Tag: Canada Jetlines

Jetlines Announces Granting of Slots at Vancouver International Airport

Provided by Canada Jetlines Ltd./Globe Newswire

VANCOUVER, British Columbia, June 12, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that it has been granted slots at Vancouver International Airport (YVR) to operate its first Winter Schedule. This announcement follows Jetlines’ February 7, 2019 news release announcing YVR as its home airport and primary base of operations when the Company intends to launch operations in December this year.

The slots will permit Jetlines to operate up to ten flights per day and over 1,000 flights during the first winter season from December 17, 2019 to March 28, 2020 as the Company plans to grow commercial operations and offer service in time for the upcoming winter holiday season. The initial two Airbus A320 aircraft that Jetlines has secured through its partnership with SmartLynx will be parked at YVR airport nightly.

Jetlines CEO, Javier Suarez, commented, “I am excited to share that all slots to operate our winter schedule have been awarded. It is significant for Jetlines as we work to commence operations out of Vancouver International Airport. The Airport operates at a very high capacity in the winter season, as travellers plan trips to see family and friends, or to go on a vacation. These slots will allow us to fly our first passengers for these special occasions at incredibly low fares – at a price point that most Canadians have not had the opportunity to fly at.”

Jetlines selected YVR as their future base for operations due to it being the second busiest airport in Canada, serving more than 25.9 million passengers in 2018. It is also the busiest airport in British Columbia and the airport with the largest catchment area. The airport has more than 2.5 million people living less than 30 minutes drive from it. As well as it being the closest airport to Vancouver’s city center, the airport is also extremely well connected to the city by transit with a rapid transit rail.

Jetlines ability to sell tickets and launch airline service remains subject to the completion of the airline licensing process, the receipt of applicable regulatory approvals and the completion of financing.

Jetlines Provides Update on Financing with Korean Special Purpose Fund and Annual General Meeting Matters

Provided by Canada Jetlines Ltd/Globe Newswire

VANCOUVER, British Columbia, June 06, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to provide an update on the status of the $7 million financing (the “InHarv Offering”) with InHarv Partners Ltd. (“InHarv”), on behalf of InHarv ULCC Growth. The TSX Venture Exchange (“TSXV”) is requiring that the Company obtain shareholder approval for the Offering. The Company has submitted the InHarv Offering for shareholder approval at its upcoming Annual General and Special Meeting scheduled for Wednesday, June 26, 2019 (the “AGM”). Assuming shareholder approval for the InHarv Offering, InHarv and the Company intend to close the InHarv Offering as soon as possible after the AGM. For further information regarding the InHarv Offering please refer to the Company’s press release dated March 28, 2019 and May 15, 2019, or the Information Circular (defined below).

AGM Details

The AGM will be held at Fasken Martineau DuMoulin LLP located at 2900 – 550 Burrard Street, Vancouver, BC Canada, V6C 0A3 on Wednesday, June 26, 2019 at 10:00 a.m. (Vancouver Time). In addition to the approval of the InHarv Offering, the Company will also be submitting certain other financing, regulatory and executive compensation matters to shareholders for approval. An information circular (the “Information Circular”) detailing the matters submitted to the shareholders for approval at the AGM is available on SEDAR at http://www.sedar.com.

SmartLynx Offering

On November 27, 2018, the Company entered into a subscription agreement with SmartLynx Airlines SIA (“SmartLynx”) pursuant to which SmartLynx would purchase 22,727,272 subscription receipts at a price of $0.33 per Subscription Receipt, for aggregate gross proceeds of $7.5 million. On December 27, 2018, the Company announced that it had closed the SmartLynx Private Placement and that the $7.5 million subscription funds, together with any interest earned thereon, are held in escrow pending satisfaction or waiver of the escrow release conditions.

A control position will potentially result from the conversion of the subscription receipts acquired by SmartLynx. As a result, and as required by the policies of the TSXV, shareholders will be asked at the AGM to approve, by way of ordinary resolution, the creation of a control position resulting from the subscription for 22,727,272 subscription receipts by SmartLynx. For further information regarding the SmartLynx Offering please refer to the Company’s press release dated November 27, 2018December 27, 2018, and April 30, 2019, and the Information Circular.

Article and By-Law Amendments

On November 3, 2016, the Honourable Marc Garneau, Minister of Transport, granted the Company an unprecedented exemption from the 25 per cent foreign voting interest limit in the Canada Transportation Act (“CTA”) and be permitted the Company and its subsidiaries to have up to an aggregate of 49 per cent foreign voting interests. Subsequent to granting the exemption order, on June 27, 2018, Minister Garneau announced that, following the Royal Assent of the Transportation Modernization Act, new rules for airline ownership have officially come into force (the “CTA Amendments”). These changes increased foreign voting interest limits from 25 per cent to 49 per cent of voting interests for all Canadian air carriers. A single international investor (individually or in affiliation) cannot hold more than 25 per cent of the voting interests of a Canadian air carrier, and no combination of international air carriers can own more than 25 per cent of a Canadian carrier (individually or in affiliation).

As the CTA Amendments are now in force, the Board determined that it was appropriate to address the changes to the new limitations on voting control by non-Canadians under the CTA Amendments by effecting amendments to the Articles and By-Law No. 1 of the Company. The amendments to the Articles and By-Law No. 1 will require Shareholder approval, which the Company intends to obtain at the AGM. For further information please refer to the Information Circular.

Additional Information

The closing of the InHarv Offering is conditional upon the satisfaction of conditions to closing contained in the Subscription Agreement. These conditions include, among other things, approval of the TSX Venture Exchange for the Offering, shareholder approval and the receipt of all other necessary consents, approvals and authorizations required by either party.

Jetlines Announces Operational Agreements with MedAire and Kenyon

Provided by Canada Jetlines Ltd./Globe Newswire

VANCOUVER, British Columbia, June 04, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that it has signed an agreement with MedAire, the aviation subsidiary of International SOS, a global leader in medical and security risk services.

MedAire has more than 30 years’ experience as a leading travel safety provider in the aviation industry and works with more than 150 airlines worldwide, providing in-flight medical advice; crew support services; onboard medical kits; and training programs.

Jetlines will work with MedAire to ensure the safety of passengers and crew is always the number one priority. This includes providing health assessments prior to departure as well as immediate, 24/7 access to emergency-trained doctors and specialists in the event of a mid-air medical emergency.

The Company is also pleased to partner with Kenyon International Emergency Services. Kenyon provides a full suite of guaranteed resources, services and software to meet the demands of any incident. From an international call center service that can be activated within 30 minutes to family assistance services, Kenyon specialists assist with the activation and communication needs surrounding any incident or accident. Kenyon works with over 600 businesses and governments worldwide, 440 of which are in aviation, and has deployed over 325 activations.

Jetlines CEO, Javier Suarez commented, “At Jetlines, we weave safety and wellness in to all we do. We are building excellent infrastructure, policies, and processes to ensure we mitigate risks and are ready to deliver safe, reliable service to our future passengers, pilots, and cabin crew members. We intend to not only meet, but to exceed the regulatory and safety requirements of Transport Canada in an effort to receive our Air Operator Certificate.”

Jetlines Announces Successful Website Integration and Development in Preparation for Ticket Sales

Provided by Canada Jetlines Ltd/Globe Newswire

VANCOUVER, British Columbia, May 22, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that the Company has successfully completed the integration of several systems necessary in order to start selling tickets and other ancillary purchases through the Jetlines website. The new website is expected to launch in Q3 2019, in time for Jetlines’ targeted commercial launch this December.

As part of Jetlines’ strategy to deliver a strong digital customer experience, and to drive the majority of ticket sales directly through the Jetlines’ website, the Company has successfully integrated several commercial systems in preparation for launch. This includes design and development of the core website together with the booking engine, payment processing systems, revenue management systems, and other ancillary services such as car rentals and hotel bookings.

Jetlines has successfully carried out the design, development, and integration of the new Jetlines website with the reservation system platform, Radixx (see news release dated September 18, 2018), as the booking engine for ticket sales. Through Radixx and its subsidiaries, Jetlines has developed a progressive and secure web application to deliver a website that is fast, user-friendly, and seamlessly integrated with the various tools and functionalities that will be available to Jetlines’ future customers.

In addition to the website build, Jetlines has completed necessary work with partner, Elavon (see news release dated February 26, 2019), to successfully and securely receive payments in both Canadian and US dollars and to connect with Adyen, Jetlines payment service provider of choice selected to accept e-commerce, mobile, and point-of-sale payments on the Jetlines website.

Jetlines has also completed the integration of the airRM systems (see news release dated January 15, 2019), Jetlines’ revenue management program selected to optimize ticket inventories.

Jetlines has successfully carried out the implementation of the hotel booking site connector through the Jetlines website. In addition, the Company is finalizing the car rental white label service integration.

CEO Javier Suarez commented, “While we have been working on building the foundation for our new website for several months, connecting it with our various preferred partners is what turns the website into an e-commerce platform capable of generating our forecasted revenue while delivering a unique and positive customer experience for our future guests. Our user-friendly design and clean sheet build for a website will help us maintain low payment processing costs – a savings that will soon help us achieve the goal of becoming the lowest fare airline in Canada. On top of that, we believe it will deliver an exceptional and memorable experience.”

Jetlines ability to sell tickets and launch airline service remains subject to the completion of the airline licensing process, the receipt of applicable regulatory approvals and the completion of financing.

Jetlines Announces a Definitive Lease Agreement with SmartLynx for Two Airbus A320 Aircraft in Line for December Launch

Provided by Canada Jetlines Ltd/Globe Newswire

VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that it has entered into definitive lease agreement with its partner, SmartLynx Airlines SIA, for two Airbus A320 that will be available for delivery in Q4 2019 in line with the expected commencement of Jetlines’ operations. Jetlines has set a launch of commercial service targeted for December 17, 2019 using Vancouver (YVR) as Jetlines’ home airport.

Jetlines’ operations department intends to conduct a familiarization inspection of the aircraft in the next few months to ensure the aircraft are in compliance with the Transport Canada A320 Type Certificate, and identify any additional equipment required.

The aircraft are scheduled to be delivered by November 5, 2019 and as part of the AOC (Air Operator Certificate) process, they will be inspected by Transport Canada prior to launching operations.

CEO, Javier Suarez commented, “I am thrilled with the favourable lease rates offered by our partner Smartlynx. I’m also very pleased to share that the aircraft will be delivered in flight-ready condition with no reconfiguration needed; keeping our turnaround time and costs down. The aircraft will be Jetlines branded with the previously defined ultra-low cost 180 seats with an all economy configuration. We are working hard to have these two aircraft flying right before the busy holiday season in December 2019.”

Executive Chairman, Mark Morabito commented, “I want to again express my appreciation to our partners at SmartLynx for working with Jetlines to conclude these definitive lease agreements on favorable terms. Jetlines continues to work on concluding the final component of its financing plan so that it can begin airline operations in time for the holiday season.”

The two Airbus A320’s have virtually identical conformity in design, features, and equipment, allowing Jetlines to expedite the necessary training and maintenance processes. The two aircraft will be configured with 180 ultra-light ACRO seats, helping the airline save fuel while increasing its payload.

Jetlines Announces Definitive Subscription Agreement for Financing with Korean Special Purpose Fund

Provided by Canada Jetlines Ltd/Globe Newswire

VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that it has entered into a definitive subscription agreement (the “Agreement”) with InHarv Partners Ltd. (“InHarv”), on behalf of a Korean special purpose fund to be called InHarv ULCC Growth Fund (the “SPV Fund”), for a financing of $7 million (the “Principal Amount”).

InHarv is a hybrid of venture capital and private equity based in Seoul, South Korea whose strategic stance is to raise capital in South Korea for investment in cutting edge start-ups overseas. InHarv will be acting as lead & general partner for the Korean special purpose fund, and also investing as principal. The SPV Fund is to include the investment divisions of a number of leading Korean manufacturing and financial institutions as its group of limited partners. The SPV Fund will be created by InHarv to facilitate the investment into Jetlines.

Mr. Jong Chang, Founder and Chairman of InHarv, was previously Lead Partner of Booz Allen Hamilton, a global general management consultancy in the U.S., and a Senior Vice President and founding member of KBRI (now Moody’s Korea Inc.), the first credit rating agency in Seoul. Jong used to be one of the Economic Council Members for the President of South Korea, He also held positions as an independent board member of LG Chemical Co. of the LG Group based in Seoul and as an independent board member of Saint-Gabain Korea, a leading flat glass maker. Presently, Jong is the Chairman of the Board of ToolGen, Inc. a world leading DNA editing company based in Seoul Korea, and a Board Director of Verseau Therapeutics Inc. a world leading macrophage company based in Lexington, MA, USA, and of Chromis Optical Fiber Company based in Warren, NJ, USA.

Mark Morabito, Executive Chairman, commented “As we continue to advance our financing initiative, I am pleased to announce the signing of the definitive agreement with InHarv. Mr. Chang and his team are seasoned in identifying high potential start-up companies and I look forward to welcoming Mr. Chang to the Board of Directors of Jetlines after funding is complete.”

Details of the Offering

The offering (the “Offering”) will consist of 7,000 units (each, a “Unit”), with each Unit comprised of one $1,000 principal amount 10.00% senior secured convertible debenture of Jetlines (each, a “Debenture”) and 2,439.02439 variable voting share purchase warrants (each, a “Warrant”), and with each Warrant entitling the holder thereof to acquire one variable voting share of Jetlines (each, a “Warrant Share”) at a price of $0.41 per Warrant Share for a period of 36 months from the date of closing.  The Company will issue a total of 17,073,170 Warrants to the SPV Fund as part of the Units subscribed for by the SPV Fund.

The terms of the Debentures include:

  • a maturity date on such date that is 36 months from the date of issuance of the Debentures (the “Maturity Date”) and the principal amount of the Debentures, together with any accrued and unpaid interest thereon, will be payable on the Maturity Date, unless earlier converted in accordance with its terms;
  • each draw of the Principal Amount will accrue interest (“Interest”) from the drawdown date of such draw at the rate of 10% per annum, which Interest will be payable in cash annually on the anniversary date of the drawdown date of such draw, and on the conversion date or the Maturity Date, as the case may be;
  • all or a portion of the Principal Amount outstanding is convertible into variable voting shares of the Company (each, a “Share”) at the option of the holder at a conversion price of $0.41 per Share; and
  • the Debentures are subject to an origination fee of 5%, payable in Shares on each drawdown date at an issue price equal to the market price at the time of such drawdown date.

The funds will be available for drawdown based on the satisfaction of certain conditions. $4.9 million (70%) of the proceeds shall be available for drawdown by the Company once it receives from the Canada Transportation Agency an order allowing it to sell tickets for airline travel and the Company has completed additional financings for gross proceeds of $33 million. Jetlines intends to apply for this order in time to receive it in September 2019, approximately three months ahead of first flight. The remaining $2.1 million (30%) of the proceeds shall be available for drawdown upon the receipt by the Company’s subsidiary, Jetlines Operations, of its air operator certificate from Transport Canada.

The obligation of the Company to repay the Principal Amount and all unpaid Interest thereon to the SPV Fund will be secured by a security interest granted by Jetlines to the SPV Fund over all of the Company’s present and after-acquired property pursuant to a general security agreement to be entered into.

The SPV Fund is an arm’s length party to the Company and it is expected that the SPV Fund will become an insider of the Company on full conversion of the Principal Amount outstanding under the Debentures. Finders’ fees may be payable in connection with the Offering in accordance with the policies of the TSX Venture Exchange.

The Company will also grant the SPV Fund certain rights in connection with the closing of the Offering that will govern aspects of the relationship between the parties. These include the right of the SPV Fund to appoint two Board members, one of which must be a Canadian resident, and the grant of a pro-rata right to the SPV Fund to participate in future financings.

The net proceeds of the Offering will be used to further the business objectives of Jetlines in launching an ultra-low cost airline carrier in Canada, including advancing the licensing process, augmenting the leadership team with operations and commercial personnel, branding and marketing activities, as well as advance internet, digital media and IT systems initiatives.

The closing of the Offering is conditional the satisfaction of conditions to closing that will be contained in the Subscription Agreement. These conditions will include, among other things, approval of the TSX Venture Exchange for the Offering and the receipt of all other necessary consents, approvals and authorizations required by either party.

Jetlines Announces Anticipated Launch Timing

Provided by Canada Jetlines/Global Newswire

VANCOUVER, British Columbia, April 04, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V; JETMF: OTCQB) (the “Company” or “Jetlines”) provides an update on recent corporate developments related to its planned launch of airline operations in 2019. Jetlines has made significant progress with respect to the airport agreements, commercial agreements and personnel additions required to launch operations. It has also announced financing transactions with SmartLynx Airlines SIA for up to $15 million and a Korean special purpose fund led and established by InHarv Partners Ltd. for up to $14 million. As a result of the Company’s progress as well as the current status of financing initiatives, Jetlines has set a launch of commercial service targeted for December 17, 2019 using Vancouver (YVR) as Jetlines’ home airport.

As a result of this determination, Jetlines and AerCap have mutually agreed to terminate the leases for two Airbus A320 aircraft, and Jetlines has entered into a letter of intent with its partner, SmartLynx Airlines SIA, for the lease of two alternate Airbus A320 that will be available for delivery in Q4 2019 in line with the expected commencement of Jetlines’ operations. The two aircraft will have the same configuration as the AerCap aircraft, with 180 ACRO seats. The letter of intent is subject to executing a definitive lease agreement and other conditions customary to a transaction of this nature.

Executive Chairman, Mark Morabito commented, “I am pleased with the Jetlines strategy of launching for the winter peak, in time for the holidays. The leased aircraft are on favorable terms as a result of our partnership with SmartLynx and this decision is expected to help Jetlines deliver better results than originally anticipated. In addition to our financing announcements with SmartLynx and InHarv, the Company continues to work with other groups in effort to secure the rest of the capital required for our start-up.”

Jetlines Announces Up to $14 Million Financing from a Korean Special Purpose Fund

Provided by Canadian Jetlines

March 28, 2019 – Canada Jetlines Ltd. (TSX-V: JET) (the “Company” or“Jetlines”) is pleased to announce that it has entered into a letter of intent (the “LOI”) with a Korean special purpose fund led and established by InHarv Partners Ltd. (“InHarv”) for a financing of up to $14 million (the “Offering”). InHarv is a hybrid of venture capital and private equity based in Seoul, South Korea whose strategic stance is to raise capital in South Korea for investment in cutting edge start-ups overseas. InHarv will be acting as lead & general partner for the Korean special purpose fund, and also investing as principal. The Korean special purpose fund includes the investment divisions of a number of leading Korean manufacturing and financial institutions as its group of limited partners. A special purpose vehicle (the “SPV Fund”) will be created by InHarv to facilitate the investment into Jetlines.

“This financing transaction with the Korean SPV Fund is an important pillar of Jetlines’ financing plan. Combined with the SmartLynx financing completed at the end of 2018 and $8.8m in proceeds received through the exercise of previously issued share purchase warrants, Jetlines has raised a significant portion of the funds that it needs to launch airline operations. We intend to raise the balance of the proceeds through additional debt and equity financings in the near term and negotiations are well advanced in this regard” commented Mark Morabito, Executive Chairman of Jetlines.

Javier Suarez, CEO of Jetlines added “There is significant penetration of ULCC airlines in South Korea. They understand the value proposition associated with these types of airlines and the returns Korean local investors have obtained investing in these airlines. The extensive due diligence that the Korean SVP Fund have conducted to date provides further validation of the need for a true ULCC in Canada and Jetlines’ business plan.”

Canada Jetlines Provides Update on Aircraft Maintenance and Operations

Provided by Canada Jetlines

VANCOUVER, British Columbia, March 14, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V) (JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to provide an update on recent operational developments related to Jetlines’ build out in preparation for a targeted launch later this year.

Aircraft Maintenance and Preparation for Delivery

Jetlines signed an agreement with AKKA Technologies (AKA: EPA) for the paint livery engineering drawings, stencils and placards. AKKA ranks as the European leader in engineering consulting and R&D services in mobility and carries a strong presence globally. AKKA is also accomplishing the cabin interior reconfiguration Engineering through a direct contract with the aircraft lessor.

Jetlines signed an agreement with Flightcraft Maintenance Services Ltd. (“FMS”) in Winnipeg for the aircraft reconfigurations. FMS has been engaged to install the 180 Passenger configuration with new ACRO Series 3 Superlight ST+ seats, new carpets and convert the cargo holds to bulk load configuration. With over 20 years in the business, FMS has established itself internationally as a reliable and consistent aircraft maintenance and overhaul facility. FMS is Transport Canada and EASA certified, and is internationally recognized as a leader in global Maintenance, Repair, and Operations (MRO) services.

Jetlines has reached an agreement with TRAX, the leading global provider of aviation maintenance mobile and cloud products, for their maintenance software and services. TRAX has become the best-selling aircraft fleet management software on the market today by providing a robust suite of products and services to over 170 customers worldwide. TRAX’s products provide the means to manage and maintain all information generated and allows for complete information flow with leading-edge tools for customization that will enable Jetlines to maintain an efficient process and tight cost control as a result.

Phil Larsen, VP Maintenance commented, “We are very pleased to have these highly recognized suppliers working with us for the launch of Jetlines. With AKKA Technologies doing the engineering and kit provisioning, and Flightcraft accomplishing the reconfiguration and maintenance, we can be assured a great high-quality product.”

Integrated Flight Operations Software – SysAIO

Jetlines also announces an agreement with SysAIO Inc., a Canadian company that provides a series of high-end online applications through a SaaS (software as a service) model. SysAIO will be providing Jetlines with a cutting-edge online aviation product, AvAIO (Aviation – All-In-One). AvAIO is an enterprise level aviation system that provides cost-effective operations and crewing solutions. SysAIO was selected by Jetlines for their experience in working with start-ups and their abilities to meet the challenging technical aspects of the aviation industry. Jetlines selected SysAIO due the unique flexibility it provides, allowing a smaller airline to customize the software to their individual needs as it relates to crew scheduling, reporting tools, and customization of the Safety Management System (SMS) modules, rather than conforming to legacy systems that often prescribe higher costs.

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.

Jetlines ability to launch airline service remains subject to the completion of the airline licensing process, the receipt of applicable regulatory approvals and the completion of financing.

Canada Jetlines Partners with Elavon to Provide Secure Payment Processing

Provided by Canada Jetlines/Globe Newswire

VANCOUVER, British Columbia, Feb. 26, 2019 (GLOBE NEWSWIRE) — Canada Jetlines Ltd. (JET: TSX-V) (JETMF: OTCQB) (the “Company” or “Jetlines”) is pleased to announce that it has signed an agreement with Elavon, Inc., a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), as its payment processing partner of choice.

Elavon provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, and Puerto Rico, and is a leading payments provider to airlines around the world.

Elavon will provide Jetlines’ customers with a secure and easy-to-use payment processing platform. Its omnichannel payment solutions will allow Jetlines’ future passengers to pay however they want whether its in-person, online, on the phone, or on their mobile device. Elavon also offers top-tier security controls to protect Jetlines and its future passengers’ data and privacy. Elavon’s platform will prevent fraud through its advanced and proprietary risk management tools, fraud detection solutions, and managed chargeback services.

Jetlines Chief Financial Officer, Carlo Valente, commented, “Elavon and U.S. Bank have a track record of delivering reliable, innovative, and secure payment solutions. Elavon is consistently rated among the top global payment providers and offers secure payments solutions that comply with industry standards. With data breaches becoming more and more common today, security of customer payments is crucial while also reducing the cost of payment card industry (PCI) data compliance. Elavon meets these needs with its award-winning, international processing platform and global payment solutions.”

“We are honored Jetlines named us their payments processing partner of choice,” said Brett Turner, head of airline acquiring, Elavon. “We’ve been processing payments for the airline industry since 1989, serving global and regional carriers of all sizes. Adding Jetlines to our portfolio of airline customers deepens our commitment to the Canadian market.”

About Elavon, Inc.

Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), provides end-to-end payment processing solutions and services to more than 1.3 million customers in the United States, Europe, Canada, Mexico, and Puerto Rico. As the leading provider for airlines and a top five provider in hospitality, healthcare, retail, and public sector/education, Elavon’s innovative payment solutions are designed to solve pain points for businesses from small to enterprise-sized.

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.