Jetlines to lease two Airbus A320s in order to start operations

Jetlines (Vancouver) has issued this update:

Canada Jetlines Ltd. provides an update on recent corporate developments related to aircraft acquisition.

Jetlines concluded a term sheet on April 23, 2018 to lease two Airbus A320 aircraft and made a deposit payment of US$876,000. The term sheet is subject to executing a definitive lease agreement and other conditions customary to a transaction of this nature.

Once a definitive lease agreement is concluded for these aircraft, the Company will be able to provide new guidance to the market on its projected start-up date and aircraft delivery schedule.

The Company is targeting the conclusion of a definitive lease agreement before the end of Q2, 2018.

In the interim, Jetlines continues to advance its efforts with personnel recruitment, airport agreements, the licensing process and the financing plan.

The upstart had been previously planning to start operations with Boeing 737s.