ENGLEWOOD, Colo., Nov. 14,
2024 /PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq:
XTIA) ("XTI Aerospace" or the "Company") today provided a business
update and announced the scheduled filing of its quarterly report
on Form 10-Q for the quarter ended September
30, 2024.
"We are making steady progress as it relates to the development
of the TriFan 600, a fixed-wing, vertical lift crossover
airplane uniquely designed to meet the needs of the evolving
aviation industry and its customers," commented Scott Pomeroy, CEO of XTI Aerospace. "We are
nearing the completion of our conceptual design review phase, which
will represent a significant milestone in our journey toward
commercialization. This progress underscores our commitment to
thorough planning and innovation. Importantly, we anticipate
transitioning into the preliminary design review stage in early
2025, where we will refine our designs and further develop our
engineering solutions.
"Supporting this progress, we have successfully launched Version
1.9 of our Flight Transition Simulator (FTS). This advanced
simulator is important for optimizing the transition between
vertical lift and wing-borne flight, a key feature of the TriFan
600. The recent update includes One-Engine-Inop (OEI) capabilities,
which enables realistic simulations of engine-out scenarios during
critical flight phases. We believe such enhancements will
significantly bolster the simulator's accuracy and reliability,
ensuring that our future operators are well-prepared for any
operational challenge.
"In addition, the Federal Aviation Administration recently
published its Special Federal Aviation Regulation, establishing a
regulatory framework for powered-lift operations. We believe this
ruling represents a critical milestone for the aviation industry's
evolution toward safer, more efficient vertical takeoff and landing
operations. We look forward to the transformative impact we expect
this framework will bring to urban mobility and regional
transportation including the TriFan 600.
"Moreover, we have made significant strides in enhancing our
leadership team. First, we formed a Corporate Advisory Board
comprised of industry veterans and thought leaders, bringing on
Michael Tapp as Chairman, and adding
Javier de la Peña, Strategy and Operations Executive at Woven by
Toyota, a Toyota Motor Corporation Group Company, as well as others
to the group. These members will provide invaluable insights and
guidance on the Company's growth strategy, which we expect to help
us capitalize on emerging trends and opportunities in the aerospace
sector. Additionally, Tobin
Arthur has joined the team as Chief Strategy Officer. Tobin
has a proven track record in strategic planning and business
development, and is focusing on refining our strategic initiatives,
expanding market reach, and fostering relationships with key
stakeholders. Overall, we are very proud of the progress we have
made and look forward to reporting on additional developments in
the near-term."
The Company's quarterly report on Form 10-Q for the quarterly
period ended September 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) (Nasdaq: XTIA) 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, and follow the Company on LinkedIn, X,
and YouTube.
Listen to the Hangar X Studios podcast here:
https://hangarxstudios.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 anticipated milestones in the timeframes
currently anticipated or at all, the accuracy of XTI Aerospace's
Flight Transition Simulator, 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 most
recent annual report on Form 10-K, filed with the SEC on
April 16, 2024, 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.
