ENGLEWOOD, Colo. - XTI Aerospace, Inc. (NASDAQ: XTIA) announced today a partnership through its subsidiary, XTI Aircraft Company, with AVX Aircraft Company to expedite the development and certification of the TriFan 600, a vertical takeoff and landing (VTOL) aircraft. The Letter of Intent (LOI) outlines AVX's role in providing design, development, and certification support, with definitive agreements anticipated in the upcoming weeks.
The collaboration aims to leverage AVX's expertise in advanced vertical lift technology to refine the TriFan 600's design, which is expected to shorten the project timeline and reduce associated costs. Scott Pomeroy, CEO of XTI Aerospace, emphasized the benefits of AVX's experienced engineering team in advancing the TriFan 600 program.
XTI Aircraft will maintain management and oversight of the TriFan 600 program, while AVX, as the prime contractor, will handle the detailed design, program management, subcontract management, and certification support services. Don Purdy, XTI Aerospace's Senior Vice President of Business and Program Development, will lead the TriFan 600 program.
Kendall Goodman, president of AVX, expressed enthusiasm for applying their rotorcraft engineering expertise to the TriFan 600 project. The aircraft is designed to offer the speed, comfort, and range of conventional business aircraft with the added flexibility of VTOL capabilities, potentially transforming point-to-point air travel.
The TriFan 600 is designed to serve a variety of uses including business, charter, scheduled services, and special missions such as medevac and rescue operations. This partnership is a strategic move by XTI Aerospace to bring the TriFan 600 to market and meet the demands of various aviation sectors.
This announcement is based on a press release statement and includes forward-looking statements subject to risks and uncertainties that may cause actual results to differ. XTI Aerospace's future plans involve negotiations for a definitive agreement with AVX and the potential need for additional capital to initiate the partnership's outlined work. The company's progress in the development and marketing of the TriFan 600, as well as the achievement of profitability, remains uncertain.
In other recent news, XTI Aerospace has been making notable strides with significant developments. The company is advancing a spin-off of its former subsidiary Grafiti Holding Inc., which is set to merge with Damon Motors, Inc. This business combination is currently undergoing necessary regulatory approvals and is expected to be finalized soon. The distribution of Grafiti shares is contingent on the registration statement becoming effective, with 80% of the distributed shares subject to lock-up restrictions.
Simultaneously, XTI Aerospace has welcomed Tensie Axton, a finance expert, to its Board of Directors. Axton's addition is expected to bring valuable expertise to the company, particularly in capital markets, mergers and acquisitions, investor relations, and strategic planning.
In addition to these developments, XTI Aerospace, following its merger with Inpixon (NASDAQ:XTIA), is set to debut on the Nasdaq Capital Market under the ticker symbol "XTIA". This move is part of a strategic initiative to enhance the company's position in the aerospace sector, particularly with the development of the TriFan 600, a vertical lift crossover airplane. The TriFan 600 has already secured over 700 conditional pre-order reservations, indicating a potential for significant revenue upon delivery. These are among the recent developments for XTI Aerospace.
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