July 28, 2016
With 49.6% of the issued shares of the Company represented at the meeting. All of the following motions passed with 100% in favour including the Special Resolution for the reverse take-over with Jet Metal Corp.
An update was presented on our exemption application to Transport Canada to increase foreign ownership to 49% for Jetlines. Also disclosed, changes to the terms of the issued warrants and the process of converting from a private company to a publicly traded company was outlined.
For the complete News Release and further information on the Jet Metal and Canada Jetlines transaction and the effect of our 49% exemption application, please refer to the News Room section of this website.
Estimates the demand for lower airfare in Canada equals a market of 10 million new passenger trips per year flying domestically, to the USA, Mexico and the Caribbean;
Believes that this 10 million passenger market is currently unserved;
With a clean sheet opportunity, has the ability to structure its costs as a ULCC airline to dominate this 10 million passenger market, which equals 60 new Boeing 737-700 aircraft;
Is led by a knowledgeable management team with Canadian and international experience who understand the airline industry and is supported by an accomplished Board of Directors;
Plans to offer base airfares significantly lower than those of major existing carriers in Canada;
Intends to offer high levels of service with on demand in-flight service;
Plans to, where possible, use non-major airports in Canada to attract new passengers;
Has signed a definitive purchase agreement with The Boeing Company to acquire up to twenty-one (21) Boeing 737 MAX aircraft for delivery commencing in 2021. The Agreement includes five (5) firm orders, purchase rights for an additional sixteen (16) 737 MAX and some conversion rights to the 737-8 MAX aircraft; and
Has constructed a detailed 40 aircraft route structure model and business plan to cover the first eight years of operations; and
Jetlines has completed Phase 2 of a four phased approach to establish Canada Jetlines as the first Ultra Low Cost Carrier (“ULCC”) airline in Canada:
Phase 1 – Feasibility and Initiation;
Phase 2 – Planning and Development;
Phase 3 – Plan Execution (build-out); and
Phase 4 – Operations.
Jetlines is currently in the process of securing institutional funding for Phase 3 and 4.