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LAS VEGAS, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced it will be providing a shareholder webinar on Thursday September 19th at 2pm EST via the following link: https://us02web.zoom.us/meeting/register/tZctf--rrD0sE9aH9og2liok6MJ3LeFslJYn. Investors and media are encouraged to submit any questions in advance of the webinar to Jet.AI@gateway-grp.com.
Jet.AI Founder and interim CEO Mike Winston and interim CFO George Murnane, will be discussing topics around Jet.AI’s aviation and software opportunities, respectively.
The webinar will be available live and for replay via the investor relations section of the company’s website.
Webinar link: https://us02web.zoom.us/meeting/register/tZctf--rrD0sE9aH9og2liok6MJ3LeFslJYn
About Jet.AI
Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of standalone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.
Forward-Looking Statements
This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K, Registration Statement on Form S-4, filed June 27, 2024, and amended on July 11, 2024, Registration Statement on Form S-1, filed and amended on September 3, 2024, and subsequent reports filed by the Company with the Securities and Exchange Commission, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated.
Readers are cautioned not to put undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.
Contacts:Gateway Group, Inc.949-574-3860Jet.AI@gateway-grp.com
LAS VEGAS, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, invites users to beta test the web version of JetLeg.AI, designed as an iOS/Android app that redirects previously wasted empty private flights into new lower cost charters. The easy-to-use app features AI trip finding, matching, and suggestions. Users may sign up and explore JetLeg.AI’s capabilities in advance of live connectivity to the aircraft operator community at the following site: https://jetleg.ai/, a video demo is separately available here: https://youtu.be/sUW5pj-Vfo4.
Jet.AI Founder and Executive Chairman Mike Winston commented: “Both consumer and operator are better off for using JetLeg.AI. The consumer saves money, and the jet operator gets a completely new source of profitable revenue. The jet operator does not access JetLeg.AI directly but rather sees requests from JetLeg.AI through the operator’s participation in the underlying Reroute AI network, also offered by Jet.AI. The app learns from user actions, continuously improving the recommendations for an even more tailored experience. This new product is consistent with our goal to make the products play off of one another.”
Available on the Web, with native iOS and Android apps coming this fourth quarter, the app is powered by Jet.AI’s Reroute AI technology, delivering an intuitive and personalized travel experience.
AI-Powered Trip Matching and Learning
JetLeg.AI not only uses advanced AI technology to suggest trips based on your preferences, but it also learns from your actions over time. The more you use JetLeg.AI, the smarter it becomes, offering increasingly tailored trip suggestions that match your travel habits, preferences, and needs. Whether travelers are looking for last-minute flights or cost-effective alternatives, JetLeg.AI ensures they have access to the best opportunities, making the booking process better.
Key Features of JetLeg.AI:
Be the first to discover your next adventure when the system goes live with operators in Q4 and take advantage of significant savings on private jet travel. Let JetLeg.AI help you find the perfect trip and unlock new experiences in the world of luxury travel.
About Jet.AI
Jet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of standalone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.
Forward-Looking Statements
This press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K, Registration Statement on Form S-4, filed June 27, 2024, and amended on July 11, 2024, Registration Statement on Form S-1, filed and amended on September 3, 2024, and subsequent reports filed by the Company with the Securities and Exchange Commission, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated.
Readers are cautioned not to put undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.
Contacts:Gateway Group, Inc.949-574-3860Jet.AI@gateway-grp.com
LAS VEGAS, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced updates around its proprietary technology stack, CharterGPT, DynoFlight, and Reroute AI.
Management Commentary“We’re racing to get AI to take over revenue-generating tasks typically handled by agents and building out robust products. Demand seen and progress made across all three of our software solutions have been encouraging, and we are moving closer towards our goal of an intertwined ecosystem,” said Jet.AI Founder and Executive Chairman Mike Winston. “CharterGPT will soon integrate DynoFlight’s sustainability tools, allowing customers to offset carbon emissions during the booking process. Reroute AI will work in the background, automatically searching for empty legs that align with CharterGPT requests, providing cost-effective travel options. Together, these innovations provide a smarter, greener, and more efficient aviation solution, and we look forward to continuing to make progress and delivering shareholder value.”
General Product Growth Metrics
CharterGPT V2With exceptional growth and demand seen across Jet.AI’s flagship AI solution, CharterGPT, the Company is now preparing to launch “CharterGPT Version 2” in Q4 2024. This newest model will include a host of new features including enhanced voice interaction capabilities and 1:1 parity between AI, API, and GUI options, creating a more intuitive and seamless experience for users.
FL3XX Integration with DynoFlight V2Launched in Q2 2024, DynoFlight V2 integrates AI across its platform to provide users with real-time predictions, tips, ROI tools, and AI-powered assistants such as NBAA AI. Now integrated with FL3XX, a web- and app-based aviation management platform, DynoFlight allows users to participate in carbon credit projects, reinforcing the Company’s commitment to sustainability.
Reroute AI + MatcherReroute AI has parsed 18,796 flight requests in the past 45 days and matched them to 2,029 empty legs. Reroute AI improves operational efficiency by synchronizing data for a smoother experience and will soon integrate with CharterGPT to allow its users to automatically find affordable flights by leveraging empty leg inventories.
About Jet.AIJet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of standalone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.
Forward-Looking StatementsThis press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K, Registration Statement on Form S-4, filed June 27, 2024, and amended on July 11, 2024, Registration Statement on Form S-1, filed and amended on September 3, 2024, and subsequent reports filed by the Company with the Securities and Exchange Commission, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this press release may not occur, and actual results could differ materially and adversely from those anticipated.
Readers are cautioned not to put undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.
Contacts:Gateway Group, Inc.949-574-3860Jet.AI@gateway-grp.com
LAS VEGAS, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Jet.AI Inc. (“Jet.AI” or the “Company”) (NASDAQ: JTAI), an innovative private aviation and artificial intelligence company, announced its entry with Continental Stock Transfer & Trust Company on August 21, 2024 into: (i) the 2021 Warrant Agreement Amendment, which governs the terms and conditions of the Company’s redeemable warrants to purchase shares of Company common stock, par value $0.0001 per share (the “common stock”), which warrants trade on The Nasdaq Capital Market under the symbol “JTAIW” (the “redeemable warrants”), and the Company’s private placement warrants to purchase shares of common stock (the “private placement warrants”); and (ii) the 2023 Warrant Agreement Amendment, which governs the terms and conditions of the Company’s merger consideration warrants to purchase shares of common stock, which warrants trade on The Nasdaq Capital Market under the symbol “JTAIZ” (the “merger consideration warrants”; together with the redeemable warrants and the private placement warrants, the “warrants”).
The Company entered into the 2021 Warrant Agreement Amendment and the 2023 Warrant Agreement Amendment following the expiration of its previously announced exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”), which commenced on June 27, 2024, and expired at 11:59 p.m., Eastern Time, on July 25, 2024. As disclosed on July 30, 2024, the Company was advised that 8,930,344 redeemable warrants (approximately 90.6% of the outstanding redeemable warrants), 5,760,000 private placement warrants (100% of the outstanding private placement warrants), and 5,029,657 merger consideration warrants (approximately 67.7% of the outstanding merger consideration warrants) were validly tendered and not validly withdrawn prior to the expiration of the Offer and the Consent Solicitation.
In accordance with the Company’s entry into the 2021 Warrant Agreement Amendment and the 2023 Warrant Agreement Amendment, the Company has exercised its right to exchange each warrant that was outstanding upon the closing of the Offer for 10% fewer shares of common stock than each such warrant would have been exchanged for pursuant to the applicable exchange ratio in the Offer (such exchange, the “Post-Offer Exchange”). Pursuant to the Post-Offer Exchange, each outstanding redeemable warrant will be mandatorily exchanged for 0.24741 shares of common stock, and each outstanding merger consideration warrant will be mandatorily exchanged for 0.9120 shares of common stock.
The Company has fixed the date for the Post-Offer Exchange as September 9, 2024, and expects to issue approximately 2.4 million shares of common stock in connection therewith, after which no warrants will remain outstanding. In lieu of issuing fractional shares in the Post-Offer Exchange, with respect to any holder of warrants who would otherwise have been entitled to receive fractional shares, the Company will, after aggregating all such fractional shares of such holder, round up to the nearest whole share of common stock and deliver to such holder a whole share in lieu of any fraction thereof.
Pursuant to the terms of the Offer, the Company issued an aggregate of approximately 9.5 million shares of common stock in exchange for the warrants tendered in the Offer, bringing the total shares outstanding to 24,576,880 shares as of July 30, 2024 (an increase of approximately 75.5% from prior to the closing of the Offer). Following the completion of the Post-Offer Exchange, there will be approximately 27,054,217 shares of common stock outstanding (an increase of approximately 93.2% from prior to the closing of the Offer and the Post-Offer Exchange). Upon the completion of the Post-Offer Exchange, no warrants will remain outstanding. Accordingly, the redeemable warrants and the merger consideration warrants will be suspended from trading on The Nasdaq Capital Market and will be de listed following the completion of the Post-Offer Exchange. The Company’s common stock will continue to be listed and trade on The Nasdaq Capital Market under the symbol “JTAI.”
Morrow Sodali LLC served as the Information Agent for the Offer and the Consent Solicitation and Continental Stock Transfer & Trust Company served as the Exchange Agent.
No Offer or SolicitationThis press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement on Form S-4 relating to the securities issued, or to be issued in the Offer was declared effective on July 22, 2024. The Offer and the Consent Solicitation were made only through the Schedule TO and Prospectus/Offer to Exchange, and related letter of transmittal, and the complete terms and conditions of the Offer and the Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange, and related letter of transmittal.
About Jet.AIJet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet card, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, Nevada and San Francisco, California.
Cautionary Statement Regarding Forward-Looking StatementsThis Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected timing of the Offer, the Consent Solicitation, and the Post-Offer Exchange. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including, but not limited to those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Registration Statement on Form S-4, filed June 27, 2024, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.
New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward looking statements, whether as a result of new information, future events or otherwise. We do not give any assurance that we will achieve our expectations.
Contacts:Gateway Group, Inc.949-574-3860Jet.AI@gateway-grp.com
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