VANCOUVER, British Columbia, May 22, 2018 (GLOBE
NEWSWIRE) -- Canada Jetlines Ltd. (TSX-V:JET) (the
“Company” or “Jetlines”) today
announces that Mr. Lukas Johnson will be appointed as Chief
Executive Officer, succeeding Mr. Stan Gadek. Mr. Gadek will
continue as Chief Executive Officer during a transition period and
Mr. Johnson will officially commence his role with the Company on
June 18, 2018.
Mr. Johnson has held progressively senior roles
over an eight-year span with Allegiant Travel Company
(“Allegiant”), a leading ultra-low-cost carrier (ULCC) in the
United States, most recently as Senior Vice President, Commercial.
Mr. Johnson has extensive commercial expertise in network planning,
revenue management, operations research, corporate strategy,
ecommerce and operations.
Under Mr. Johnson’s leadership, Allegiant had
the fastest expanding network in North America, as it grew to over
400 routes and 120 airports served. He helped guide Allegiant to
the highest operating margins in the world of any airline in both
2015 (29.4%) and 2016 (27.2%). Over his tenure, annual revenue per
plane increased over 30% and total operating revenues grew to over
$1.5 billion. His strategic vision and long-term planning helped
transform the company by entering mid-size markets, adding eleven
new focus city destinations, and growing East Coast capacity by
over 500%.
Prior to Allegiant, Mr. Johnson worked for
Milliman Inc. and Transamerica in the actuarial field. Mr. Johnson
earned a Bachelor of Arts in Mathematics from Northwestern
University.
Lukas Johnson stated, “I’m excited to join
Jetlines at this pivotal point in the Company’s history, and I have
confidence in the team's ability to become the first successful
ultra-low-cost carrier in Canada. Based on my experience and deep
knowledge of the Canadian market, there is a significant
opportunity for us here and I look forward to leading the team to
success.”
“We warmly welcome Lukas to our management team.
This marks an important milestone in the buildout of Jetlines and
their extensive industry and leadership experience will aid in the
acceleration of the Company’s strategy of becoming Canada’s first
true ultra low-cost carrier,” stated Mark Morabito, Executive
Chairman of Canada Jetlines.
Mark Morabito added, “On behalf of the Board, I
would like to thank Mr. Gadek for his time and contributions.
During his tenure, Jetlines added several key board and management
appointments, announced three airports, added key operations
personnel progressed negotiations with major aircraft lessors, and
advanced the licensing and financing process for the Company.”
Stan Gadek commented, “As I return to my
consulting practice, I look forward to the new management team
taking Jetlines to the next level. I want to thank Chairman
Morabito, the board of directors, and the Jetlines team for their
hard work and dedication over the past year.”
Mr. Johnson will also be making a $700,000
investment into the Company’s subsidiary, Canada Jetlines
Operations Ltd. (“CJL Operations”). Mr. Johnson will acquire,
through a newly created subordinate class of shares of CJL
Operations (the “Subordinate Shares”), a 5% equity interest in CJL
Operations. The Subordinate Shares will have limited rights and
will be subject to certain restrictions, including a two-year
restriction on transfer. At the end of the two-year transfer
restriction, the shares will be redeemable by either the Company or
Mr. Johnson for a payment by the Company, with the amount of the
payment to be determined by a formula based on the market
capitalization of the Company at the time, with such payment to be
made by the Company in cash or, subject to the approval of the TSX
Venture Exchange, in shares of the Company.
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. 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"
Executive Chairman
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:
The Howard Group Inc.
Tel: (403) 221-0915
Toll Free: 1-888-221-0915
Jeff Walker: jeff@howardgroupinc.com
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 terms of the proposed investment, delivery of
aircraft, business plan, the ability to offer ultra-low fares,
potential route destinations, ticket sales and future airline
operations of the Company.
In certain cases, forward-looking
information can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state 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
applicability of the Jetlines’ business model; the timely receipt
of governmental approvals, including the receipt of approval from
regulators in Canada, the United States, Mexico and other
jurisdictions where Jetlines may operate; the timely commencement
of operations by Jetlines and the success of such operations; the
ability of Jetlines to implement its business plan as intended; 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 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.
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.
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