DENVER, April 21, 2016 /PRNewswire/ -- After capturing the imagination of the public with its TriFan 600 vertical takeoff airplane, XTI Aircraft Company (XTI) is accelerating its development program and redoubling efforts to translate excitement about the aircraft into $3 million in actual investments.
The $3 million milestone is essential to fund important next steps in an accelerated development program that includes flying a 65 percent subscale piloted technology demonstrator of the TriFan 600 within two years. "The move from a full-scale flying prototype to this subscale will trim a year from the development schedule," said XTI's Chief Engineer Dr. Dennis Olcott. "It will reduce cost and accelerate the return on equity to shareholders without compromising technical development or performance."
An operational propulsion jet stand that will house the engine, drive train system, fans and flight controls is also planned for the short term, contingent on funding. XTI's equity crowdfunding initiative has garnered more than $20 million in expressed interest and more than 700 individuals have converted that amount into $1 million so far, with investments ranging from $350 to $50,000 each.
"In order to fund these development plans, this phase of the campaign is focused on generating further participation from our supporters, increasing our conversion rate and reaching our $3 million goal," said XTI founder and Chairman David Brody. "For everyone who is excited by this groundbreaking spectacular airplane and wants to get in on the ground floor of bringing the TriFan 600 to market, now is the time to invest."
Brody added that all current and future shareholders will have the ability to buy and sell XTI shares, valued at $1 per share in the current offering, on a public market. This ongoing investment opportunity is not only open to those who had signed up and expressed interest in investing in XTI previously, but to all investors around the globe. Shares may be purchased at: www.startengine.com/startup/xti
By applying existing technologies in a revolutionary new configuration, the TriFan 600 airplane combines the speed, range and comfort of a business jet with the ability to take off and land like a helicopter.
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
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SOURCE XTI Aircraft Company