STEWART AIRPORT – Another aspirational airline with no planes and no track record is poised to rebrand itself and relocate to Stewart International Airport, where it eventually plans to offer passenger flights to Europe.

The airline, founded as Baltia Air Lines in 1989, will ask shareholders Thursday to change its name to USGlobal Airways Inc. and to approve a reverse split of its over-the-counter stock (BLTA). The special meeting is being held at Stewart.

In its proxy statement filed with the Securities and Exchange Commission, the company said the changes would provide “a new identity moving forward” and “enhance the acceptability and marketability” of common stock that has been trading for a fraction of a penny.

Over the past 18 months, Baltia’s founder, Igor Dmitrowsky, has died, and its vice president for finance, Barry Clare, has faced SEC charges of acting as an unregistered broker for sales of the company’s stock – its sole source of revenue.