ACE Aviation announces date of shareholder meeting

MONTREAL, Dec. 19 /PRNewswire-FirstCall/ - ACE Aviation Holdings Inc. (ACE) announced today that, subject to court and regulatory approvals, it will hold a special meeting of shareholders on February 27, 2009 in Montréal. At the meeting, shareholders will be asked to approve a plan of arrangement pursuant to which a court appointed liquidator would proceed with the distribution of ACE's net assets, in an orderly fashion, after providing for outstanding liabilities and costs of the transaction. Subject to court and regulatory approvals, the record date for purposes of determining the shareholders entitled to receive notice of the meeting and to vote at the meeting will be January 26, 2009 and the information circular is expected to be mailed to shareholders of ACE at the end of January 2009.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

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Certain statements in this news release may contain forward-looking statements. These forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such statements may involve but are not limited to comments with respect to strategies, expectations, planned operations or future actions. Forward-looking statements, by their nature, are based on assumptions and are subject to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Such statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to differ materially from those expressed in the forward-looking statements. Results indicated in forward-looking statements may differ materially from actual results for a number of reasons, including without limitation, energy prices, general industry, market and economic conditions, war, terrorist acts, changes in demand due to the seasonal nature of the business, the ability to reduce operating costs and employee counts, employee relations, labour negotiations or disputes, pension issues, currency exchange and interest rates, changes in laws, adverse regulatory developments or proceedings, pending and future litigation and actions by third parties, volatility in the market price of the securities of ACE, the conditions of the plan of arrangement, including the requirement for shareholder, court and regulatory approvals of the plan of arrangement, including the obtention of any required tax certificates, the discretion of the liquidator with respect to the liquidation process, including the liquidator's discretion with respect to the amount, timing and order of payments and distributions under the liquidation process, as well as the factors identified throughout ACE's filings with securities regulators in Canada and the United States and, in particular, those identified in the Risk Factors section of ACE's 2007 MD&A dated February 7, 2008 and in Section 11 of ACE's Third Quarter 2008 MD&A dated November 11, 2008. The forward-looking statements contained herein represent ACE's expectations as of the date they are made and are subject to change after such date. However, ACE disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.