MIAMI, Nov. 14, 2023 (GLOBE NEWSWIRE) — Global Crossing Airlines Group, Inc. (JET: NEO; JET.B: NEO; JETMF: OTCQB) (the “Company” or “GlobalX”) is proud to announce a strategic partnership with Karbon-X, a leading carbon offset provider, to advance its commitment towards sustainable and environmentally-friendly air travel.
This collaboration sees GlobalX investing in a carbon offsetting program proposed by Karbon-X that aims to counteract the CO2 emissions generated by GlobalX’s airline operations. The program involves offsetting 20% of the airline’s total fuel burn for the first three years and setting up models allowing customers the choice to offset the emissions created from their flights.
At current operation levels, Karbon-X will be supplying GlobalX with approximately 83,000 CORSIA certified offsets annually over the course of the agreement. Karbon-X will also offer consultancy to GlobalX for potential environmentally friendly projects, advancing the ESG component of the business.
GlobalX has been on the forefront of sustainable aviation, having recently signed a letter of Intent to purchase 50 all-electric Alice aircraft, indicating their steadfast commitment to green technology in aviation. The collaboration with Karbon-X further strengthens this commitment, and the airline looks forward to offering passengers the choice of carbon-neutral flights through a feasible fuel surcharge or ECO fee.
Karbon-X, with its proven track record in carbon offsetting, offers individuals and businesses the chance to invest in projects that reduce or remove carbon dioxide from the atmosphere. The collaboration with GlobalX reiterates their mission of changing the world one offset at a time.
“GlobalX is pleased to partner with Karbon-X to expand our environmental commitment by implementing our carbon offset program, “said Ryan Goepel, Chief Financial Officer of GlobalX. “In addition to our commitment, each of our clients will have the ability to further offset the impact of each of their flight operations, allowing them to further expand each of their unique ESG initiatives.”
“We are thrilled to work with GlobalX and contribute to their environmental commitments,” said Chad Clovis, CEO of Karbon-X. “Our partnership will not only help offset emissions but will also raise awareness on the importance of sustainable travel.”
Both companies are excited about the positive change this partnership promises and remain committed to ensuring a greener future for air travel.
Karbon-X is a leading carbon offset provider based in Calgary, dedicated to combatting the adverse effects of climate change. They offer individuals and businesses the opportunity to invest in projects that reduce or remove greenhouse gases from the atmosphere. More information can be found at www.karbon-x.com.
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. GlobalX is also now operating ACMI cargo service flying the A321 freighter. GlobalX is IOSA certified by IATA and holds TCO’s for Europe and the UK. For more information, please visit www.globalxair.com.
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Ryan Goepel, Chief Financial Officer
Global Crossing Airlines Group, Inc.
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 Company’s commitment towards sustainable and environmentally-friendly air travel, the details of the partnership with Karbon-X including how it will be implemented and the estimated annual offsets that will be supplied, the advancement of the ESG component of the Company’s business, the letter of intent to acquire 50 all-electric Alice aircraft, the Company’s commitment to green technology in aviation and the ability of clients to offset the impact of their flights..
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.