ENGLEWOOD, Colo., June 5, 2024
/PRNewswire/ -- XTI Aerospace, Inc. (Nasdaq: XTIA) ("XTI Aerospace"
or the "Company") today announced that Mesa Air Group, Inc.
("Mesa") (Nasdaq: MESA) ("Mesa"), the holding company of regional
air carrier Mesa Airlines, is the purchaser under a previously
disclosed conditional purchase order with XTI Aircraft Company
("XTI"), a wholly-owned subsidiary of the Company, for up to 100
TriFan 600 aircraft, a fixed-wing, vertical lift crossover airplane
(VLCA), which is currently in development. If all conditions are
met and the order is fully exercised, it could represent up to
approximately $1 billion in revenue
for XTI Aerospace. XTI Aerospace also announced that Mesa is an
investor in XTI Aerospace, with warrants and a minority stake in
common stock shares.
Jonathan Ornstein, chairman and
chief executive officer of Mesa Air Group, stated, "Over the past
thirty years, we have witnessed the regional aviation industry
evolve from flying piston-engine, nine-passenger aircraft, to
turboprop aircraft, to large regional jets. Advanced air mobility
is a new chapter that I am particularly excited about, given
radical improvements in design versus existing regional
alternatives and resulting progress toward a more sustainable
future. XTI's TriFan 600 is poised to create a unique new category
within the industry – an aircraft with VTOL capability coupled with
the longer range and speed of a business airplane. Given the state
of development in innovative propulsion for its proposed
longer-range, higher-speed VTOL flights, we believe XTI's phased
approach – starting with certified turboshaft engines capable of
burning 100% sustainable aviation fuel and transitioning to
hybrid-electric propulsion as the technology develops further – is
pragmatic."
Scott Pomeroy, chairman and chief
executive officer of XTI Aerospace commented, "We are excited to
have secured this conditional pre-order and position from Mesa
Airlines and believe it serves as further validation of the
substantial and untapped market for our aircraft. With a maximum
speed of 345 mph and a range of 700 miles, we believe the TriFan
600 will be an ideal alternative to existing aircraft for regional
passengers."
Mr. Ornstein added, "I think of the TriFan as the legendary King
Air reimagined. The TriFan 600's ability to utilize helipads and
non-traditional landing areas as well as traditional airports would
considerably expand its usability and set it apart from other
aircraft in the market. We are excited about the potential of the
TriFan 600 and look forward to working with XTI in the future."
About Mesa Air Group, Inc.
Headquartered in Phoenix,
Arizona, Mesa Air Group, Inc. is the holding company of Mesa
Airlines, a regional air carrier providing scheduled passenger
service to 79 cities in 36 states, the District of Columbia, Canada, Cuba,
and Mexico. As of March 31, 2024, Mesa operated a fleet of 80
aircraft, with approximately 263 daily departures. The Company had
approximately 2,110 employees. Mesa operates all its flights as
United Express pursuant to the terms of a capacity purchase
agreement entered into with United Airlines, Inc. For more
information about Mesa, please visit Mesa-Air.com.
About XTI Aerospace, Inc.
XTI Aerospace (XTIAerospace.com) is the parent company of XTI
Aircraft Company (XTIAircraft.com), an aviation business based near
Denver, Colorado, currently
developing the TriFan 600, a fixed-wing business aircraft
designed to have the vertical takeoff and landing (VTOL) capability
of a helicopter, speeds of 345 mph and a range of 700 miles,
creating an entirely new category – the vertical lift crossover
airplane (VLCA). Additionally, the Inpixon (inpixon.com) business
unit of XTI Aerospace is a leader in real-time location system
(RTLS) technology with customers around the world who use the
Company's location intelligence solutions in factories and other
industrial facilities to help optimize operations, increase
productivity, and enhance safety. For more information about XTI
Aerospace, please visit XTIAerospace.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act,
and Section 21E of the Exchange Act. All statements other than
statements of historical fact contained in this press release,
including without limitation, statements about the products under
development by XTI Aerospace and its subsidiaries and the markets
in which they plan to operate, the advantages of their respective
technologies, and the competitive landscape and positioning,
customers, plans and strategies of XTI Aerospace and its
subsidiaries are forward-looking statements.
Some of these forward-looking statements can be identified by
the use of forward-looking words, including "believe," "continue,"
"could," "would," "estimate," "will," "expect," "intend," "plan,"
"target," "projects," or the negatives of these terms or variations
of them or similar expressions. All forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. All forward-looking
statements are based upon estimates, forecasts, and assumptions
that, while considered reasonable by XTI Aerospace and its
management, are inherently uncertain, and many factors may cause
the actual results to differ materially from current expectations,
which include, but are not limited to: the risk that not all
conditions set forth in XTI Aerospace's conditional purchase order
with Mesa are met; the risk that XTI Aerospace's conditional
pre-orders (which include conditional aircraft purchase agreements,
non-binding reservations, and options) are canceled, modified,
delayed or not placed and that XTI Aerospace must return the
refundable deposits; the risk that XTI Aerospace is subject to the
uncertainties associated with the regulatory approvals of its
aircraft including the certification by the Federal Aviation
Administration, which is a lengthy and costly process; and other
risks and uncertainties set forth in the sections entitled "Risk
Factors" and "Special Note Regarding Forward-Looking Statements and
Other Information Contained in this Report" in XTI Aerospace's
Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the
Securities and Exchange Commission (the "SEC") on April 16, 2024, and the Quarterly Report on Form
10-Q for the quarterly period ended March
31, 2024, which was filed with the SEC on May 20, 2024, as such factors may be updated from
time to time in XTI Aerospace's filings with the SEC.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. XTI Aerospace does
not give any assurance that it will achieve its expected results.
XTI Aerospace does not undertake any duty to update these
forward-looking statements, except as otherwise required by
law.
Contacts
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact/
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.