Canada Jetlines to acquire Global Crossing Airlines.

Canada Jetlines, which provides air transportation services, agreed to acquire Global Crossing Airlines, a United States-based charter airline. Financial terms were not disclosed. “While Jetlines made significant progress in building out a management team, advancing the airline licensing process, establishing systems, securing routes and obtaining financing commitments, ultimately current market conditions necessitated a change in strategy. The GLOBALX plan preserves Jetlines strategy long term and provides a more immediate opportunity to commence airline operations. I am resigning from Jetlines at this time in order to facilitate the GLOBALX transaction and its plans to restructure management,” Mark Morabito, Canada Jetlines Chairman.