Xeriant moving Forward on XTI Merger Agreement


BOCA RATON, Fla., Oct. 22, 2021 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI) (“Xeriant” or “The Company”), an aerospace company dedicated to Advanced Air Mobility, affirms it is working to complete a definitive merger agreement with XTI Aircraft Company, a cleantech OEM and developer of a leading hybrid-electric VTOL aircraft, the TriFan 600. The Company’s previously announced Letter of Intent provided for the two parties to enter into the definitive merger agreement with a target date of October 22, 2021.

“We are making progress with our merger agreement and moving forward with completing the documentation as soon as practicable,” stated Keith Duffy, CEO of Xeriant.

Maxim Group LLC was retained as Xeriant’s financial advisor to assist in the transaction.

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.

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