Canada Jetlines Appoints Former easyJet and Flybe Senior Executive as Independent Director
VANCOUVER, BRITISH COLUMBIA, Canada Jetlines Ltd. (JET: TSX-V) (the “Company” or “Jetlines”) is very pleased to announce the appointment of Saad Hammad as an independent director, effective July 1, 2017. Mr. Hammad brings over 30 years of business, executive and Board experience across a variety of sectors, including 9 years with low-cost airlines. Until October 2016, Mr. Hammad served as Chief Executive Officer of Flybe PLC, a UK-based low-cost carrier and the largest independent regional airline in Europe.
During his tenure with Flybe, Mr. Hammad led a transformational turnaround, returning the business to profitability for the first time since the company’s IPO in 2010. This was accomplished through extensive restructuring, driving operational improvements, improving internal culture, and re-establishing the brand and resulting customer satisfaction.
Mr. Hammad also held the role of Chief Commercial Officer for easyJet from 2005 to 2009. Here he led a full commercial turnaround, covering network development, scheduling, sales & distribution, revenue management, ancillary products & services, marketing and customer service, resulting in a doubling of revenue from £1.3 billion in 2005 to £2.7 billion in 2009.
Since 2014 Mr. Hammad has also been a Non-Executive Director and Chairman of the Risk Committee at Pegasus, the leading ultra-low cost airline in Turkey.
“The diverse executive expertise that Saad brings to Jetlines’ Board is extremely valuable at this time for the Company,” said Mr. Mark Morabito, Executive Chairman of Jetlines. “His proven ability in creating value and building profitable businesses, particularly in the aviation industry, will contribute enormously to our strategy moving forward.”
Mr. Hammad is based in London, UK, is a graduate from the University of Oxford and holds an MBA from INSEAD Business School in France.
Mr. Hammad will also be granted 225,000 stock options with a five-year term to be vested over a period of twenty-four months and at an exercise price equal to the closing market price on the day prior to his appointment.
About Canada Jetlines Ltd.
Jetlines is set to become Canada’s first ultra-low cost carrier (“ULCC”) airline. With plans to operate flights throughout Canada and provide non-stop service from Canada to the United States, Mexico, and the Caribbean, Jetlines will service the 10 million passenger trips and 30+ secondary airports that go unserved or underserved across Canada. The Jetlines board and management teams are comprised of industry experts with extensive collective expertise in aviation, start-ups and capital markets, successfully receiving an unprecedented exemption from the Government of Canada that will permit it to conduct domestic air services while having up to 49% foreign voting interests.
For more information on Jetlines, please visit our website at www.jetlines.ca.
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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 with respect to: (i) Jetlines’ business objectives, operational timelines, operating cost expectations and investment requirements; (ii) anticipated operational and structural trends in the Canadian passenger airline market; (iii) removal of conditions relating to the completion of the Transaction; (iv) execution of the Transaction Documents; (v) completion of the Concurrent Financing; (vi) receipt of TSXV and shareholder approvals of the Transaction; and (vii) waiver of the sponsorship requirements.
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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 acts of God, the impact of general economic conditions, changing domestic and international airline industry conditions, volatility of fuel prices, increases in operating costs, terrorism, pandemics, 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 acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained 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 actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or 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 or revise any forward-looking information.
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