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Mr. Solloway, who will serve as Jetlines’ chief commercial officer, said the trio believes there is room in the Canadian market for an ultra-low cost carrier and their plans have been met with overwhelming support from potential investors.

“We think there’s a vacuum,” Mr. Solloway said in an interview. “We think we can fill it as a British Columbia-based airline.”

“There isn’t an [ultra-low cost] model in Canada,” he added.

Vancouver’s Salman Partners Inc. is raising $100-million in financing for the launch of Jetlines, and Robson Capital Markets Advisory is looking to raise $26-million, Mr. Solloway said.

The airline will be modeled after successful ultra-low cost carriers like Ireland’s Ryanair, Allegiant Air and Spirit Airlines in the U.S., and Air Asia and Scoot Airlines in Asia, offering no-frills service for lower prices than its competitors.

Jetlines has already applied for an airline license to operate large aircraft in Canada, according to the Canadian Transportation Agency.

It has also negotiated landing slots in both Vancouver and other key airports in Western Canada, according to an investor briefing obtained by theFinancial Post.

The plan calls for the airline to launch with two Airbus A319s in the fall of 2014, and expand to 16 aircraft by 2017 using a fleet of A319s and A320s. Jetlines has already hired about 25 people.

Mr. Solloway began his career at Canadian Pacific Air Lines before working in the Asian operations of several U.S. carriers. He also filled positions at Oasis Hong Kong Airlines and acted as an advisor for Air China. Jim Scott, Jetlines chief executive, formerly worked at Cathay Pacific.