Xeriant moving Forward on XTI Merger Agreement

Rhea-AI Summary

Xeriant, Inc. (OTCQB: XERI) is progressing towards a definitive merger agreement with XTI Aircraft Company, focusing on the development of advanced air mobility solutions. The merger, announced via a Letter of Intent, aims for completion by October 22, 2021. XTI Aircraft's flagship product, the TriFan 600, is a hybrid-electric VTOL aircraft with over $1.3 billion in pre-orders. Xeriant's CEO, Keith Duffy, emphasized the company's commitment to eco-friendly aviation as they aim to enhance their portfolio in the aerospace sector.

Positive

• Merger with XTI Aircraft could enhance market presence in advanced air mobility.
• XTI's TriFan 600 has over $1.3 billion in pre-orders, indicating strong market demand.

Negative

• None.

BOCA RATON, Fla., Oct. 22, 2021 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI) (“Xeriant” or “The Company”), an aerospace company dedicated to Advanced Air Mobility, affirms it is working to complete a definitive merger agreement with XTI Aircraft Company, a cleantech OEM and developer of a leading hybrid-electric VTOL aircraft, the TriFan 600. The Company’s previously announced Letter of Intent provided for the two parties to enter into the definitive merger agreement with a target date of October 22, 2021.

“We are making progress with our merger agreement and moving forward with completing the documentation as soon as practicable,” stated Keith Duffy, CEO of Xeriant.

Maxim Group LLC was retained as Xeriant’s financial advisor to assist in the transaction.

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 Aircraft?

The merger aims to enhance Xeriant's capabilities in advanced air mobility and leverage XTI's hybrid-electric VTOL aircraft technology.

When is the definitive merger agreement expected to be completed for XERI?

The definitive merger agreement is targeted for completion by October 22, 2021.

What is the significance of the TriFan 600 aircraft?

The TriFan 600 is a leading hybrid-electric VTOL aircraft, with strong pre-order interest totaling over $1.3 billion.

Who is assisting Xeriant with the merger transaction?

Maxim Group LLC is serving as Xeriant's financial advisor for the merger with XTI Aircraft.