XTI Aircraft Company Signs Term Sheet with Lead Investor

posted on 24th October 2019 by Eddie Saunders
XTI Aircraft Company Signs Term Sheet with Lead Investor

XTI Aircraft Company (XTI) announced today that it has signed a term sheet with a lead investor for a minimum $17 million and maximum $29 million financing. The terms provide for a combination of equity and convertible debt. Closing is tentatively scheduled for January 2020 and is contingent on both parties completing due diligence and signing a final definitive agreement.

The company said this is the latest development related to its announcement in August regarding the company’s success under its $25 million Series B private placement.

“We’re optimistic that this term sheet will lead to fully funding and closing our Series B round,” said Robert LaBelle, Chief Executive Officer of XTI.

“This is the direct result of our progress over the past 12 months, which included conducting a series of successful initial hover tests, our major collaboration with GE Aviation in July, and receiving 81 orders for the airplane so far. That represents over a half billion dollars in gross revenues upon delivery.”

The TriFan is a major breakthrough in aviation and air travel. The six-seat TriFan 600 will have the speed, range and comfort of a luxury business aircraft and the ability to take off and land vertically, like a helicopter. It will travel at 345 miles an hour, with a range of up to 1,200 miles.

Using three ducted fans, the TriFan lifts off vertically. Its two wing fans then rotate forward for a seamless transition to cruise speed and its initial climb. It will reach 30,000 feet in just ten minutes and cruise to the destination as a highly efficient business aircraft.

“The market continues to recognize the value proposition of our unique and revolutionary airplane and its patented technology,” said LaBelle.

“Vertical takeoff combined with long-range, the speed and comfort of a business aircraft, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system. Pre-sales of the aircraft to date strongly indicate wide market appeal beyond personal and corporate business aircraft to commuter, medevac, off-shore transport and other use cases.”

Shares in XTI may be purchased for $1.50 a share at https://www.startengine.com/xti-aircraft, providing a unique opportunity for the general public to invest in an aerospace company with a game-changing product, a world-class leadership team, and what the company believes presents significant growth potential. Potential investors should read the Offering Circular before investing.