Canada Jetlines and Québec City Airport Sign Agreement
Canada Jetlines Ltd. (TSX-V: JET) (the “Company” or “Jetlines”) and the Québec City Jean Lesage International Airport (YQB) (the “Québec City airport”, “YQB” or the “airport”) are pleased to announce they have reached an agreement in principle. Canada Jetlines intends to provide future ultra-low fare service from the airport.
In 2017, Québec City Jean Lesage International Airport doubled its capacity by opening a brand-new international terminal. Since its privatization in 2000, the airport has tripled its traffic going from 643,000 passengers to 1.8 million in 2018. YQB remains one of the fastest growing airports in Canada, with an annual compound passenger growth rate of 7.2% per year for the last 15 years.
Québec City has long been recognized as a premium tourist destination for Canadians, Americans, and international visitors. In 2016, Québec City had over 4 million tourists and that number continues to increase annually. Jetlines is excited about its plans to come into the market and provide a low-cost alternative to locals and tourists alike.
Javier Suarez, Jetlines CEO, stated “Québec City is an exciting addition to our future route network that will provide more Canadians with diversified and low-cost alternatives to explore this beautiful country. Jetlines plans to offer domestic as well as international flights. Québec City is also home to world-class tourism infrastructure and has been an increasingly popular destination for many travelers in recent years. This partnership will allow us to tap into the market opportunity available and stimulate demand for more travel, which Jetlines will be able to leverage to grow its business.”
“We salute Canada Jetlines' willingness to serve the passengers of Québec City. This decision aligns perfectly with our development strategy to improve accessibility to Québec City, increase the region’s connections to the rest of the world, and support its economic growth, visibility and prestige”, said Gaëtan Gagné, President and CEO of YQB. “Bringing a low-cost option to Québec City was one of our top priority for the future and one of the reasons why we’ve expanded our terminal. I am delighted to see that this strategy is paying off and we welcome Jetlines with enthusiasm”, he concluded.
The Company’s ability to service this airport is subject to the completion of the airline licensing process and the receipt of applicable regulatory approvals.