This document corrects and updates the news release issued earlier today. The headline and opening paragraph has been updated to read third instead of "fourth".

Miami, Florida--(Newsfile Corp. - July 14, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce the signing of an operating lease and payment of the deposits for its third passenger aircraft, an Airbus A320-214 ("the Aircraft"), with Avolon. The Aircraft will join the fleet after receipt of final DOT and FAA approvals.

The Aircraft, previously operated by a major Asian operator, is expected to be delivered to GlobalX in September 2021 after a full 6Y/12Y check.

GlobalX continues the development of its A320 passenger and A321 passenger and cargo aircraft fleet plans. GlobalX recently completed all of its FAA requirements for its certification as a US 121 flag, domestic, and supplemental carrier, and is expected to enter passenger service after final DOT requirements are concluded.

"We are very pleased to be working with Avolon, one of the world's leading aircraft lessors. This will be an excellent aircraft for us as we expand our capabilities to serve our client's needs throughout the Americas," said Ed Wegel, Chair and CEO of GlobalX.

"Avolon is delighted to expand our business in the Americas with a new customer in Global Crossing. We wish them every success and look forward to partnering further in the future," said Steven Graham, Head of Americas for Avolon.

About Avolon

Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co., Ltd., a public company listed on the Shenzhen Stock Exchange and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation which is listed on the Tokyo and New York Stock Exchanges. Avolon is the world's third largest aircraft leasing business with an owned, managed and committed fleet, as of 30 June 2021 of 840 aircraft.

About Global Crossing Airlines

GlobalX is a US 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information, please visit www.globalxair.com.

For more information, please contact:

Ryan Goepel, EVP and CFO
Email: ryan.goepel@globalxair.com
Tel: 786.751.8503

Or

Jeff Walker, Vice President - The Howard Group
Email: jeff@howardgroupinc.com
Tel: 403.221.0915
Toll Free: 1.888.221.0915

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 Company's intention to fly as an ACMI and wet lease charter airline, the completion of final DOT requirements, the Company's aircraft fleet size, the timeline for commencement of passenger service and the destinations that the Company intends to service.

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 GlobalX's business model; the timely receipt of governmental approvals; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX's 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, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the impact of the global uncertainty created by COVID-19, future relations with shareholders, 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 GlobalX's 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; 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 results to differ materially from those described in forward-looking information, there may be other factors that cause 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90146