VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2016) - Jet Metal Corp. (TSX VENTURE:JET) (the "Company" or "Jet Metal") and Canada Jetlines Ltd. ("Jetlines") are pleased to announce that Mr. Stan Gadek, BSc., MBA, has agreed to join the Board of Directors of Jet Metal on completion of the previously announced business combination transaction between Jet Metal and Jetlines (the "Transaction"). On completion of the Transaction, Jet Metal will be a publicly traded holding company that will carry out the business of Jetlines through a wholly-owned operating subsidiary.
"We are extremely excited that Stan has agreed to join the Board of Directors on completion of the Jet Metal and Jetlines transaction," stated Jetlines CEO Jim Scott. "He has significant experience in the start-up and operation of an ultra low-cost carrier airline and his experience in aircraft leasing, customer service, cost management, financial planning and strategic decision making will be invaluable to the execution of the Jetlines business plan."
Mr. Gadek is a skilled senior airline executive who served as President, Chief Executive Officer and Chief Financial Officer of Sun Country Airlines - a Minneapolis-St. Paul-based scheduled service and charter airline operating Boeing 737 aircraft that has exceeded over US$400 million in yearly revenues. At Sun Country, Mr. Gadek grew revenue and sales, reduced costs and improved customer service, resulting in four consecutive years of profitability. He expanded Sun Country's network to 34 domestic and international destinations and developed a vacation travel division resulting in additional revenue diversification.
Prior to Sun Country, Mr. Gadek was Senior Vice President Finance, Chief Financial Officer and Treasurer for AirTran Holdings, whose primary asset was AirTran Airways, a 140 Boeing 737 scheduled airline. While at AirTran Mr. Gadek led the negotiation of US$4 billion in aircraft orders, including over US$600 million in committed lease financing. In 2011 AirTran was sold to Southwest Airlines for over US$1.3 billion in cash and common stock. Mr. Gadek has also held executive positions with other carriers including United Express, Continental, and Northwest. Mr. Gadek earned a Bachelor of Science degree in accounting from the University of Illinois and a Masters of Business Administration degree from the University of St. Thomas in St. Paul, Minnesota.
Mr. Gadek will fill the director position vacated by Mr. Don Sorochan, QC. After the closing of the Transaction, Mr. Sorochan will move to a position on the Advisory Board to the combined company such that the continued access to his experience and expertise will be available. Mr. Sorochan is a senior lawyer who has provided a wide variety of legal services to Canadian commercial airlines. His airline experience includes acting for the Jim Pattison Group when it purchased several regional airlines to form Air BC. In 1987, Air Canada purchased 85% of Air BC, a predecessor to Air Canada Jazz, and acquired the remaining shares in 1995. Mr. Sorochan began his airline career working for Canadian Pacific Airlines as a station agent while attending law school.
On closing, the Advisory Board will consist of Mr. Sorochan, Mr. Ed Wegel and Mr. Mike Harris. Mr. Wegel is another senior airline industry executive with over 30 years' experience in the airline industry and aviation investment banking. He is currently the President and CEO of AVi8 Air Capital, an aircraft leasing company. Past roles include past President and CEO of Eastern Air Lines Group; former Chief Restructuring Officer, CEO and Chairman of Travelogix, an internet travel company acquired by CheapoAir/Fareportal; and former Senior VP of Corporate Development for Mesa Air Group. Mr. Harris is the former Premier of the Province of Ontario and now acts as an advisory to business, law firms and think tanks.
Regulatory Disclosure
Completion of the Transaction remains subject to the final approval of the TSX Venture Exchange (the "Exchange") and other conditions customary for a transaction of this nature. There can be no assurance that the Transaction will be completed as proposed or at all. Additional information as required can be found in the Jet Metal Management Information Circular dated June 17, 2016 (the "Management Information Circular") and available on SEDAR at www.sedar.com or will be provided by way of a subsequent news release. Trading in the common shares of the Company on the Exchange will remain halted until such times as the requirements of the Exchange are met.
