ENGLEWOOD, Colo., May 20, 2024
/PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ: XTIA) ("XTI" or the
"Company") today announces filing its quarterly report on Form 10-Q
for the quarter ended March 31, 2024
as well as provides a business update.
"The first quarter of 2024 was truly an inflection point for the
Company as we completed the merger and began trading on the Nasdaq,
illustrating the start of our greater journey," commented
Scott Pomeroy, chief executive
officer of XTI Aerospace. "We are now focused on advancing the
TriFan 600, a fixed-wing, vertical lift crossover airplane, toward
key milestones including finalizing our certification plan with the
Federal Aviation Administration, selecting all of our structures
and system suppliers, completing the Critical Design Review (CDR),
and obtaining Type Certification (TC) of the TriFan 600. Our team
is excited to bring this aircraft to our customers in support of
their business and mission objectives. We are also advancing key
strategic partnerships including ones we believe could accelerate
our timelines and further reduce costs, which we look forward to
announcing in the near future."
"We believe the TriFan 600 will be a market disruptor with its
unique, patented intellectual property and advanced design.
Demonstrating the strong demand for vertical lift crossover
aircraft, are the considerable pre-orders we have secured which
have the potential to generate billions in gross revenue upon
delivery. We anticipate the TriFan 600 will bridge a gap within the
market by combining the performance of a fixed-wing business
aircraft with the versatility of vertical takeoff and landing
(VTOL). We intend to leverage our extensive know-how and
experienced leadership team to become a leader within the aviation
industry and plan to provide meaningful updates to shareholders as
we progress."
The Company's quarterly report on Form 10-Q for the quarterly
period ended March 31, 2024 was filed
with the U.S. Securities and Exchange Commission today,
May 20, 2024. The Form 10-Q is also
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
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 the products under
development by XTI, the advantages of XTI's and RTLS's technology,
the combined company'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," "estimate," "will," "expect," "intend," "plan," "target,"
"projects," "will," 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 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'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.