Baltia Air Lines go public.

Lines, a New York corporation, announced today that it has signed a letter of intent with the brokerage firm Patterson Travis Inc. of Englewood, Colo. to do the company's initial public offering, and is currently preparing for its SEC filing.

Baltia Air Lines, an American flag carrier, will provide the first ever non-stop, direct passenger and cargo service, on an exclusive basis, starting in the spring of 1996 between JFK International Airport and St. Petersburg, Russia.

With cargo shipments increasing at a rate in excess of 200 percent annually, first year combined passenger and cargo revenues, based upon actual traffic data as reported by the US Department of Commerce, are projected to be $50 million, with pre-tax profits of $10 million.

According to Igor Dmitrowsky, Baltia's CEO and president, St. Petersburg, Russia has tremendous potential. Founded by Peter the Great, with a population of 5 million, it is the second largest city in Russia and the fourth largest city in all of Europe. With 54 museums, the world famous Hermitage Museum, the renowned Marinsky Theatre and the Kirov Opera and Ballet Companies, the city is described by the US Department of Commerce as, "The central hub for commercial activity ... the major intellectual, cultural, financial, and industrial center of the Russian Federation."

CONTACT: Baltia Air Lines Inc.

908/204-0084

Fax: [phone]