DENVER, Colo., Aug. 8, 2016 /PRNewswire/ -- XTI Aircraft Company (XTI) announced today that it has entered into a preliminary agreement with the Aerospace division of Honeywell International under which Honeywell will supply its HTS900 engine for use in XTI's first prototype, a two-thirds piloted subscale of the TriFan 600 vertical takeoff airplane. Honeywell will also provide an additional engine for use in XTI's Ground Propulsion Test System.
This follows the earlier announcement by XTI that it will build, test and fly the subscale as its first prototype or technology demonstrator within two years from now. According to XTI's Chief Engineer, Dr. Dennis Olcott, "XTI selected Honeywell because the HTS900 turboshaft is the newest addition to Honeywell's family of engines incorporating a next-generation dual-centrifugal compressor architecture. Honeywell has been powering business aviation for more than four decades, and its engines provide exceptional efficiency, reliability and performance."
The TriFan 600 is a six-seat aircraft that will have the speed, range and comfort of a business jet and the ability to take off and land vertically, like a helicopter. Using three ducted fans, the TriFan 600 lifts off vertically and its two wing fans rotate forward for a seamless transition to cruise speed, at 400 miles an hour and a range of up to 1,600 miles.
XTI will build an operational propulsion jet stand that will house the Honeywell engine, drive train system, fans and flight controls. Once these important milestones are reached, XTI will complete development of the two-thirds piloted flying prototype.
XTI launched a formal stock offering in January 2016 under SEC Regulation A+, which is open to all investors around the globe. Shares may be purchased at www.startengine.com/startup/xti. In February, the company announced that it will establish an over-the-counter secondary market for all Reg A+ investors later this year to provide liquidity for shares purchased in this offering.
XTI's equity crowdfunding campaign is one of the first ever to move from testing the waters to a live offering. XTI is offering a unique opportunity for the general public to invest in an aerospace company with a game-changing product, a world-class leadership team, and significant growth potential.
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.
BDN Aerospace Marketing
AN OFFERING STATEMENT REGARDING THIS OFFERING HAS BEEN FILED WITH THE SEC. THE SEC HAS QUALIFIED THAT OFFERING STATEMENT, WHICH ONLY MEANS THAT THE COMPANY MAY MAKE SALES OF THE SECURITIES DESCRIBED BY THE OFFERING STATEMENT. IT DOES NOT MEAN THAT THE SEC HAS APPROVED, PASSED UPON THE MERITS OR PASSED UPON THE ACCURACY OR COMPLETENESS OF THE INFORMATION IN THE OFFERING STATEMENT. YOU MAY OBTAIN A COPY OF THE OFFERING CIRCULAR THAT IS PART OF THAT OFFERING STATEMENT FROM: https://www.sec.gov/Archives/edgar/data/1638850/000164460016000157/xti_oc8.htm
YOU SHOULD READ THE OFFERING CIRCULAR BEFORE MAKING ANY INVESTMENT.
THIS PRESS RELEASE MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS "ESTIMATE," "PROJECT," "BELIEVE," "ANTICIPATE," "INTEND," "EXPECT" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/xti-aircraft-company-selects-honeywell-aerospace-to-supply-engines-for-first-prototype-of-trifan-600-300310219.html
SOURCE XTI Aircraft Company