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 February 7, 2018, Mario Conte resigned from his position as Interim Chief Financial Officer of Baltia Air Lines, Inc. dba USGlobal Airways (the “Company”), and the Board of Directors (the “Board”) of the Company appointed Michael Jordan as Chief Financial Officer. The resignation of Mr. Conte 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. Jordan, 55, has 20 years of experience in the financial services industry with a focus on global capital markets. Mr. Jordan has served as an independent consultant to the Company since June of 2017 in connection with its efforts to obtain an institutional financing. Since April 2008, Mr. Jordan has been the principal of Morpheus Capital Management, through which he has provided strategic advisory services in connection with equity and debt financings to various emerging growth companies, including those in the pharmaceutical and technology industries. From 2014 to 2015, Mr. Jordan served as an independent consultant for the Company in connection with investor relations matters. From 2013 to 2014, Mr. Jordan was a principal at Dinosaur Securities, LLC, a registered broker dealer with a focus on debt financing transactions. From 2002 to 2006, Mr. Jordan was the president and chief executive officer of Aton Securities, Inc. where he oversaw operations and executed on the company’s international business growth strategy. Mr. Jordan served on the transition team for Aton Securities, Inc. after its acquisition by UniCredit Group, from 2006 to 2008. Mr. Jordan attended Stony Brook University. The Company believes Mr. Jordan’s extensive business experience makes him a qualified appointee as Interim Chief Financial Officer.
No family relationships exist between Mr. Jordan and any of the Company’s other executive officers or directors. There are no arrangements between Mr. Jordan and any other person to which Mr. Jordan was appointed as Chief Financial Officer. There are no transactions to which the Company is or was a participant and in which Mr. Jordan has a material interest subject to disclosure under Item 404(a) of Regulation S-K. Mr. Jordan is not a party to any material plan or arrangement in connection with his appointment as Chief Financial Officer, except that Mr. Jordan shall be entitled to receive a monthly salary of $12,000. In connection with his employment as a consultant to the Company, Mr. Jordan was entitled to receive a monthly salary of $6,000.
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.