Jetlines Appoints Experienced ULCC Finance Executive to Board of Directors and As Special Advisor to the CEO
VANCOUVER, BRITISH COLUMBIA, Canada Jetlines Ltd. (JET: TSX-V) (the “Company” or “Jetlines”) is pleased to announce the appointment of Alan Bird to Jetlines’ Board of Directors serving as well as a special advisor to the CEO. Alan has more than 25 years of airline finance experience including executive tenure with VivaAerobus, Tiger Airways, and British Midland.
Mr. Bird most recently served as Chief Financial Officer for Mexico’s fastest growing ULCC air carrier, VivaAerobus. During his tenure as CFO Alan helped create the lowest cost airline in North America. Mr. Bird was responsible for the purchase agreement for 52 new Airbus 320, the largest deal recorded at that time by a Latin American airline. In addition, he successfully raised MXN$1billion of fiduciary certificate debt finance as a part of an acquisition program.
Prior to VivaAerobus, Mr. Bird served as Chief Financial Officer and board member for Tiger Airways Singapore. In this role, he initiated the IPO process that realized significant gains for shareholders and was instrumental in establishing sound financial practices for the start up of a subsidiary airline in Australia. From 1997 to 2007, Mr. Bird held the role of Finance Director to British Midland International and was responsible for the overall financial management and procurement function for the BMI Group of Companies. Mr. Bird was part of the team in the deal that secured an exit for shareholders at a valuation of £500 million when the airline was sold to Lufthansa.
Mr. Bird currently serves as an advisor to Irelandia Aviation, the world’s premier low-cost carrier developer. Irelandia initiates, develops and delivers successful low-cost carriers in partnership with airline management and investors. Irelandia has successfully developed five low cost carriers to date – Ryanair in Europe, Tiger Airways in Asia, Allegiant in the USA, VivaAerobus in Mexico and VivaColombia in Colombia. Mr. Bird is an Advisor to Viva Air, VivaColombia, and Viva Peru on financial matters including aircraft acquisition and the development of joint ventures for engineering and maintenance initiatives.
In addition to his role as a director, Mr. Bird will serve as Special Advisor to the CEO. Commenting on his appointment Allan Bird said, “I am very pleased to join my former colleague from VivaAerobus, Javier Suarez, to build Canada’s first true ULCC; the opportunity in Canada remains very exciting. Javier is building a solid team having recently added seasoned ULCC operator Michael Bata as COO and I am looking forward to working with Javier to continue the build out of the airline”.
CEO, Javier Suarez commented, ‘I am excited with the opportunity to work with Alan again. He played a key role helping VivaAeorbus become the lowest cost airline in America. His experience and support will help us progress in the right direction to soon become the lowest cost airline in Canada.
Executive Chairman, Mark Morabito commented, “I am thrilled to announce Alan’s appointment to the Board, and as a Special Advisor to our CEO. Alan’s experience is invaluable for Jetlines as we advance towards commercial operations and are engaged in the financing process for the Company. Alan is a highly qualified finance and procurement professional and his track record of increasing and realizing shareholder value and strategic planning will add significant bench strength to our already talented Board.”
Alan Bird is a Chartered Accountant and holds an honours degree in Mathematical Economics from Birmingham University.
Jetlines has granted a total of 225,000 stock options to Mr. Bird in his role as a director. The stock options have been issued for a five-year term, with one quarter vesting every six months from the date of grant.
About Canada Jetlines Ltd.
Canada Jetlines is set to become Canada’s first true Ultra-Low Cost Carrier (ULCC) airline, with plans to operate flights across Canada and provide non-stop service from Canada to the United States, Mexico and the Caribbean. The Company plans to commence operations with the Airbus A320 fleet, the most widely used aircraft for ultra-low cost carriers worldwide. Jetlines is led by a board and management team with extensive experience and expertise in low-cost airlines, start-ups and capital markets. The Company was granted 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.
ON BEHALF OF THE BOARD
“Mark J. Morabito”
|Canada Jetlines is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.|
For more information, please contact:
Toll Free: 1-833-226-5387
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 commencement of operations, the ability to offer ultra-low airfares, the financing process for the start of airline operations and the success of expected future operations of the Company.
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 commence airline operations, the accuracy, reliability and success of the Jetlines’ business model; the timely receipt of governmental approvals; the timely commencement of operations by Jetlines and the success of such operations; the legislative and regulatory environments of the jurisdictions where the Jetlines will carry on business or have operations; the impact of competition and the competitive response to the 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.
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 ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, 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 acquisition of the necessary licenses and permits; risks related to disputes under the agreement with Boeing to acquire 737-Max aircraft, 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.
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.