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Ascent

ascent.flights

Founded Year

2018

About Ascent

Ascent is a Singapore-based, air transportation services provider.

Headquarters Location

328 North Bridge Road #02-20, Raffles Shopping Arcade

Singapore, 188719,

Singapore

+63 (0)995 679 4084

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Latest Ascent News

Global Crossing Airlines Announces US$10 Million Financing with Ascent Global Logistics, Inc.

May 18, 2021

. Miami, Florida--(Newsfile Corp. - April 21, 2021) - Global Crossing Airlines Group Inc. (TSXV: JET) (OTCQB: JETMF) (the "Company" or "GlobalX") is pleased to announce a US$10 million equity offering (the "Offering") from Ascent Global Logistics, Inc. ("Ascent"). Ascent is a leading logistics, transportation and supply chain solutions provider. Ascent-On-Demand operates the largest domestic expedited air charter operation in North America, as well as USA Jet and Rambler Air, airlines in the US with more than 30 aircraft in total. According to Ed Wegel, the Chair and CEO of GlobalX, "We are delighted to welcome Ascent to our investor group. Their investment signals their strong confidence in the management team and our strategic plan, and the funds will be used to accelerate our growth with additional A320s added to our fleet in 2021 and to prepare for A321 freighter aircraft later this year. As well, we see strong synergies with Ascent's logistics capabilities and robust freight network." Added Chris Jamroz, Executive Chairman of Ascent, "We evaluated entering the charter air market on our own, and realized we were much better off partnering with GlobalX instead. This is the team to back and the time to do so. We look forward to working closely with GlobalX as they pounce on the tremendous growth opportunities they have." Pursuant to the Offering, Ascent will subscribe for and purchase 2,000,000 units (each a "Unit") at a price of US$1.29 per Unit for gross proceeds of US$2,580,000. Each Unit is comprised of one share of Common Stock (each, a "Share") and one purchase warrant of the Company (each, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Share of the Company (each, a "Warrant Share") at a price of US$1.50 per Warrant Share until the date which is 60 months following the closing date. Ascent will also subscribe for and purchase 5,537,313 Units at a price of US$1.34 per Unit for gross proceeds of US$7,419,999.42. Each Unit is comprised of one share of non-voting Class A Common Stock and one purchase warrant. Each Warrant will entitle the holder thereof to acquire one Share, and with other terms and conditions identical to the Warrant described above. The Company intends to use the net proceeds of the Offering to accelerate its growth plans with the planned acquisition of additional A320 family aircraft and to prepare for cargo charter operations later in 2021. In connection with the Offering, Ascent will have the right to nominate two directors to the Company's Board of Directors. The Offering is non-brokered and is subject to the approval of the TSX Venture Exchange. This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements. About Ascent Global Logistics As a leading transportation and supply chain solutions provider, Ascent Global Logistics focuses on simplifying logistics. Through its Domestic, International and On-Demand offerings, Ascent helps its clients with supply chain management by providing customized solutions, premium customer service and state-of-the-art technology. For more information, please visit the Ascent Global Logistics website, www.ascentgl.com . About Global Crossing Airlines Group GlobalX is a US 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 more information, please contact: Ryan Goepel 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, statements with respect to the terms of the Offering, the use of proceeds of the Offering, 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, and the completion of the FAA certification process. 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. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81127 Sign up for Alerts Sign up to receive news releases by email for Global Crossing Airlines Group Inc. or all companies belonging to the Airlines/Aviation, Travel industries.

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Ascent Frequently Asked Questions (FAQ)

  • When was Ascent founded?

    Ascent was founded in 2018.

  • Where is Ascent's headquarters?

    Ascent's headquarters is located at 328 North Bridge Road, Singapore.

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