Canada Jetlines and ClearSky Global Sign Ultra-Clean Fuel Offtake Agreement

TORONTO–(BUSINESS WIRE)–Canada Jetlines Operations Ltd. (NEO: CJET) (“Canada Jetlines”), is pleased to announce the signing of an Ultra-Clean fuel offtake agreement with ClearSky Global Inc. Under the terms of the agreement, Canada Jetlines will purchase up to 18,000,000 litres per year of jet fuel from ClearSky Global, providing a stable and secure supply of low emissions SAF fuel for the airline.

This partnership is a significant step forward for both companies, as it allows Canada Jetlines to focus on its core business of providing high quality leisure air travel using low carbon emission fuel to its clients, while ClearSky Global is able to expand its customer base and secure long-term contracts with a unique and growing airline with an exciting future.

The companies have not disclosed the financial details of the agreement, but both parties are confident that this partnership will be mutually beneficial and will lead to continued growth and success for each entity in the future.

“We are pleased to be partnering with Canada Jetlines, and we look forward to working together to provide our superior and cost-effective low-emission jet fuel, which supports the global airline commitment towards NetZero and 10% emissions reduction targets by 2030,” said ClearSky Global CEO, Timothy Kozmyk.

“This agreement with ClearSky Global is a major step forward for Canada Jetlines, as it allows us to fly on cleaner fuel and reduce our impact on the environment while enabling us to stay within our operational budgets. ClearSky’s jet fuel enables us to provide our customers with a high-quality service using a low-emissions energy source without passing added fuel costs on to our customers.” said Canada Jetlines CEO, Eddy Doyle.

About ClearSky Global: ClearSky Global is a modern energy company committed to commercializing economically feasible disruptive technologies, enabling the company to provide superior energy solutions to customers and the global community searching for viable answers to energy transition. The company will deliver its SAF jet fuel to the North American market beginning in 2025, enabling ClearSky to provide its superior quality low-emission fuel at an industry-leading competitive price, and enabling airlines like Canada Jetlines to make significant progress towards IATA emission reductions targets in the near term.

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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 Company’s intention to operate as a leisure airline, the intention to offer the lowest possible price the destinations of its intended flights, expected benefits of the agreement with ClearSky Global, expected future fuel consumption and pricing 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 commence airline operations, the accuracy, reliability and success of Jetlines’ business model; the timely receipt of governmental approvals; Jetlines concluding a definitive agreement for aircraft to expand airline operations; 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 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 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.

Contacts

Media:
media@jetlines.ca

Investor Relations:
Percy Gyara

Chief Financial Officer

Canada Jetlines

Percy.Gyara@jetlines.ca
+1.647.921.7205

Investor Relations:
Jennifer Dugdale

Chief Financial Officer

ClearSky Global Inc.

JDugdale@clearskyglobal.ca
+1.403.819.3555