XTI Aircraft Company Receives Expanded Patent from China
Expanded Patent Provides Stronger Intellectual Property Protection in China for TriFan 600
XTI and Inpixon Continue to Advance Planned Merger and Expect to Close in Q1 2024
ENGLEWOOD, Colo., Feb. 12, 2024 /PRNewswire/ -- XTI Aircraft Company ("XTI" or "Company"), announced today that the China National Intellectual Property Administration (CNIPA) has issued a new utility patent for the Company related to the TriFan 600, an innovative, fixed-wing, vertical takeoff and landing (VTOL) aircraft currently in development. Generally, the patent covers certain aspects of the TriFan's pivoting ducted fans that rotate between vertical lift and horizontal thrust, which, in turn, are designed to enable the TriFan 600 to transition from vertical takeoff to forward cruise. China is one of the fastest-growing aerospace markets (source), and Boeing estimates China will become the biggest domestic aviation market in the world in the next two decades (source).
"The new patent represents an expansion of the scope of the patent that China originally granted to XTI in September 2019," said Scott Pomeroy, chief financial officer of XTI and future chief executive officer of the combined company which will result from the XTI and Inpixon merger. "After we received the patent in 2019, we filed a further application that has now been granted. As a result of this issuance, the scope of our Chinese patent matches the patent protection that we have for the TriFan 600 in the U.S., Europe, and other countries. We believe our significant patent portfolio serves as a strategic, tangible asset which demonstrates our innovative capabilities and potential for future revenue streams. In addition to helping guard against unauthorized use of our intellectual property, we plan to leverage our portfolio to differentiate ourselves in the market, deter competition, and facilitate strategic growth and expansion."
About XTI Aircraft Company
XTI Aircraft Company is an aviation business based near Denver, Colorado. Members of XTI's experienced leadership team have collectively played a role in taking over 40 aircraft configurations through FAA certification.
On July 24, 2023, XTI entered into a definitive merger agreement with Inpixon® (Nasdaq: INPX), a leading provider of real-time location systems ("RTLS"). The merger is expected to close in Q1 2024, subject to applicable closing conditions and receipt of Nasdaq approval for the listing of the post combination company's common stock. For information and updates about XTI Aircraft Company and the TriFan 600, visit XTIAircraft.com.
For information on reserving a priority position for the TriFan 600 under the Company's pre-sales program, contact Mr. Saleem Zaheer at +1-720-900-6928 or [email protected].
Inpixon is the innovator of Indoor Intelligence®, delivering actionable insights for people, places and things. Combining the power of mapping, positioning and analytics, Inpixon helps to create smarter, safer, and more secure environments. Inpixon's Indoor Intelligence and industrial RTLS technology are leveraged by a multitude of industries to optimize operations, increase productivity, and enhance safety. Inpixon customers can take advantage of industry leading location awareness, analytics, sensor fusion, IIoT and the IoT to create exceptional experiences and to do good with indoor data. For the latest insights, follow Inpixon on LinkedIn, and X, and visit inpixon.com.
Important Information About the Proposed Transaction and Where to Find It
Inpixon filed a registration statement on Form S-4 (the "Form S-4") in connection with the proposed merger with XTI, as amended by Amendment No. 1 and Amendment No. 2, which was declared effective with the U.S. Securities and Exchange Commission (the "SEC") on November 13, 2023.The Form S-4 includes a description of the proposed merger with XTI. A proxy statement/prospectus has been delivered to Inpixon stockholders as of the applicable record date established for voting on the ransaction and to the stockholders of XTI. Inpixon also will file other documents regarding the proposed merger with the SEC. Investors and security holders are urged to read the Form S-4, the proxy statement/prospectus, and all other relevant documents filed or that will be filed with the SEC in connection with the proposed merger because they contain important information about Inpixon, XTI and the proposed merger. A copy of the Form S-4 and all other relevant documents that Inpixon has filed with the SEC are available (i) through the website maintained by the SEC at www.sec.gov, (ii) free of charge at Inpixon's website at www.inpixon.com or (iii) upon written request to: Inpixon, 2479 E. Bayshore Road, Suite 195, Palo Alto, CA 94303.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS COMMUNICATION, PASSED UPON THE MERITS OR FAIRNESS OF THE TRANSACTION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS COMMUNICATION. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
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 of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements related to the products under development by XTI and the markets in which it plans to operate, the advantages of XTI's technology, XTI's competitive landscape and positioning, XTI's growth plans and strategies, the patent's ability to help XTI protect the TriFan 600 from infringement, the benefits of XTI's patent portfolio and the anticipated timing of the pending merger with Inpixon, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," "plan," "targets," "projects," "could," "would," "continue," "forecast" 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, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations, which include, but are not limited to:
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XTI does not give any assurance that it will achieve its expected results. XTI does not undertake any duty to update these forward-looking statements, except as otherwise required by law.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
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