Friday July 14, 2017 0 comments
DENVER -- XTI Aircraft Company (XTI) announced Silicon Valley investor and serial entrepreneur Paul Willard has joined XTI’s board of directors for a three-year term, effective June 15.
“Paul spent seven years as a Boeing aerodynamics engineer, including work on VTOL aircraft,” said David Brody, XTI founder and chairman.
“This by itself would be reason enough to invite Paul to join our board. Yet, he brings so much more, as an investor in XTI, as a visionary investor in other early-stage companies, and as co-founder of successful investment funds.”
“XTI’s leadership team and the TriFan technology are impressive, and I appreciate the opportunity to join a project with a veteran team, a disruptive product, and a substantial addressable market,” said Willard.
“In addition to my personal stake in the company, I hope to make a contribution assisting with our capital raise, and helping to create a solid foundation for XTI’s long-term success.”
“Paul has actively managed technology startups in Silicon Valley since 1999,” said Robert LaBelle, XTI’s CEO.
“His combination of skills and experience is very rare and is ideal for XTI as we continue to develop the TriFan 600 and to raise capital for our revolutionary vertical takeoff airplane.”
XTI said 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 business jet and the ability to take off and land vertically, like a helicopter.
It will travel at more than 300 miles an hour, with a range of over 1,200 miles. Using three ducted fans, the TriFan lifts off vertically and then its two wing fans rotate forward for a seamless transition to cruise speed and its initial climb.
It will reach 30,000 feet in just 10 minutes and cruise to the destination as a highly efficient business aircraft, XTI said.
On June 19 at the Paris Air Show, XTI announced its first three orders for the TriFan 600 under the company’s pre-sales program. LaBelle said the customer is a globally recognized operator who intends to place the airplane into service flying priority passengers and cargo in VIP and Utility missions in multiple challenging environments.
“The market is recognizing 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 jet, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system.”
XTI launched a formal stock offering in 2016 under SEC Regulation A+, which is open to all unaccredited and accredited investors around the globe.
Shares in XTI may be purchased at www.startengine.com/startup/xti.
Simultaneously with the equity crowdfunding financing, XTI said accredited investors may participate in XTI’s $20 million Series B round.
Accredited investors seeking more information may contact LaBelle at [email protected], (571) 216-1594.