Global Crossing Airlines and Canada Jetlines Ltd. Announce CAD100 Million Equity Investment Agreement with The Global Emerging Markets

From Canada Jetlines Ltd

May 6, 2020 – VANCOUVER, BRITISH COLUMBIA, Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that further to the news release by the Company on December 13, 2019 and February 6, 2020, the Company has scheduled a Special Meeting of shareholders (the “Meeting”) to approve the business combination (the “Transaction”) of Jetlines and Global Crossing Airlines, Inc. (“GLOBALX”). The Meeting is scheduled for May 27, 2020 at 10:00 a.m. (PDT). The Company also confirms that it has received conditional approval for the Transaction from the TSX Venture Exchange. A copy of the Notice of Meeting, Information Circular, Proxy and Voting Instruction form (collectively, the “Meeting Materials”) are available on the Company’s SEDAR profile at http://www.sedar.com.

It is the intention of the Company to hold the Meeting at the location stated in this Notice of Meeting. However, due restrictions and recommendations regarding public meetings and social distancing measures as a result of COVID‐19, shareholders and other guests are strongly encouraged not to attend in person at the Meeting. Given concerns regarding COVID‐19 and to mitigate risks to the health and safety of our communities, the Company encourages shareholders to vote in advance of the Meeting and reminds them that proxy voting instructions are included in the notice of Meeting, management information circular and proxy statements provided to them in connection with the Meeting (collectively, the “Meeting Materials”). Completed registered shareholder proxies can be mailed ahead of time, as usual to the Company’s transfer agent, Computershare Investor Services Inc. at 9th Floor, 100 University Avenue, Toronto, Ontario M5J 2Y1, by telephone at 1‐866‐964‐0492 or online at http://www.investorvote.com for tabulation in advance of the Meeting.

The Company reserves the right to take any additional pre-cautionary measures deemed to be appropriate, necessary or advisable in relation to the Meeting in response to further developments in the COVID-19 outbreak, including: (i) holding the Meeting virtually or by providing a webcast of the Meeting; (ii) hosting the Meeting solely by means of remote communication; (iii) changing the Meeting date and/or changing the means of holding the Meeting; (iv) denying access to persons who exhibit cold or flu-like symptoms, or who have, or have been in close contact with someone who has, travelled to/from outside of Canada within the 14 days immediately prior to the Meeting; and (v) such other measures as may be recommended by public health authorities in connection with gatherings of persons such as the Meeting. Should any such changes to the Meeting format occur, the Company will announce any and all of these changes by way of news release, which will be filed under the Company’s profile on SEDAR.

Additional information as required will be provided by way of a subsequent news release. Trading in the common shares of the Company on the Exchange will remain halted until such time as the requirements of the Exchange are met.

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Jetlines should be considered highly speculative.

The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.