Centennial airport, US-headquartered XTI Aircraft Company (XTI) recently participated in a large Investment Trade Fair in Guizhou Province, China. A draft agreement was signed regarding the formation of a joint venture in China which could provide the means to assemble and support the TriFan 600 aircraft in Guizhou Province, and to market and sell the TriFan 600 in a specified geographical area. Terms have not been disclosed.
“This is a significant step toward opening a huge market for us,” says XTI CEO Robert LaBelle. “We're looking forward to the next steps in the process and hope to close on a final agreement within a couple of months.”
On 5 August, XTI announced that due to anticipated success under its $25 million Series B private placement, the company is likely to close its equity crowdfunding campaign on the StartEngine platform before the end of 2019.
“Along with this latest development, we recently conducted a series of successful initial hover tests, announced a major collaboration with GE Aviation in July of this year, and we've received 81 orders for the airplane so far,” continues LaBelle. “That represents over a half billion dollars in gross revenues upon delivery.”
The company also announced in August that it is currently planning to enter into arrangements with one or more ‘Alternative Trading Systems’ or secondary markets for all XTI shareholders to have the opportunity to offer their shares for sale on a secondary market. This will create liquidity for investors and allow them to buy and sell shares of XTI, and possibly realise a return before the company gets acquired or goes public.
The shares won't become tradeable until XTI closes its crowdfunding campaign. XTI will announce the date if and when trading on a secondary trading platform becomes available. “We will continue to sell shares for $1.50 on StartEngine until the offering closes,” LaBelle explains. “Our offering on the StartEngine platform has provided and continues to provide a rare opportunity for unaccredited and accredited investors around the world to own a piece of the future of flight. The TriFan 600 vertical takeoff airplane will transform air travel forever.”
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 is expected to reach 30,000 ft in ten minutes and cruise to the destination as a highly efficient business aircraft.
“The market continues to recognise the value proposition of our unique and revolutionary airplane and its patented technology,” states 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.”