Canada Jetlines Provides Corporate Update

Canada Jetlines Operations Ltd. (Cboe CA:CJET) ("Canada Jetlines" or the "Company") announced today that it will be temporarily ceasing airline operations effective August 15, 2024.

The continuing operations of the Company have been dependent upon the Company's ability to raise adequate financing and to grow the airline to the point where it can commence profitable operations. The Company has historically financed its future requirements through a combination of debt, equity or other facilities. The Company, overseen by an independent Board committee and advised by external advisors, pursued all available financing alternatives including strategic transactions, and equity and debt financings. Unfortunately despite these efforts, the Company has been unable to obtain the financing required to continue operations at this time.

Every effort is being made to assist passengers at this time. Passengers with existing bookings are advised to contact their credit card company to secure refunds for pre-booked travel.

The Company intends to file for creditor protection. Additional details will follow regarding such filing.