DENVER, Nov. 11, 2015 /PRNewswire/ -- The TriFan 600 took an important step forward today as XTI Aircraft Company requested U.S. Securities and Exchange Commission (SEC) qualification to convert almost $14 million in expressed interest into real investments for thousands of individuals worldwide.
XTI launched a "test-the-waters" equity crowdfunding campaign in late August to develop the TriFan 600 — a six-seat fixed-wing airplane with the speed, range and comfort of a business jet, and the ability to take off and land like a helicopter. Conceptual design of the aircraft has been completed and validated by an independent team of technical experts.
If the company receives SEC qualification, XTI will be authorized to begin converting the initial expressions of interest into equity stakes, as shareholders in the company. At the same time, anyone in the world who has not yet signed up on the crowdfunding platform — www.startengine.com/startup/xti — can still sign up and become shareholders.
Based on XTI's valuation of the company, the initial group of investors will own approximately 15%-25% of the company, depending on the amount raised in this offering. "This is an unprecedented opportunity that has captured the imagination of many small investors," said David Brody, founder and Chairman of XTI. "People recognize this as a once-in-a-lifetime chance to get in early on something truly revolutionary, and to help shape and own the future of flight."
The TriFan 600 would become the first commercially certified high-speed, long-range vertical takeoff and landing (VTOL) airplane to provide true door-to-door travel. "No traditional jet, helicopter or other aircraft opens the same world of possibilities," said Brody.
XTI Aircraft Company is led by a team of aviation industry veterans who have developed a plan and multi-faceted funding strategy for successful completion of the project yielding a flying concept demonstrator in three years, and certification in seven to nine years. The team includes Vice Chairman Jeffrey Pino, former president and chief executive of Sikorsky Aircraft, XTI board member Charlie Johnson, former president of Cessna Aircraft Company, and Chief Engineer and board member Dennis Olcott, Ph.D., who previously served as chief engineer for Adam Aircraft and for the PiperJet program.
"This team knows what it takes to finance, design, certify and launch a program of this magnitude," Pino said. "We are currently focused on raising capital, finalizing diligence on our technology, and talking with key vendors that will lead to building our prototype." He added that the team will be attending the National Business Aviation Association (NBAA) Convention in mid-November to continue these efforts.
ABOUT XTI
XTI Aircraft Company is a privately owned aviation business based in Denver. XTI is guided by a leadership team with decades of experience, a deep well of expertise, and success bringing new aircraft to market. XTI is founded on a culture of customer-focused problem solving to meet the evolving needs of modern travelers.
For information and updates about XTI Aircraft Company and the TriFan 600, visit www.xtiaircraft.com
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NO MONEY OR OTHER CONSIDERATION IS BEING SOLICITED, AND IF SENT IN RESPONSE, WILL NOT BE ACCEPTED.
NO OFFER TO BUY THE SECURITIES CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE RECEIVED UNTIL THE OFFERING STATEMENT FILED BY THE COMPANY WITH THE SEC HAS BEEN QUALFIED BY THE SEC. ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME BEFORE NOTICE OF ACCEPTANCE GIVEN AFTER THE SATE OF QUALIFICATION.
AN INDICATION OF INTEREST INVOLVES NO OBLIGATION OR COMMITMENT OF ANY KIND.
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SOURCE XTI Aircraft Company