MIAMI, Aug. 16, 2021 (GLOBE NEWSWIRE) — Global Crossing Airlines Group Inc. (TSXV: JET) (TSXV: JET.B) (OTCQB: JETMF) (the “Company” or “GlobalX”) has retained Independent Trading Group Inc. (“ITG”) to provide market-making services in accordance with TSX Venture Exchange (“TSXV”) policies. ITG will trade shares of the Company on the TSXV for the purposes of maintaining an orderly market and improving the liquidity of the Company’s shares.
ITG will not receive shares or options as compensation. However, ITG and its clients may have or may acquire a direct interest in the securities of the Company. The Company and ITG are unrelated and unaffiliated entities. ITG is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and can access all Canadian stock exchanges and alternative trading systems. The capital and securities required for any trade undertaken by ITG as principal will be provided by ITG.
The agreement is for an initial term of least three months and then renews on a monthly basis. The agreement may be terminated on a 30-day notice. ITG will be compensated $10,000 per month for the initial term and will be paid by the Company from its working capital resources.
About Independent Trading Group Inc.
Independent Trading Group Inc. (ITG) is Canada’s only brokerage firm dedicated specifically to professional trading. As Canada’s foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.
About Global Crossing Airlines
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family aircraft. GlobalX has one A320 in revenue operations and has begun the process to add its A321 aircraft onto its certificate subject to FAA and DOT approvals. GlobalX has announced the delivery of its third and fourth aircraft deliveries in the second half of 2021. GlobalX flies as an ACMI and wet lease charter airline serving the US, Caribbean, and Latin American markets. For more information, please visit www.globalxair.com.
For more information, please contact:
Ryan Goepel, EVP and CFO
Jeff Walker, Vice President – The Howard Group
Toll Free: 1.888.221.0915
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, statements with respect to the Company’s intention to fly as an ACMI and wet lease charter airline, the completion of final FAA and DOT requirements for the A321, the Company’s aircraft fleet size, the bases and destinations that the Company intends to service.
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 ” 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 GlobalX’s business model; the timely receipt of governmental approvals; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX’s 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 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 GlobalX’s 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; 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.