The Future of Drones is Fully
Autonomous
ENGLEWOOD, Colo., Jan. 13,
2025 /PRNewswire/ -- XTI Aerospace, Inc.
(NASDAQ: XTIA) ("XTI" or the "Company"), a pioneer in advanced
Vertical Takeoff and Landing ("VTOL"), Powered-Lift aircraft
solutions, today announced that it has signed a non-binding
Memorandum of Understanding ("MOU") to acquire a 30% fully-diluted
equity interest in ReadyMonitor, LLC, a leading AI-powered,
autonomous Drone-as-a-Service ("DaaS") company, which is expected
to close this Q1 2025, with the option to acquire the remaining 70%
of ReadyMonitor within 12 months (the "Transaction").
ReadyMonitor is the recipient of a first-of-its-kind
Federal Aviation Administration ("FAA") Certificate of Waiver of 14
CFR § 107.31, which is the requirement for "visual line of sight
for aircraft operations." This Waiver allows for small,
unmanned aircraft (drones) to be launched and operated by
ReadyMonitor without a human present, beyond the direct visual line
of sight ("BVLOS") of the remote pilot in command.
DroneNerds, the largest unmanned aerial vehicle ("UAV")
dealer by volume of units sold in the
United States, which currently owns more than 40% of the
outstanding equity interests of ReadyMonitor, is supporting the
Transaction, and will continue to work with ReadyMonitor and XTI
providing customer access and service, and supplying AI-powered,
autonomous drones.
ReadyMonitor was co-founded by Brandon
Torres Declet and Jesse
Stepler, proven leaders in the drone industry. Mr.
Torres Declet is former CEO and
Chairman of the Board of Unusual Machines (NYSE: UMAC), a leader in
First Person View ("FPV") drones, a spin-off of Red Cat, producer
of defense focused, technology-driven drones, and former CEO of
AgEagle Aerial Systems, an industry leader in full-stack drone
solutions. Mr. Stepler is former Co-Founder and President of
Measure, an early, leading Drone-as-a-Service provider in
the United States, which was
acquired by AgEagle Aerial Systems.
"It is our singular mission at XTI Aerospace to deliver leading,
business-focused solutions as we seek to shape the future across
the Powered-Lift category," said Scott
Pomeroy, CEO of XTI. "Expansion into autonomous, remotely
operated drones is foundational to our strategic vision that
incorporates unmanned VTOLs along with our uniquely configured
TriFan 600 aircraft. By combining drone technology with VTOL
innovation, we believe we're positioning XTI to accelerate the
development of both UAV and VTOL solutions, expanding our market
presence, and creating new opportunities across multiple
industries. This Transaction will combine the innovation and
experience of the XTI and ReadyMonitor teams; ReadyMonitor is
poised to accelerate revenue realization in 2025."
"This Transaction will allow for collaboration between
ReadyMonitor and XTI in a way that uniquely captures the
opportunity presented by Powered-Lift operations," said Mr.
Torres Declet, Co-Founder and CEO of
ReadyMonitor. "The artificial intelligence ("AI") powering
ReadyMonitor's autonomous drones leverages advanced machine
learning algorithms and computer vision to enable real-time
decision-making, obstacle avoidance, and mission optimization
without human intervention. In our Drone-as-a-Service and
Drone-in-a-Box operations, AI facilitates seamless remote
monitoring by automating flight paths, analyzing collected data for
actionable insights, and ensuring continuous and efficient
operations. We expect application of AI and our approach to
real-time, mission-critical decisions to benefit XTI in progressing
next-generation VTOL technology."
"Together, we can advance the technology of AI-powered,
autonomous drones and piloted and unmanned VTOLs, meeting critical
customer needs across a wide variety of use cases, ranging from
remote monitoring of important assets to air taxis, medevacs, and
regional transportation," added Mr. Stepler, Co-Founder and
President of ReadyMonitor. "ReadyMonitor and XTI leadership
collectively understand that the power of this technology is
unlocked by meeting specific customer needs through application of
our combined resources; it's about execution and we have the
winning formula."
ReadyMonitor is currently deploying Drone-in-a-Box ("DIAB")
assets to large enterprise customers including utilities, ranchers
and other substantial landowners, security, infrastructure and
construction businesses. Monitoring these assets from a
centralized and remote location on behalf of its customers brings
several advantages:
- 100% Turnkey. Corporate customers avoid capital
expenditures ("CapEx") for drone equipment and have access to data
obtained from drones operated remotely by professional ReadyMonitor
pilots.
- Remote Autonomous Operation and Monitoring. Drones,
piloted from ReadyMonitor's 24/7 state-of-the-art Operations
Center, remotely deployed from and returning to self-contained
landing "boxes".
- Drone Manufacturer Agnostic. Delivery of best-in-class
technology-enabled DIAB solutions designed to meet specific
customer needs.
- Cost Savings, Predictability and Reliability. Zero CapEx
impact required and no need for customers to hire and train pilots
leads to shorter sales cycle. ReadyMonitor offers both all
inclusive (hardware, software, service) and customer owned
(software, service) subscription packages supported by 24/7
ReadyMonitor operators, ensuring availability, reliability,
predictability, and safety.
"We partnered with and have been investing in ReadyMonitor
because we have a long-standing relationship with their experienced
management team and ReadyMonitor is making the ability to capture
the benefits of drone technology easy and lucrative for customers,
enabling businesses to have an instant live view of their assets
and operations, anywhere and anytime," added Jeremy Schneiderman, CEO of DroneNerds. "Not
only can we make certain that the best technology for ReadyMonitor
and now XTI customers is available; with DroneNerds invested in
ReadyMonitor, we have a vertically integrated approach, enhanced by
providing drones remotely monitored by ReadyMonitor as a service;
this should immediately be recognized as a dominant position by the
industry."
The consummation of this Transaction, which is subject to the
execution of definitive agreements and certain shareholder and
regulatory approvals, is expected to expand XTI Aerospace's
footprint in the growing drone segment of the Powered-Lift market
and support its advancement of VTOL technology.
ThinkEquity is acting as M&A Advisor to the Parties
with respect to the Transaction.
About ReadyMonitor, LLC
ReadyMonitor (ReadyMonitor.com) is a cutting-edge
Drone-as-a-Service company ("DaaS"), specializing in providing
scalable and reliable drone solutions for a variety of industries.
The Company holds national FAA waivers, enabling it to offer
services across the entire country. ReadyMonitor is positioned to
revolutionize the drone market meeting critical customer needs
across a wide variety of use cases, ranging from remote and
security monitoring of infrastructure, construction, energy,
education, and other important assets.
About XTI Aerospace, Inc.
XTI Aerospace, Inc. (XTIAerospace.com) (NASDAQ: XTIA) is the
parent company of XTI Aircraft Company, 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.
Additionally, the Inpixon (inpixon.com) business unit of XTI
Aerospace is a leader in real-time location systems ("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, and follow the company
on LinkedIn, X, and YouTube.
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 terms of the
Transaction, the entry into definitive agreements with respect to
the Transaction, the anticipated benefits of the Transaction, the
products under development by XTI and ReadyMonitor and the markets
in which they plan to operate, the advantages of XTI's and
ReadyMonitor's technology, XTI's and ReadyMonitor's competitive
positioning, and XTI's and ReadyMonitor's customers, plans and
strategies, 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," "will," "estimate," "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 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 inability to implement business plans,
forecasts, and other expectations, and identify and realize
additional opportunities, including the inability to successfully
negotiate and enter into definitive agreements with ReadyMonitor on
the terms set forth in the MOU or otherwise; the risk that, even if
XTI enters into definitive agreements with ReadyMonitor, the
Transaction may not be completed in a timely manner or at all,
which may adversely affect the price of XTI's securities; the risk
that the conditions to the closing of the Transaction are not
satisfied, including the risk that required shareholder and
regulatory approvals are not obtained; the inability to realize the
anticipated benefits of the Transaction; the occurrence of any
event, change or other circumstance that could give rise to the
termination of the definitive agreements; the effect of the
announcement or pendency of the Transaction on XTI's or
ReadyMonitor's business relationships, operating results, and
businesses generally; costs related to the Transaction; the outcome
of XTI's January 9, 2025, hearing
before a Nasdaq Hearings Panel to appeal Nasdaq's determination to
delist XTI's common stock, including the risk that Nasdaq does not
grant XTI additional time to regain compliance with the Nasdaq
Capital Market's $1.00 minimum bid
price requirement; XTI's ability to regain and sustain compliance
with the Nasdaq Capital Market's continued listing standards; the
risk that XTI has a limited operating history, has not yet
manufactured any non-prototype aircraft or delivered any aircraft
to a customer; the risk that the XTI may never achieve or sustain
profitability; XTI's ability to secure required certifications,
including FAA certification, for the TriFan 600 and/or any other
aircraft XTI develops, changes in laws and regulations (including
FAA regulations) that may impose additional costs and compliance
burdens on XTI's operations; the risk that XTI may be unable to
raise additional capital on acceptable terms to finance its
operations and remain a going concern; the risk that other aircraft
manufacturers develop competitive VTOL aircraft or other
competitive aircraft that adversely affect XTI's market position;
and the risk that XTI's estimates of market demand may be
inaccurate. XTI undertakes no obligation to revise any
forward-looking statements in order to reflect events or
circumstances that might subsequently arise. Readers are urged to
carefully review and consider the risk factors discussed from time
to time in XTI's filings with the SEC, including those factors
discussed under the caption "Risk Factors" in its most recent
annual report on Form 10-K, filed with the SEC on April 16, 2024, and in subsequent reports filed
with or furnished to the SEC.
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.