Canada Jetlines Provides Update on its Board of Directors

TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Airlines of Canada”), the new all-Canadian leisure airline announces that Margaret (Peggy) Gilmour has resigned from the Canada Jetlines Board of Directors. Ms. Gilmour’s resignation will facilitate the nomination of a candidate from Roosheila Group Inc. in connection with the closing of the loan transaction originally announced on August 22, 2022. The Board would like to thank Ms. Gilmour for her contribution to Canada Jetlines during of the past year.

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About Canada Jetlines

Canada Jetlines is a leisure-focused airline that will use a growing fleet of Airbus 320 aircraft to provide Canadians with valuable vacation choices and convenient travel options. Canada Jetlines will deliver exciting vacation packages to iconic Canadian destinations and beyond through strong partnerships with airports, CVBs, tourism entities, hotels, hotel brands and attractions. With an expected growth of 15 aircraft by 2025, Canada Jetlines aims to deliver the best in operating economics, customer comfort and electric flight technology, delivering a customer-centric experience from the first point of contact. To learn more, please visit www.jetlines.com and follow all social media platforms for news and updates.

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Caution Regarding Forward-Looking Information

This press release contains “forward-looking information” regarding anticipated developments and events that may occur in the future. Forward-looking information contained in this press release includes, but is not limited to, the company’s intention to operate as a leisure airline, the intention to offer the lowest possible price, the number of aircraft it intends to operate, the destinations of its planned flights and the activity of Jetlines.

In some instances, forward-looking information can be identified by the use of words such as “plans”, “expects”, “budget”, “expected”, “estimates”, “anticipates”, “intends”, ” anticipates” or variations of such words and phrases or statements that certain actions, events or results “could”, “could”, “will”, “could” or “will be taken”, “occur” or “will be achieved” suggesting future results, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements regarding future events or performance. The forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the receipt of funding to start flight operations; the accuracy, reliability and success of Jetlines’ business model; the timely receipt of governmental approvals, the timely commencement of operations by Jetlines and the success of such operations; the legislative and regulatory environments of the jurisdictions where Jetlines will operate or carry on business; the impact of competition and the competitive response to Jetlines’ business strategy; and aircraft availability. Although 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 that 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. These factors include risks relating to the ability to obtain financing on acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the Company’s inability to enter into final dates for aircraft acquisition, supply chain disruptions leading to schedule delays, impact of global uncertainty created by COVID-19, future shareholder relationships, price volatility fuel, increased operating costs, terrorism, pandemics, natural disasters, currency fluctuations, interest rates, risks specific to the airline industry, management’s ability to implement Jetlines’ operational strategy, the ability to attract qualified managers and personnel, labor disputes, regulatory risks, including risks related the acquisition of necessary licenses and permits from regulatory agencies, and the additional risks identified in the “Risk Factors” of the Company’s reports and filings with applicable Canadian national securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or expected. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information.

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