Xeriant and XTI Aircraft sign LOI to pursue Merger

Rhea-AI Summary

Xeriant, Inc. (OTCQB: XERI) has announced a Letter of Intent to merge with XTI Aircraft Company, the developer of the TriFan 600, a next-generation hybrid-electric VTOL aircraft. The merger aims for Xeriant to acquire 100% of XTI's shares, with plans to finalize a definitive agreement by October 22, 2021. Maxim Group LLC has been retained as a financial advisor for this transaction, which may also facilitate an uplisting of Xeriant’s stock to a national exchange.

Positive

• Potential synergy from merging with XTI, a leader in hybrid-electric aircraft.
• The TriFan 600 has pre-orders exceeding $1.3 billion, indicating strong market demand.
• Xeriant is pursuing an uplisting, which could enhance visibility and liquidity.

Negative

• None.

BOCA RATON, Fla., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI) (“Xeriant”), an aerospace company dedicated to Advanced Air Mobility, and XTI Aircraft Company (“XTI”), an OEM and developer of the TriFan 600, a leading next-generation hybrid-electric VTOL aircraft, announced today that they have executed a Letter of Intent (the “LOI”) to pursue a merger whereby Xeriant would acquire 100% of the issued and outstanding shares of XTI. The LOI provides for the parties to negotiate and enter into a definitive merger agreement by October 22, 2021.

Xeriant has retained Maxim Group LLC as its financial advisor to assist the Company in its endeavors, including its pursuit of an uplisting of Xeriant’s common stock to a national exchange.

Xeriant and XTI intend to announce the definitive terms of the merger agreement once finalized and will continue to work through their previously announced joint venture while negotiations are in process.

About XTI Aircraft Company

Based in Englewood, Colorado, XTI Aircraft Company is a privately owned OEM and developer of next-generation, cleantech VTOL aircraft, including the TriFan 600. The TriFan 600 is designed to be the fastest, longest-range vertical takeoff and landing (VTOL) hybrid-electric aircraft in the world and the first commercial fixed-wing VTOL airplane, with pre-orders exceeding $1.3 billion in gross revenues upon delivery of those aircraft. XTI’s management team is led by the former CEO of AgustaWestland North America, the former President of Cessna Aircraft and the former CEO of AVX Aircraft who, combined, have successfully developed and certified over 40 new aircraft designs for launch in the worldwide aviation market.

For more information, please go to www.xtiaircraft.com.

About Xeriant, Inc.

Xeriant, Inc. (d.b.a. Xeriant Aerospace) is an aerospace company dedicated to the emerging aviation market called Advanced Air Mobility (AAM), the transition to eco-friendly on-demand flight, and is partnering with and acquiring strategic interests in visionary companies that accelerate this mission. Xeriant is focused on the development and deployment of next-generation electrically powered aircraft capable of vertical takeoff and landing (VTOL), breakthrough technologies and advanced materials which can be successfully integrated and commercialized, and the critical infrastructure components needed to support operations. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport.

For more information, please go to www.xeriant.com.

SAFE HARBOR FORWARD-LOOKING STATEMENTS

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Xeriant, Inc. is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to attract investors.

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

XERIANT, INC.
Investor Relations Dept.:
(818) 923-5302
IR@xeriant.com
www.xeriant.com

FAQ

What is the purpose of Xeriant's merger with XTI?

The merger aims to combine Xeriant's focus on Advanced Air Mobility with XTI's development of the TriFan 600, enhancing their market position.

What are the key terms of the merger between Xeriant and XTI?

Xeriant will acquire 100% of XTI's shares, with plans for a definitive agreement by October 22, 2021.

How much in pre-orders does the TriFan 600 have?

The TriFan 600 has pre-orders exceeding $1.3 billion, showcasing strong demand for the aircraft.

Who is advising Xeriant on the merger?

Maxim Group LLC has been retained as the financial advisor for Xeriant in the merger with XTI.

What impact could the merger have on Xeriant's stock?

The merger could lead to an uplisting of Xeriant's stock to a national exchange, potentially increasing its visibility and appeal to investors.