Xeriant Closes Key $6M Financing

Rhea-AI Summary

Xeriant, Inc. (OTCQB: XERI) closed $6.05 million in financing, essential to meet commitments in its joint venture with XTI Aircraft Company. This funding supports negotiations for a definitive merger agreement and plans for a public offering and uplisting.

The joint venture aims to develop the TriFan 600, a leading hybrid-electric VTOL aircraft with over $1.3 billion in pre-orders. CEO Keith Duffy emphasized the significance of this financing in advancing Xeriant's objectives in the Advanced Air Mobility sector.

Positive

• Closed $6.05 million in financing to fulfill joint venture obligations.
• Joint venture with XTI Aircraft to develop the TriFan 600, indicating strong market potential.
• Pre-orders for TriFan 600 exceed $1.3 billion, suggesting robust demand.

Negative

• None.

Company accomplishes crucial step to advance future plans

BOCA RATON, Fla., Nov. 05, 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.

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

FAQ

What is the significance of Xeriant's $6.05 million financing?

The financing is crucial for fulfilling obligations in the joint venture with XTI Aircraft Company, enabling further development of the TriFan 600.

How does Xeriant plan to use the funds from its recent financing?

Xeriant will use the funds to meet its joint venture commitments while negotiating a merger agreement and planning a public offering.

What are the pre-order figures for the TriFan 600?

The TriFan 600 has received over $1.3 billion in pre-orders, highlighting its market potential.

What is Xeriant's future plan following the financing?

Xeriant intends to negotiate a definitive merger agreement with XTI, followed by a public offering and uplisting to a national exchange.