March 13, 2008 17:53 ET

WestJet Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - March 13, 2008) -


WestJet Airlines Ltd. (WestJet) (TSX:WJA) is pleased to announce that the Toronto Stock Exchange (TSX) has accepted its notice to make a normal course issuer bid to purchase outstanding shares on the open market, in accordance with the rules of the TSX.

As approved by the TSX, WestJet is now authorized to purchase up to 2,500,000 common voting shares or variable voting shares (collectively, shares), representing approximately 1.93 per cent of the airline's currently issued and outstanding shares. On any trading day, WestJet will not purchase any more than 193,596 shares. As of today's date, there are 129,759,034 shares outstanding.

WestJet is authorized to make purchases during the period of March 17, 2008 to March 16, 2009, or until such earlier time as the bid is completed or terminated at the option of WestJet. Any shares WestJet purchases under this bid will be purchased on the open market through the facilities of the TSX at the prevailing market price at the time of the transaction. Shares acquired under the bid will be cancelled.

WestJet purchased an aggregate of 1,263,500 shares under its prior normal course issued bid between February 28, 2007 and February 27, 2008 at an average price of $16.82.

WestJet believes that, from time to time, the market price of its shares may not reflect their underlying value. At such times, the purchase of shares for cancellation will be advantageous to shareholders by increasing the value of shares remaining. The purchase of shares will also offset the dilutive affect of the issuance of shares pursuant to the exercise of stock options.

This discussion may contain forward-looking statements and are subject to, and may be affected by, numerous risks and uncertainties, some of which are beyond WestJet's control. WestJet's results may differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to these differences include, but are not limited to: changes in government policy, exchange rates, interest rates, disruption of supplies, volatility of fuel prices, terrorism, general economic conditions, the competitive environment and other factors described in WestJet's public reports and filings. Forward-looking statements are subject to change and WestJet does not undertake to update, correct or revise any forward-looking information as a result of any new information, future events or otherwise.

About WestJet

WestJet is Canada's leading high-value, low-cost airline offering scheduled service throughout its 47-city North American and Caribbean network. Named Canada's most admired corporate culture in 2005, 2006 and 2007, WestJet pioneered low-cost flying in Canada. With increased legroom and leather seats on its modern fleet of 73 Boeing Next-Generation 737 aircraft, and live seatback television provided by Bell ExpressVu, WestJet strives to be the number one choice for travellers.

Contact Information