ST Engineering Signs LOI to Lease Up to Five A321P2F Aircraft to Global Crossing Airlines

Singapore, Singapore--(Newsfile Corp. - May 19, 2021) - ST Engineering today announced the signing of a Letter of Intent by its Aviation Asset Management unit to lease up to five Airbus A321 Passenger-to-Freighter (P2F) aircraft to Global Crossing Airlines (TSXV: JET) (OTCQB: JETMF) (GlobalX). As part of end-to-end Aviation Asset Management solutions, ST Engineering will also provide maintenance services to these aircraft for GlobalX over the period of the lease.

Subject to the signing of definitive agreements, ST Engineering will acquire the five Airbus A321 passenger aircraft on its own or through its joint venture companies, and finance these aircraft through a mix of equity and non-recourse debt. These aircraft will be converted and maintained at ST Engineering's global facilities, with the first A321 aircraft to be converted in April 2022 and placed on lease in 4Q2022. The remaining four P2F aircraft will be converted and leased to GlobalX progressively.

"We are extraordinarily pleased and honoured to be working with ST Engineering on our fleet of A321P2F, which is a game changer in the air freight industry. We look forward to working very closely with ST Engineering, a world-class solution provider in aircraft maintenance and freighter conversion, and subsequently in other ways as we grow GlobalX," said Ed Wegel, Chairman and CEO of GlobalX.

Yip Hin Meng, EVP/Head of Aviation Asset Management, ST Engineering, said, "We are delighted to be able to support GlobalX as they make their foray into the growing air freight market with our end-to-end Aviation Asset Management solutions. When working with ST Engineering, GlobalX can be assured of best-in-class solutions for these A321P2F aircraft's entry into service and maintenance, all from a single life-cycle solution provider."

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ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.2b in FY2020 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

Global Crossing Airlines GlobalX is a U.S. 121 domestic flag and supplemental airline now in FAA certification using the Airbus A320 family aircraft. GlobalX has taken delivery of one A320 and one A321 aircraft as it prepares for revenue operations. Subject to FAA and DOT approvals, GlobalX intends to fly as an ACMI and wet lease charter airline serving the US, Caribbean and Latin American markets. For more information please visit www.globalxair.com.

For media enquiries, please contact:

Say Huan Yuan
AVP, Group Corporate Communications
ST Engineering
Tel: +65 6722 1678
Email: say.huanyuan@stengg.com

Ryan Goepel
EVP and CFO
Global Crossing Airlines
Tel: 786-751-8503
Email: ryan.goepel@globalxair.com

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 fly as an ACMI and wet lease charter airline, the destinations of its intended charter flights, the timeline to commencement of its charter flights, the completion of the FAA certification process and the number of aircraft GlobalX intends to lease and the completion of a definitive agreement for the lease of such aircraft.

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 " 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 GlobalX's business model; the timely receipt of governmental approvals; GlobalX concluding a definitive agreement for the Aircraft; the timely commencement of operations by GlobalX and the success of such operations; the legislative and regulatory environments of the jurisdictions where GlobalX will carry on business or have operations; the impact of competition and the competitive response to GlobalX's business strategy; the timely removal of air travel restrictions to Venezuela 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 a definitive agreement to acquire the Aircraft, 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 GlobalX's operational strategy, the ability to attract qualified management and staff, labour disputes, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

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