ACE Aviation announces offer to purchase all of its outstanding Preferred Shares

ACE Aviation Holdings announced that its Board of Directors has authorized a substantial issuer bid (the Preferred Share Offer) to indirectly purchase for cancellation all of its outstanding Preferred Shares at a purchase price of Cdn$20.00 in cash per Preferred Share. The Preferred Share Offer, made on the same terms and conditions as the previous offer to acquire Preferred Shares dated December 12, 2008, provides the opportunity for holders who did not deposit their Preferred Shares in the previous offer to do so.