0.1721252 per Share. The second tranche of the Offering is expected to close on or before December 4, 2023.

The Company has also confirms that it has filed an amendment to its Articles of Incorporation to set the minimum number of directors at five and maximum number of directors at fifteen.

About Canada Jetlines

Canada Jetlines Operations Ltd. (NEO:CJET), trading as "Canada Jetlines," is a Canadian leisure airline committed to providing an exciting travel experience to its passengers. With a growing network of destinations, Canada Jetlines is dedicated to connecting Canadians with some of the world's most captivating and sought-after locations.

More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. You can follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.

Connect With Us!

Instagram: @ca_jetlines

Twitter: @ca_jetlines

Facebook: @CAJetlines

LinkedIn: www.linkedin.com/company/jetlines

Media Contact:

media@jetlines.ca

Investor Relations Contact:

Percy Gyara
Chief Financial Officer
Canada Jetlines Operations Ltd
Percy.Gyara@jetlines.ca
+1 647.921.7205

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, the number of aircraft it intends to operate, the destinations of intended flights, timelines to launch schedules and destinations, growth plans 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 continue airline operations, the accuracy, reliability and success of Jetlines' business model; the continued compliance with the terms of governmental approvals; Jetlines concluding definitive agreements for additional aircraft; the success of operations by Jetlines 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 additional 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 (or compliance with) the necessary licenses from 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.

SOURCE: Canada Jetlines Ltd