MIAMI, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Global Crossing Airlines Group, Inc. (Cboe CA: JET, Cboe CA: JET.B, JETMF) (the “Company” or “GlobalX”), the Nation's fastest growing charter airline, today announced that it has entered into a joint venture with ATB Aviation Australia (“ATB Aviation”) to establish a new airline headquartered in Melbourne, Australia.
Serving the Asia-Pacific (APAC) region, a market with dynamic growth potential, the new airline will operate as a charter airline, offering both charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) services. This innovative aviation model promises unmatched convenience for passengers and businesses across the APAC region. The charter and ACMI business models are widely recognized for efficiency, flexibility, and economic viability, particularly in comparison to traditional commercial airlines.
Like its US counterpart, the new joint venture entity will provide both passenger and cargo transportation services to Australia and key Asian markets. The joint venture entity will fly a fleet of Airbus A320 family of aircraft following the successful completion of all regulatory and compliance requirements, including obtaining its initial application, approval, and obtaining an Australian Air Operator Certificate (AOC).
The APAC region, encompassing East Asia, Southeast Asia, South Asia, and Oceania, is one of the fastest growing and most vibrant aviation markets globally. With the charter flight market in APAC projected to reach USD $6.8 billion annually1, the new joint venture entity is well-positioned to capitalize on this demand. Notably, it will also support leading regional carriers during peak travel seasons.
Eric Dang, President of ATB Investment & Partners, stated, "With the launch of our APAC joint venture, we are bringing more choices to customers in the charter flight segment. This joint venture, backed by the proven expertise and resources of GlobalX, will introduce innovative models and products tailored to APAC customers, just as they have successfully done in North America, the UK, and Europe."
GlobalX, North America's fastest-growing charter airline, is one of the most dynamic charter carriers in the narrowbody passenger and cargo markets. The airline currently operates a fleet of 18 Airbus A321 family of passenger and cargo aircraft, serving markets in the US, the Caribbean, and Latin America. GlobalX is also the only North American operator of the Airbus A321P2F freighter.
Ryan Goepel, President and CFO of GlobalX, remarked, "We are thrilled to partner with ATB Aviation to launch this APAC joint venture, marking an important step in expanding our innovative charter and ACMI model to the global stage. With significant untapped potential in the APAC market, we are committed to ensuring the success of this joint venture. The GlobalX know-how and operational excellence, paired with our partners' talent and proven experience at ATB Aviation, will set a strong foundation for a successful new airline."
Targeting a start of operations in late 2025, the new joint venture entity aims to expand its fleet to 10 aircraft within its first five years of operation.
About Global Crossing Airlines Group, Inc.
GlobalX is a US 121 domestic flag and supplemental airline flying the Airbus A320 family of aircraft. The Company’s services include domestic and international ACMI and charter flights for passengers and cargo throughout the US, Caribbean, Europe, and Latin America. GlobalX is IOSA certified by IATA and holds TCOs for Europe and the UK.
For more information, please contact:
Company Contact
Ryan Goepel, President & CFO
Tel: (720) 330-2829
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Email: [email protected]
About ATB Aviation
ATB Aviation is a subsidiary of ATB Investment & Partners, an investment fund established by Eric Dang (Đặng Tất Thắng) in March 2023 in Vietnam. In early 2024, ATB Investment relocated its headquarters to Melbourne, Australia, as part of its expansion strategy into the Australian market. Eric Dang, who will serve as Chairman and CEO of joint venture in its initial phase, brings a wealth of experience to the role. From 2016 to 2022, he successfully led Bamboo Airways, achieving remarkable milestones in the aviation sector.
Company Contact
Eric Dang, President & CEO
Email: [email protected]
Investor & Media Relations Contact:
Minh Nguyen - PM
Email: [email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains certain “forward looking statements” and “forward-looking information”, as defined under applicable United States and Canadian securities laws, concerning anticipated developments and events that may occur in the future. Forward-looking statements contained in this news release include, but are not limited to, statements with respect to the Company’s aircraft fleet size, the destinations that the Company intends to service, that the Company intends to establish a new airline headquartered in Melbourne, Australia and its planned operations, that the APAC market has dynamic growth potential, the receipt of all permits required to operate; the expected size of the charter flight market in APAC and that the new entity is well-positioned to capture this demand, the Company’s status as North America's fastest-growing charter airline, the targeted date for commencement of operations and fleet size, the plans for an IPO, the expected location of the primary operational hub and the Company’s growth plans.
In certain cases, forward-looking statements 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 statements contained in this news release is based on certain factors and assumptions regarding, among other things, the receipt of financing to continue airline operations and launch the new joint venture entity, the accuracy, reliability and success of GlobalX’s business model; GlobalX’s ability to accurately forecast demand; GlobalX will be able to successfully conclude definitive agreements for transactions subject to LOI; the timely receipt of governmental approvals; the success of airline operations of GlobalX; GlobalX’s ability to successfully enter new geographic markets; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the Company has or will have sufficient aircraft to provide the service; the impact of competition and the competitive response to GlobalX’s business strategy; the future price of fuel, 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 statements involve 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 statements. Such factors include risks related to, the ability to obtain financing at acceptable terms, the impact of general economic conditions, risks related to supply chain and labor disruptions, failure to retain or obtain sufficient aircraft, domestic and international airline industry conditions, failure to conclude definitive agreements for transactions subject to LOI, the effects of increased competition from our market competitors and new market entrants, passenger demand being less than anticipated, 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, risks associated with doing business in foreign countries, the ability of management to implement GlobalX’s operational strategy, the ability to attract qualified management and staff, labor disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits; risks related to significant disruption in, or breach in security of GlobalX’s information technology systems and resultant interruptions in service and any related impact on its reputation; and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those described in the forward-looking statements, 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 statements. The forward-looking statements are 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 statements. If GlobalX does update one or more forward-looking statements, no inference should be made that it will make additional updates with respect to those or other forward-looking statements.
1 Source: Maximize Market Research
