Company accomplishes crucial step to advance future plans
DENVER, Colo., Nov. 5, 2021 (GLOBE NEWSWIRE) — Xeriant, Inc. (OTCQB: XERI) (“Xeriant” or “The Company”), an aerospace company dedicated to Advanced Air Mobility, announced today the closing of $6.05 million in financing, a key component in fulfilling the Company’s obligations under its previously announced joint venture with XTI Aircraft Company (“XTI”), a cleantech OEM and developer of a leading hybrid-electric VTOL aircraft, the TriFan 600. Maxim Group LLC acted as the exclusive placement agent for the offering.
“This financing allows us to satisfy our joint venture funding commitment while we continue on the path toward negotiating and executing a definitive merger agreement with XTI, which we intend to follow with a public offering and uplist to a national exchange,” commented Keith Duffy, CEO of Xeriant.
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.
This press release does not constitute an offer of any securities for sale.
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
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