BALTIA AIR LINES, INC. (OTCMKTS:BLTA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective as of August 4, 2017, Daniel J. Buckley resigned from his position as Chief Financial Officer of Baltia Air Lines, Inc. dba USGlobal Airways (the “Company”), and the Board of Directors (the “Board”) of the Company appointed Mario A. Conte as Interim Chief Financial Officer. Mr. Buckley will retain his employment with the Company as Vice President of Finance. To the knowledge of the Company’s executive officers, the resignation of Mr. Buckley as Chief Financial Officer was not the result of any disagreement by him with the Company on any matter related to the Company’s operations, policies or practices that led to his decision to resign from such position.
Mr. Conte, 68, has over 30 years of experience in the financial services industry with a focus on financial accounting. From 2007 to 2010, Mr. Conte was the controller for Innovation Luggage, one of the largest luggage and travel accessory companies in the United States. Since 2010, Mr. Conte has served as the chief financial officer of Innovation Luggage and continues to do so on a part-time basis. From 2002 to 2007, Mr. Conte was the assistant controller at Forman Industries, where he was responsible for the daily accounting operations including financial reporting and analyses. Mr. Conte received a B.S. in Business Administration from Seton Hall University. The Company believes Mr. Conte’s extensive accounting and business experience make him a qualified appointee as Interim Chief Financial Officer.
No family relationships exist between Mr. Conte and any of the Company’s other executive officers or directors. There are no arrangements between Mr. Conte and any other person to which Mr. Conte was appointed as Interim Chief Financial Officer. There are no transactions to which the Company is or was a participant and in which Mr. Conte has a material interest subject to disclosure under Item 404(a) of Regulation S-K. Mr. Conte is not a party to any material plan or arrangement in connection with his appointment as Interim Chief Financial Officer.
About BALTIA AIR LINES, INC. (OTCMKTS:BLTA)
Baltia Air Lines, Inc. (Baltia) is a development-stage company. The Company provides scheduled air transportation from the United States to Russia, the Baltic States and the Ukraine. Baltia is in Phase III of the FAA Air Carrier Certification. The Company has two trademarks: Baltia and Voyager Class. Baltia intends to commence scheduled non-stop service from its Base of Operations at Terminal 4, JFK Int’l Airport in New York to Pulkovo II Int’l Airport of St. Petersburg. The Company intends to provide nonstop passenger, cargo and mail service from JFK to St. Petersburg and from JFK to Riga, with online service to Minsk, Kiev and Tbilisi, as well as back up service to Moscow. It intends to operate as a Part 121 carrier, a heavy jet operator. Baltia intends to start the JFK-St. Petersburg service with one round-trip flight per week, then increase the frequency to over three round trips, and then to approximately five round trips.