ENGLEWOOD, Colo., Aug. 14,
2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ:
XTIA) ("XTI Aerospace" or the "Company") today announces a business
update and the filing of its quarterly report on Form 10-Q for the
quarter ended June 30, 2024.
"We continue to advance the development of the TriFan 600, a
fixed-wing, vertical lift crossover aircraft uniquely designed to
meet the needs of the evolving aviation industry and its
customers," said Scott Pomeroy, CEO
of XTI Aerospace. "In the second quarter, XTI Aerospace and AVX
Aircraft Company ("AVX"), a leader in advanced vertical lift
solutions, announced the signing of a letter of intent, and are
currently progressing towards a definitive agreement, whereby AVX's
experienced engineers will provide design, development and
certification services to XTI Aerospace, reducing overall
commercialization costs and potentially accelerating the timeline
to first flight."
Don Purdy, SVP business &
program development, added, "XTI Aircraft continues to progress the
TriFan 600 design. Specifically, the team is focused on the C211.2
configuration update which will further optimize the aerodynamic
performance of the aircraft. Also, XTI Aerospace and AVX, under an
interim engineering services agreement, are collaborating on
several 'trade studies,' such as the use of full digital control of
actuators to direct the aircraft – known as 'fly-by-wire' – and the
use of composite materials versus aluminum for various aircraft
structures and surfaces. These trade studies will further refine
the revolutionary design of the TriFan 600 – a category-defining
aircraft."
"In the second quarter, XTI Aerospace also announced conditional
preorders for 100 TriFan 600 aircraft from Mesa Air Group," said
Mr. Pomeroy. "Assuming the order is fully exercised, it would
represent approximately $1 billion in
revenue for XTI Aerospace, validating the interest and support we
are witnessing in the market. Additionally, XTI Aerospace executed
a capital distribution agreement with FC Imperial Limited for a
proposed strategic equity investment of up to $55 million at a post-money valuation of
$275 million, following more than one
year of negotiations and due diligence. The time to
commercialization of the TriFan 600 would be advanced upon closing
of this transaction."
Visit the recently redesigned website at XTIAerospace.com which
includes a video from the Company's founder, David Brody, sharing the Company's story and how
the TriFan vertical lift crossover airplane is positioned to
transform the aviation market.
Key Expected Milestones
Q3 2024
- Finalize definitive agreement with AVX for further design and
development of the TriFan 600 Vertical Lift Crossover Airplane
Q4 2024
- Establish Alliance Perot Field (Fort
Worth, TX) engineering offices
- Select engine supplier, cabin integrator and drivetrain
suppliers
Q1 2025
- Complete key engineering hires
- Select avionics supplier
Q2 2025
- Complete engineering facilities expansion
- Complete marketing demonstrator
Q3 2025
- Complete virtual/augmented reality cabin experience
Q4 2025
- Complete preliminary design review (PDR)
The Company's quarterly report on Form 10-Q for the quarterly
period ended June 30, 2024, is
scheduled to be filed with the U.S. Securities and Exchange
Commission today. The Form 10-Q will also be available on the
Company's website.
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 XTI Aerospace's
ability to achieve expected milestones in the timeframes currently
anticipated or at all, XTI Aerospace and AVX successfully
negotiating and entering into a definitive agreement, XTI Aerospace
and FC Imperial Limited consummating their proposed transaction,
Mesa Air Group exercising their conditional preorder, the
products under development by XTI Aerospace, the advantages of XTI
Aerospace's technology, 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," "will," "estimate," "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.
XTI Aerospace undertakes no obligation to revise any
forward-looking statements in order to reflect events or
circumstances that might subsequently arise. Readers are urged to
carefully review and consider the risk factors discussed from time
to time in XTI Aerospace's filings with the SEC, including those
factors discussed under the caption "Risk Factors" in its annual
report on Form 10-K for the year ended December 31, 2023, filed with the Securities and
Exchange Commission (the "SEC") on April 16,
2024, its quarterly report on Form 10-Q for the quarterly
period ended June 30, 2024, filed
with the SEC today, and in subsequent reports filed with or
furnished to the SEC.
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.