Global Crossing Airlines Group Inc. announced that the pursuant to the subscription agreement, the board of directors of the Issuer appointed Andrew Axelrod a director of the Issuer on August 3, 2024, effective immediately. Effective upon Mr. Axelrod's appointment as a director, the size of the Issuer's Board of Directors will be increased from 7 to 8 directors. Biographical information of Mr. Axelrod is as follows: Andrew M. Axelrod.

Mr. Axelrod, age 40, founded Axar Capital Management LP, an investment management firm, in April 2015 and serves as its Managing Partner and Portfolio Manager. He has been the Chief Executive Officer and Executive Chairman of the board of directors of Axar Acquisition Corp. since October 2016.

Before founding Axar Capital Management, Mr. Axelrod worked at Mount Kellett Capital Management LP, a private equity investment firm, from 2009 to 2014. At Mount Kellett Capital Management, he was promoted to Co-Head of North America Investments in 2011 and became a Partner in 2013. Prior to joining Mount Kellett Capital Management, Mr. Axelrod worked at Kohlberg Kravis Roberts & Co.

L.P. from 2007 to 2008 and The Goldman Sachs Group Inc. from 2005 to 2006. Mr. Axelrod has served as chairman of the board of directors of Terra Capital Partners since February 2018. Mr. Axelrod graduated magna cum laude with a B.S. in Economics from Duke University.

Mr. Axelrod's extensive experience in financing, investments and restructurings will provide critical skills to the board of directors as the Issuer continues to implement its growth plan.