NEWBURGH, N.Y.--(BUSINESS WIRE)--USGlobal Airways, a proposed new U.S.-based international airline, today announced its intention to operate transatlantic passenger flights between Stewart International Airport and selected European countries covered by the US-EU Open Skies Agreement.
“Our new airline is well-advanced in the process of restructuring, reorganizing and refinancing and hopes to receive U.S. government regulatory approval and certification in the not too distant future in order to serve international routes to and from Stewart that are currently poorly served or underserved,” said Anthony D. Koulouris, CEO and President, USGlobal Airways.
“Today, our shareholders are meeting at Stewart Airport to approve certain key initiatives, including a corporate name change and reverse stock split, that we believe will offer us a clearer pathway to raising sufficient capital and investing in technology, aircraft and people so that USGlobal Airways may become a significant player in the international arena of travel and tourism,” added Mr. Koulouris.
Under prior management, USGlobal Airways (which is currently called Baltia Air Lines, Inc., but is in the process of rebranding) never received U.S. government certification to operate. During 2016, the company underwent significant corporate and operational changes, including new leadership that has made the very significant decision to hub its operation at Stewart International Airport (SWF), approximately 55 miles north of New York City.
Located in Newburgh, N.Y., Orange County, Stewart International Airport is operated by the Port Authority of New York & New Jersey and caters to a large and affluent demographic that resides in New York City, the Mid-Hudson NewYork region, Western Connecticut, Northeastern Pennsylvania and Northern New Jersey. Stewart International Airport boasts the third longest runway in the United States, shares its runway with the U.S. Air Force National Guard, and operates as a general aviation and cargo facility thanks to its prime location at the crossroads of Interstate Highways 87 and 84.
“USGlobal Airways is continuing its transition, streamlining operational costs and making technology an investment, not a cost,” continued Koulouris. “We have formed strategic business alliances with regional as well as local business partners and influential organizations. We believe these relationships will be important in assisting us in forging additional agreements and partnerships that will have significant and positive economic impact in the Hudson Valley and greater New York Metropolitan area.
“One of our important corporate goals is to spur economic impact and development that will impact the population of approximately 16.5 million people who reside in a 62 mile radius of Stewart International Airport,” concluded Mr. Koulouris.
USGlobal Airways plans to lease a fleet of B767-300 aircraft which will carry passengers, cargo and mail between Stewart International Airport to such possible destinations as London, Paris, Barcelona, Nice, Naples, Athens, Warsaw, Budapest, Prague, St. Petersburg and Tel Aviv.
ABOUT USGLOBAL AIRWAYS
USGlobal Airways, currently named Baltia Air Lines (OTC Pink:BLTA) and in the process of restructuring and refinancing, will be a new U.S. flag international carrier with the primary objective to operate targeted transatlantic routes covered by the US-EU Open Skies Agreement. The airline will hub its operations at Stewart International Airport, Newburgh, N.Y., a northerly suburb of New York City, that has the potential to attract passengers from a population of approximately almost 17 million who reside in New York City, Northern New Jersey, Orange, Putnam, Duchess and Westchester Counties, Northeastern Pennsylvania and Western Connecticut. The proposed airline is in negotiation with U.S. government authorities to obtain its Part 121 certification in order to launch commercial flight operations.
Cautionary Note on Forward-Looking Statements
This press release and any statements of employees, representatives and partners of Baltia Air Lines, Inc., to be renamed USGlobal Airways, Inc. (the “Company”) related thereto contain, or may contain, among other things, certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results of the Company’s restructuring, refinancing, rebranding and operational initiatives and plans as described herein) may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future presentations or otherwise, except as required by applicable law.
© 2017 Baltia Air Lines. All rights reserved.