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Jetlines Makes Additional Payment for Takeoff under AerCap Lease Agreement

https://globenewswire.com/news-release/2018/10/11/1619772/0/en/Jetlines-Makes-Additional-Payment-for-Takeoff-under-AerCap-Lease-Agreement.html

October 11, 2018 05:30 ET | Source: Canada Jetlines Ltd.

VANCOUVER, British Columbia, Oct. 11, 2018 (GLOBE NEWSWIRE) -- Canada Jetlines Ltd. (JET: TSX-V) (the “Company” or “Jetlines”) is pleased to announce that further to its news release of June 13, 2018, it has completed a second set of advance lease payments to AerCap, a global leader in aircraft leasing and aviation finance, for two Airbus A320 aircraft. Delivery of Airbus A320 MSNs 2594 and 2663 are expected by early Q2 of 2019. Both aircraft are currently with Air New Zealand and are approaching end of lease service with the airline. Jetlines has made another deposit to AerCap for USD $438,000 per the terms of the agreement and in demonstration of the continued partnership. To date Jetlines has made payments totalling USD $2,190,000 toward securing these aircraft.

AerCap is the world's largest independent aircraft leasing company with a well-diversified portfolio of high-quality aircraft. They provide aircraft to a global network of approximately 200 airline customers in approximately 80 countries and is recognized as the most active aircraft trader globally. The two committed Airbus A320’s are sister aircraft, having virtually identical conformity in design, features, and equipment, allowing Jetlines to expedite the necessary training and maintenance processes to commence operations at an earlier date. The sister aircraft are approximately 12 years old.