Canada Jetlines Provides Management Update

TORONTO, ON / ACCESSWIRE / May 31, 2024 / Canada Jetlines Operations Ltd. (Cboe CA:CJET) ("Canada Jetlines" or the "Company"), a leisure carrier which also offers charter and ACMI (Aircraft Crew Maintenance Insurance) services, announced today that Eddy Doyle, the Company's current CEO, will retire as of June 30, 2024 after serving in the role since 2021. The Board of Directors has initiated a CEO recruitment search to identify an experienced leader to succeed Mr. Doyle and guide the airline on a path of continued growth. During the search period, Ms. Brigitte Goersch, the current Chair of the Board, will also assume the role as Chief Executive Officer.

"After leading the Company through licensing, start-up and growth of its aircraft fleet, Eddy has notified the board of his intention to retire," said Brigitte Goersch, Chair of Board of Directors. "I have been active with management in my position as Chair and I will assume the role as Chief Executive Officer to assure a smooth transition and continue to grow revenue as we recruit Eddy's successor. It has been a great pleasure to work with Eddy over the last few years and I thank him for his dedication and contribution to Canada Jetlines."

Eddy Doyle added: "It has been a great honour and opportunity to build Canada Jetlines from the ground up. I have been contemplating retirement for some time and now that the Company is set up with great ACMI contracts that will have Jetlines flying five aircraft for the coming months, I thought the timing was right for Jetlines and myself to finally retire."

Ms. Goersch is the President of Lionheart Enterprises and acts as an aviation industry advisor to a multi-billion EUR global investment organization. During a 14 year period, Ms. Goersch was the Deputy Executive Director, Greater Orlando Aviation Authority - a top 10 US airport. Earlier in her career, Ms. Goersch served as a Pilot and Lieutenant Colonel in the U.S. Air Force and as an Aviation Safety Inspector for the Federal Aviation Administration. Ms. Goersch has been a Board member of the Florida Board of Medicine, Florida Board of Pharmacy and National Safe Skies Alliance.

About Canada Jetlines
Canada Jetlines Operations Ltd. (Cboe CA:CJET), trading as "Canada Jetlines," is a Canadian leisure airline, which also offers charter and ACMI services, 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.

Media Contact:
Erica Dymond
media@jetlines.ca
416-587-6183

Investor Contact:
Alyssa Barry
604-997-0965
invest@jetlines.ca

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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, the number of aircraft it intends to operate, the destinations of intended flights, the frequency of flights, details of the Chief Executive Officer search plan and continued revenue growth.

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