JAMAICA, N.Y.--(BUSINESS WIRE)--Baltia Air Lines, Inc. (OTC Pink: BLTA) (“Baltia” or the “Company”) announced today that progress continues with the Company’s air carrier certification process as well as its restructuring.
Baltia’s executive management team is soaring back into the exciting world of air carrier certification. After lengthy negotiations, Baltia and the Federal Aviation Administration (the “FAA”) have entered into a Settlement Agreement which authorizes Baltia to re-engage in the air carrier certification process. Pursuant to the terms of the agreement, the FAA has agreed to withdraw its proposed denial of Baltia's certification and Baltia has agreed to withdraw its appeal and request for a hearing.
Baltia’s President, Mr. Anthony D. Koulouris commented, “I am very pleased with the FAA’s decision to allow us to re-start the certification process and we are eager to get it under way while we are restructuring the company. Although this has been an extremely challenging time for the Company, it has given us the opportunity to stand back and take a look at our organization, assess our strengths and address our weaknesses. Throughout this review and negotiation period with the FAA, we underwent substantial changes that we feel contributed to the FAA’s confidence in our organization.”
A thorough review of Baltia’s organizational structure was completed, which included utilization of risk assessment and mitigation processes. Baltia’s Chief of Operations, Ms. Sheryle Milligan, stated, “This internal review gave us the opportunity to begin the transition to a new organizational structure that brings us more in line with industry standards. Despite challenges, our executive management team remained focused on the task at hand and worked to restructure the Company and realign various departments to meet the necessary desired goal of having an efficient and successful organization.”
Following his appointment as President of the Company in November 2016, Mr. Koulouris has focused his efforts on streamlining the Company’s internal structure, meeting with employees to define roles and responsibilities and establish goals for 2017 and beyond. “The concerns of employees and shareholders have been incorporated into the new corporate vision and strategy and the executive management team remains committed to launching the Company’s next phase of operations. Throughout the settlement negotiations with the FAA, the team consistently demonstrated its ability and determination to make this project a success and I am very grateful for their contributions and dedication,” Koulouris continued.
As stated in the Company’s November press release, the Board of Directors intends to hold its annual shareholders meeting on or around Wednesday, April 19, 2017, and with shareholder approval, the Company intends to change its name, execute a reverse stock split and trade under a new ticker symbol. The time, venue, and agenda of such meeting will be communicated to all shareholders of record in compliance with SEC guidelines.
Cautionary Statement Regarding Forward-Looking Statements
This press release may contain statements relating to future results or events, which are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Words such as “expects,” “intends,” “plans,” “may,” “could,” “should,” “anticipates,” “likely,” “believes” and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.