ENGLEWOOD, Colo., June 12,
2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ:
XTIA) ("XTI Aerospace" or the "Company") today announced that its
subsidiary, XTI Aircraft Company ("XTI Aircraft"), submitted a
patent application (non-provisional) with the U.S. Patent and Trade
Office and filed notice with the 157 countries participating in the
Patent Cooperation Treaty for innovations related to the TriFan
600, XTI Aircraft's fixed-wing, vertical takeoff and landing (VTOL)
aircraft currently in development. XTI Aircraft previously
announced on February 12, 2024
that the China National Intellectual Property Administration
(CNIPA) issued XTI Aircraft a new utility patent, also related to
the TriFan 600.
The new patent applications and the previously-granted
China patent relate to various
technical or functional aspects of the TriFan 600 including the
pivoting ducted fans that rotate between vertical lift and
horizontal thrust, which, in turn, are designed to enable the
TriFan 600 to efficiently transition from vertical takeoff to
forward cruise.
"The new patent applications illustrate our ongoing commitment
to innovation, and we believe they will solidify our position as a
market leader in this new and disruptive powered-lift aircraft
category," said Scott Pomeroy,
chairman and chief executive officer of XTI Aerospace. "Issuance of
the China patent further enhanced
our existing patent portfolio around the TriFan 600 in the U.S.,
Europe, and several other
countries. In addition to guarding against unauthorized use of our
intellectual property, we plan to leverage our portfolio to
differentiate ourselves in the market and to facilitate strategic
growth and expansion.
"We believe the TriFan 600 airplane will revolutionize
point-to-point air travel by combining the comfort, speed, and
range of similar size conventional business aircraft with the
flexibility, convenience, and pinpoint transportation achievable
only with a vertical takeoff and landing aircraft," continued
Pomeroy. "We are targeting business, commuter, and regional airline
markets, as well as charter, other private air services, and
medevac operators. We have already conducted multiple hover tests
of our two-thirds scale unmanned proof-of-concept configuration of
the TriFan, and we recently announced the signing of a Letter
of Intent with AVX Aircraft Company for further design and
development of the TriFan 600 which we expect will accelerate our
development program while significantly reducing expenses for
certain engineering capabilities and services."
A computer graphics simulation video of the TriFan 600 is
available at XTI Aircraft simulation video.
About XTI Aerospace, Inc.
XTI Aerospace (XTIAerospace.com) is the parent company of XTI
Aircraft Company (XTIAircraft.com), an aviation business based near
Denver, Colorado, currently
developing the TriFan 600, a fixed-wing business aircraft
designed to have the vertical takeoff and landing (VTOL) capability
of a helicopter, speeds of 345 mph and a range of 700 miles,
creating an entirely new category – the vertical lift crossover
airplane (VLCA). Additionally, the Inpixon (inpixon.com) business
unit of XTI Aerospace is a leader in real-time location systems
(RTLS) technology with customers around the world who use the
Company's location intelligence solutions in factories and other
industrial facilities to help optimize operations, increase
productivity, and enhance safety. For more information about XTI
Aerospace, please visit XTIAerospace.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act,
and Section 21E of the Exchange Act. All statements other than
statements of historical fact contained in this press release,
including without limitation, statements about the products under
development by XTI Aerospace and the markets in which it plans to
operate, the advantages of XTI Aerospace's technology, XTI
Aerospace's competitive landscape and positioning, XTI Aerospace's
growth plans and strategies, the ability of XTI Aerospace's patents
to help XTI Aerospace protect the TriFan 600 from infringement, the
benefits of XTI Aerospace's patent portfolio, and XTI Aerospace's
customers, plans and strategies are forward-looking statements.
Some of these forward-looking statements can be identified by
the use of forward-looking words, including "believe," "continue,"
"could," "would," "estimate," "will," "expect," "intend," "plan,"
"target," "projects," or the negatives of these terms or variations
of them or similar expressions. All forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. All forward-looking
statements are based upon estimates, forecasts, and assumptions
that, while considered reasonable by XTI Aerospace and its
management, are inherently uncertain, and many factors may cause
the actual results to differ materially from current expectations,
which include, but are not limited to:
- the inability to implement business plans, forecasts, and other
expectations, and identify and realize additional
opportunities;
- variations in performance across competitors, changes in laws,
regulations, technologies that may impose additional costs and
compliance burdens on XTI Aerospace's operations, global supply
chain disruptions and shortages;
- national security tensions, and macro-economic and social
environments affecting XTI Aerospace's business and changes in XTI
Aerospace's capital structure;
- the risk that XTI Aerospace has a limited operating history,
has not yet manufactured any non-prototype aircraft or delivered
any aircraft to a customer, and XTI Aerospace and its current and
future collaborators may be unable to successfully develop and
market XTI Aerospace's aircraft or solutions, or may experience
significant delays in doing so;
- the risk that XTI Aerospace is subject to the uncertainties
associated with the regulatory approvals of its aircraft including
the certification by the Federal Aviation Administration, which is
a lengthy and costly process;
- the risk that the XTI Aerospace may never achieve or sustain
profitability;
- the risk that XTI Aerospace may be unable to raise additional
capital on acceptable terms to finance its operations and remain a
going concern;
- the risk that XTI Aerospace experiences difficulties in
managing its growth and expanding operations;
- the risk that XTI Aerospace's conditional pre-orders (which
include conditional aircraft purchase agreements, non-binding
reservations, and options) are canceled, modified, delayed or not
placed and that XTI Aerospace must return the refundable
deposits;
- the risks relating to long development and sales cycles, XTI
Aerospace's ability to satisfy the conditions and deliver on the
orders and reservations, its ability to maintain quality control of
its aircraft, and XTI Aerospace's dependence on third parties for
supplying components and potentially manufacturing the
aircraft;
- the risk that other aircraft manufacturers develop competitive
VTOL aircraft or other competitive aircraft that adversely affect
XTI Aerospace's market position;
- the risk that XTI Aerospace's future patent applications may
not be approved or may take longer than expected, and XTI Aerospace
may incur substantial costs in enforcing and protecting, or may not
have adequate resources to effectively enforce and protect, its
intellectual property;
- the risk that the scope of XTI Aerospace's patents are not
broad enough to deter competition;
- the risk that XTI Aerospace's estimates of market demand may be
inaccurate;
- the risk that XTI Aerospace's ability to sell its aircraft may
be limited by circumstances beyond its control, such as a shortage
of pilots and mechanics who meet the training standards, high
maintenance frequencies and costs for the sold aircraft, and any
accidents or incidents involving VTOL aircraft that may harm
customer confidence; and
- other risks and uncertainties set forth in the sections
entitled "Risk Factors" and "Special Note Regarding Forward-Looking
Statements and Other Information Contained in this Report" in XTI
Aerospace's Annual Report on Form 10-K for the year ended
December 31, 2023, which was filed
with the Securities and Exchange Commission (the "SEC") on
April 16, 2024, and the Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2024, which was filed with the SEC on
May 20, 2024, as such factors may be
updated from time to time in XTI Aerospace's filings with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking
statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. XTI Aerospace does
not give any assurance that it will achieve its expected results.
XTI Aerospace does not undertake any duty to update these
forward-looking statements, except as otherwise required by
law.
Contacts
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact/
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.