XTI Aerospace Signs Letter of Intent with AVX Aircraft Company for Further Design and Development of the TriFan 600 Vertical Lift Crossover Airplane

XTI Aerospace, Inc. (NASDAQ: XTIA) ("XTI Aerospace", or the "Company") today announced that its subsidiary, XTI Aircraft Company ("XTI Aircraft"), has signed a Letter of Intent ("LOI") with AVX Aircraft Company ("AVX"), a leader in advanced vertical lift solutions, to provide development, design, and certification services to support XTI Aircraft's proprietary and patented TriFan 600, a fixed-wing aircraft with vertical takeoff and landing ("VTOL") capability. The definitive agreements are expected to be signed in the coming weeks.

"The relationship with AVX provides XTI Aircraft with seasoned engineering talent and a company highly experienced in designing and developing vertical lift aircraft technology," said Scott Pomeroy, chairman and chief executive officer of XTI Aerospace. "AVX will help refine our current design, which we expect will accelerate the TriFan 600 development program while significantly reducing expenses for certain engineering capabilities and services."

Under the proposed terms of the definitive agreement, XTI Aircraft, led by XTI Aerospace Senior Vice President of Business and Program Development Don Purdy, will provide management, direction, and oversight of the TriFan 600 program. AVX will become the prime contractor including detailed design, program management, subcontract management and certification support services.

Kendall Goodman, president of AVX, said, "The AVX team is delighted to work with XTI on this development program and apply our decades of rotorcraft engineering experience to the TriFan 600. We look forward to working hand-in-hand with the XTI leadership team to deliver this market-driven solution for their customers."

The TriFan 600 vertical lift crossover airplane ("VCLA") is expected to revolutionize point-to-point air travel by combining the comfort, speed, and range of similar size conventional business aircraft with the flexibility, convenience, and pinpoint transportation only achievable with a vertical takeoff and landing aircraft.

Don Purdy commented, "There are numerous use cases for the TriFan 600 within the Part 91 business, Part 135 charter service, and Part 121 scheduled service operations, in addition to special mission roles such as medevac and rescue where time is so critical. We look forward to working closely with AVX in the coming months."

A computer graphics simulation video is available at XTI Aircraft simulation video.

SOURCE XTI Aerospace, Inc.