Wednesday September 6, 2017 0 comments
“We’re continuing our successful equity crowdfunding campaign after the U.S. Securities and Exchange Commission signed off on our annual update to the offering statement, as required by all companies making Reg A offerings that last more than a year,” said Robert LaBelle, XTI CEO.
“As a result of the substantial investments in XTI over this past year, we’ve been able to make great strides in our engineering on the hybrid-electric propulsion system, developing our first flying prototype which we plan to fly in about one year, and bringing on board strategic partners, including Bye Aerospace and Honeywell Aerospace.
“We’re also preparing to launch the program publicly at the annual National Business Aviation Association annual convention in Las Vegas next month.”
“Our offering on the StartEngine platform has provided a rare opportunity for hundreds of unaccredited and accredited investors to own a piece of the future of flight: the TriFan 600, which will transform air travel forever,” said LaBelle.
“We thank all of our investors as well as StartEngine for making this possible.”
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 luxury business aircraft 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 1,200 miles, XTI said. 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 10 minutes and cruise to the destination as a highly efficient business aircraft.
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 aircraft, 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, 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 significant growth potential, the company said.
Simultaneously with the equity crowdfunding financing, accredited investors may also participate in XTI’s $20 million Series B round.
Accredited investors seeking more information should contact LaBelle at [email protected] or (571) 216-1594.