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Baltia Signs Letter of Intent to Lease Aircraft

Business WireDecember 16, 2016


Baltia Air Lines Inc., (BLTA) announced today that it has signed a letter of intent to lease a Boeing 767-300ER aircraft from Kalitta Air, LLC. The terms of this lease and details of the aircraft will be disclosed in a subsequent filing with the SEC.

Baltia Air Lines President & CFO, Mr. Anthony D. Koulouris stated "I am very happy and pleased with this latest accomplishment as we embark on a new era. As we continue to move forward with my vision and plan of transforming our company, we are also in the process of re-starting the FAA Air Carrier Certification program." Mr. Koulouris also stated "Our re-structuring and re-branding continues as we strengthen our team as well as our current and new alliances."

The Boeing 767 is a mid-to large-size, long-range, wide-body twin-engine jet airliner built by Boeing Commercial Airplanes. It was Boeing's first wide-body twinjet and its first airliner with a two-crew glass cockpit. The aircraft has two turbofan engines, a conventional tail, and, for reduced aerodynamic drag, a supercritical wing design. Designed as a smaller wide-body airliner than earlier aircraft such as the 747, the 767 has seating capacity for 181 to 375 people, and a design range of 3,850 to 6,385 nautical miles.

Capt. D. E. Kramer, Baltia's Chief Pilot has extensive command experience on the Boeing 767, having operated scheduled air carrier service between New York (KJFK), London (EGLL), and on to New Delhi (VIDP), made the following statement "The Boeing 767-300ER is an outstanding choice of aircraft to operate between North America and Europe, and even to continue on to the Middle East region.” Capt. Kramer also stated that “over the years this aircraft has proven a high degree of dispatch reliability, along with an available pool of flight crew members to adequately support the operation. The aircraft is also based from and flown throughout most regions of the world, thereby enhancing the technical support of most any proposed operation."

Baltia's Chief of Operations, Ms. Sheryle Milligan stated "we are all excited about the new culture and strategies being implemented throughout the company. Utilizing the expertise and experience of our Executive Management Team has allowed us the opportunity to make changes that will prepare us not only for the completion of our Air Carrier Certification project but for future growth within the aviation industry. The input provided by our Executive Team which includes our 119 Managers and Members of the Board of Directors was instrumental in making the decision to move forward with the Boeing 767 aircraft. We are very fortunate to have a forward thinking executive team that has a demonstrated faith in our success which includes a strong commitment to our shareholders and employees."

Plans to unveil the new company are still being finalized and will be made public during the next shareholders meeting. Announcement of the next meeting date will be made sometime in January 2017.


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