14 August 2023 – TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) today reported second quarter 2023 interim financial results. All financial figures are in Canadian dollars and in accordance with IFRS as presented in the interim financial statements.

Second Quarter 2023 Interim Financial Results

Total operating revenues for the second quarter 2023 were $8.8 million as compared to $5.1 million in the previous quarter, an increase of 72.8%. The Company continues to increase the operation of charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) flights generating $6.34 million this quarter as compared to $3.38 million in the previous quarter, representing an increase of 87.5%.

Total operating expenses for the second quarter 2023 were $9.23 million as compared to $8.15 million in the previous quarter, an increase of 13%. Increases were primarily driven by increased flying activity.

Total assets increased to $27,860,429 at the end of the current quarter from $27,289,573 as at December 31, 2022. The minor increase in total assets is primarily attributable to an increase in current assets that was partially offset by a decrease in Right-of-use assets due to depreciation.

Total liabilities increased to $33,753,436 at the end of the current quarter from $28,948,171 as at December 31, 2022. The increase was made up of the liabilities associated with an increase in deferred revenue and an increase in accounts payable and accrued liabilities, explained by the timing of payments and invoices received at the end of the period.

Summary of Quarterly Results

Management Commentary

Eddy Doyle, CEO and President of Jetlines commented: “We are pleased to report that several key milestones were achieved in Q2 2023. The Company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue. Canada Jetlines also took delivery of its 3^rd aircraft at the end July 2023. The Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business.”

Liquidity

The Company ended the quarter with $5.1 million in current assets, an increase of $2 million compared to December 31, 2022. The increase is mainly due to the increase in cash balance.

Current liabilities increased from $8.2 million at December 31, 2022 to $13.1 million, mainly due to an increase of $0.8 million in accounts payable and accrued liabilities. In addition, there is a $4 million increase in deferred revenue for cash collected in terms of future flying.

Based on the Company’s working capital position, the Company will need to raise additional capital to support its business plan. The Company is seeking additional capital in the form of debt, convertible debt or equity in order to further invest in the business and facilitate the continued growth of the fleet, including the acquisition of additional leased aircraft, as well as additional working capital.

This news release should be read in conjunction with Canada Jetlines’ condensed interim consolidated financial statements for the six-month period ended June 30, 2023 and Management’s Discussion and Analysis available at www.sedarplus.com.

August 2, 2023 – Toronto – Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to provide an update on key operating metrics with the aim to provide timely information to its shareholders.

Following its press release of June 28, 2023, where Canada Jetlines announced an increase of 265 percent in hours flown in Q2, 2023 over the hours flown in Q1 2023, the Company is pleased to announce a new record of hours flown in July 2023 with 622 block hours flown in the month.

“We are pleased with the success the airline keeps achieving on this key operating metric and, with the addition of our third aircraft in August, we are well positioned to meet the strong demand we have seen in the market,” says Eddy Doyle, Chief Executive Officer of Canada Jetlines. “Later this month, we will provide an update on our fall and winter schedule and announce new scheduled leisure destinations.”

Canada Jetlines will also be announcing its Q2, 2023 financial results on or before August 14, 2023.

More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com.

July 31, 2023

TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to announce that it has taken delivery of its third Airbus A320 aircraft, which has been provided by a global aviation lessor providing aircraft and capital to the world’s airlines.

“Canada Jetlines is executing on its previously-announced fleet growth plan with the addition of its third aircraft,” stated Canada Jetlines CEO, Eddy Doyle. “The arrival during summer season is great timing to support our existing customers and continue the Company’s growth plans as we look forward to our busy winter season. The expansion of Jetlines’ fleet will enable scheduled service expansion to new leisure destinations, fulfilling our commitment to customers and agency clients to becoming a premier choice of leisure airline.”

The aircraft is an Airbus A320-200, with Canadian registry C-GCJK, equipped with two CFM56-5B4/3 engines. Passenger amenities include galley provisions for hot and cold buy on board refreshments, the installation of Jetlines’ complimentary Flymingo wireless inflight entertainment system and a USB charger for personal electronic devices.

More information on Canada Jetlines including its growing list of destinations can be found on www.jetlines.com. 

June 28, 2023 08:00 AM Eastern Daylight Time

TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to provide an update on key operating metrics with the aim to provide timely information to its shareholders.

Canada Jetlines experienced strong demand for its services in Q2 2023 with a high utilization rate for its fleet of two Airbus 320 aircraft. The Company forecasts to have operated 1,518 block hours in Q2 2023 which will end on June 30th. This represents an increase of 265 percent over the 571 hours flown in Q1 2023. Canada Jetlines third aircraft is on schedule to be delivered by the end of July 2023, subject to satisfaction of all conditions precedent to delivery.

In addition, the Company has recently obtained its foreign Air Operator certificate from the Jamaican government. Further Transport Canada has added North Atlantic operations to its certificate that will allow it to operate numerous charter flights to Greenland this summer. The Company is in the process of obtaining its European Third Country Operator (TCO) certificate which is expected to be completed in Q3 2023, allowing the Company to bid on wet-lease contracts for the busy European summer season next year.

“We are very pleased with this significant growth in flying hours and high aircraft utilization. We continue to see strong demand and very positive reception in the industry for the quality of the service we provide. This is thanks to the commitment and dedication of our employees to service excellence,” said Eddy Doyle President and CEO Canada Jetlines.

Canada Jetlines’ flights can be booked via Jetlines.com or contact your favorite Travel Agency.

June 23, 2023 – TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) is pleased to announce the appointment of. Charles McKee to lead the company’s commercial activities, effective June 28, 2023. Mr. McKee is an experienced executive across the travel space, with chief marketing and revenue responsibilities in the travel technology, airline, hotel and national destination marketing sectors.

“Charles brings with him more than 30-years of experience with leading travel companies, in marketing, branding, sales and revenue management. He is an excellent addition to the Canada Jetlines team and will focus on growing brand awareness, distribution channels, and sales and revenue growth for the company,” said Canada Jetlines’ Chief Executive Officer and President, Eddy Doyle.

Mr. McKee’s most recent corporate assignment was SVP, Commercial Products, for Sabre Corporation. There he led a global team in solution design and management of the revenue optimization and pricing, network planning, data and analytics, and low-cost carrier reservation platform products for the world’s best airline and agency customers.

His prior work has included Executive Director, Markey Int’l, a boutique investment and advisory group focused on the travel space; chief commercial officer roles at Radisson Hotel Group Americas and lastminute.com; chief marketing roles at Delta Hotels & Resorts, Malaysia Airlines, and Air Canada; and senior leadership roles at the Canadian Tourism Commission and Virgin Atlantic Airways. Mr. McKee has worked in Tokyo, Hong Kong, Kuala Lumpur, New York and London, before moving to Canada two decades ago. Mr. McKee graduated from Harvard University with an honours degree in East Asian studies.

Mr. McKee will take over as the lead of Canada Jetlines’ commercial department. The Company’s existing Chief Commercial Officer, Mr. Duncan Bureau, will be departing the Company to pursue other opportunities. Mr. Bureau assisted the Company with its start-up and the launch of several commercial systems and integration into distribution platforms. The Company would like to thank Mr. Bureau for his contributions to the Company and wishes him well in his next endeavors.

5 June 2023 – TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines” or the “Company”) announces that it has signed a contract to provide aircraft and crew to the Toronto Argonauts for their regular season games. The contract will see Canada Jetlines fly the team to select away games during the 2023 season. This represents the third such agreement with the other two being the previously announced agreement with the Ottawa Redblacks and Hamilton Tiger-Cats.

“Canada Jetlines are very pleased to have been selected for this contract with the Toronto Argonauts, an iconic Canadian Sports Franchise celebrating their 150^th anniversary, with a rich history dating back to 1873. We are particularly excited about this relationship as we share some of the same qualities with the Toronto Argonauts such as teamwork, grit and passion. Canada Jetlines has seen continuous growth in demand for its Charter and ACMI (Aircraft Crew Maintenance and Insurance) business which complements our schedule service to leisure destinations.”

Canada Jetlines’ Chief Executive Officer and President, Eddy Doyle

“We are looking forward to the 2023 CFL season and our new service relationship with Canada Jetlines.”

Alex Russell, Director of Football Operations and National Scout for the 2022 Grey Cup Champion Toronto Argonauts

Canada Jetlines has completed approximately 340 charter and ACMI flights already since the beginning of 2023 and expects to perform several additional charter flights in the coming months.