MIAMI, March 24, 2023 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) is pleased to announce that is has signed a long term agreement with CubaMax Travel (“CubaMax”), one of the leading OFAC approved tour operators, to initially provide air service to two (2) cities in Cuba, with nine (9) flights per week total to Havana and Santa Clara, Cuba. This is projected to grow to 23 flights per week to 5 cities in Cuba within the next six months.
The contract will initially provide revenues to GlobalX of up to $12 million per year and will start April 1, 2023. Once the additional fights are added, GlobalX expects to generate revenues of over $30 million per year on this contract.
“We are very pleased to be working with CubaMax, one of the largest tour operators to Cuba, and their outstanding team, to provide this much needed air service for Cuban Americans who need to travel to Cuba, providing an important life line for the Cuban people,” said Ed Wegel, Chair and CEO of GlobalX.
“We look forward to working with GlobalX, which has quickly established itself as the leading charter airline to Cuba. We are excited to be using their fleet of passenger friendly Airbus A320s and 321s in this market,” said Giraldo Acosta, Chairman of CubaMax.
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental Airline flying the Airbus A320 family aircraft. GlobalX flies as a passenger ACMI and charter airline serving the US, Caribbean, European and Latin American markets. In 2023, GlobalX entered ACMI cargo market flying the A321 freighter. For more information, please visit www.globalxair.com.
About CubaMax
CubaMax Travel started operations in 2001 and is a full service OFAC approved travel and shipping agency, primarily serving the Florida markets with a nationwide reach. CubaMax currently has fourteen travel branches, located in the cities of: Hialeah, Miami, West Palm Beach, Kissimmee, Orlando and Tampa
For more information, please contact:
David Dow, VP Passenger Sales and Marketing
Email: david.dow@globalxair.com
Tel: 786-751-8500
Ryan Goepel, Chief Financial Officer
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503
Cautionary Note Regarding Forward-Looking Information
This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, the expected number of flights per week from this contract and projected revenues from this contract.
In certain cases, forward-looking statements 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 statements 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 GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, 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 statements involve 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 statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, 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, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, 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 statements. The forward-looking statements are 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 statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.
