Canada Jetlines Provides Aircraft Update

Canada Jetlines Operations Ltd. (NEO: CJET) ("Canada Jetlines" or the "Company") announces an update on the previously announced letter of intent for its third Airbus A320 aircraft. Jetlines has determined that certain conditions were not or will not be satisfied and has elected to terminate the letter of intent. Jetlines has instead entered into a letter of intent for a newer Airbus A320 aircraft that was previously operated by a leading North American air carrier.

The third aircraft for Canada Jetlines will be an Airbus A320-200 equipped with two CFM56-5B4/3 engines. The airline will install the Flymingo Box system, which offers an enhanced passenger experience through its wireless inflight entertainment. It is expected to be delivered in July 2023.

The delivery of the aircraft remains subject to customary conditions, including the execution of a definitive aircraft lease agreement and satisfactory inspection of the aircraft by the Company.

Visit Jetlines.com to learn more and book reservations and vacation packages with your preferred travel agent. Follow Canada Jetlines on all social media platforms and follow #CanadaJetlines for the latest news and updates.

Connect With Us!
Instagram: @ca_jetlines
Twitter: @ca_jetlines
Facebook: @CAJetlines
LinkedIn: www.linkedin.com/company/jetlines

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 the addition of a third aircraft, expected delivery date of the third aircraft and business of Jetlines.

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 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 continue airline operations, the accuracy, reliability and success of Jetlines' business model; the continued compliance with the terms of governmental approvals; Jetlines concluding definitive agreements for additional aircraft; the success of operations by Jetlines the legislative and regulatory environments of the jurisdictions where Jetlines will carry on business or have operations; the impact of competition and the competitive response to 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, the ability to obtain financing at acceptable terms, the impact of general economic conditions, domestic and international airline industry conditions, the failure of the Company to conclude definitive agreements to acquire additional aircraft, supply chain disruptions causing delays in expected timelines, 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 Jetlines' operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of (or compliance with) the necessary licenses from regulatory agencies, 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.