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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.
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.
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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.
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Instagram: @ca_jetlines
Twitter: @ca_jetlines
Facebook: @CAJetlines
LinkedIn: www.linkedin.com/company/jetlines
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 the forecasted flight hours for Q2 2023, the delivery timeline for the third aircraft, receipt of the European TCO, bids for European operations next year and business of Canada Jetlines.
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 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 Jetlines’ business model; the timely receipt and compliance with of governmental approvals; Jetlines concluding a definitive agreement for aircraft to grow airline operations by Jetlines the legislative and regulatory environments of the jurisdictions where Jetlines will carry on business or have operations; the impact of competition and the competitive response to Jetlines’ 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.
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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 failure of the Company to conclude definitive agreements to acquire aircraft, supply chain disruptions causing delays in expected timelines, 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 Jetlines’ operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the compliance with the necessary licenses from regulatory agencies, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230628279173/en/
Contacts
Media Contact:
media@jetlines.ca
Investor Relations Contact:
Percy Gyara
Chief Financial Officer
Canada Jetlines
Percy.Gyara@jetlines.ca
+1 647.921.7205
#distro
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