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 szaheer@xtiaircraft.com.
About Inpixon
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 transaction 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.
Forward-Looking Statements
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:
- the risk that the proposed merger may not be completed in a
timely manner or at all, which may adversely affect the price
of Inpixon's securities;
- the failure to satisfy the conditions to the consummation of
the proposed merger;
- the occurrence of any event, change or other circumstance that
could give rise to the termination of the merger agreement;
- the adjustments permitted under the merger agreement to the
exchange ratio that could result in XTI shareholders or
Inpixon shareholders owning less of the post-combination company
than expected;
- the effect of the announcement or pendency of the proposed
merger on Inpixon's and XTI's business relationships, performance,
and business generally;
- the risks that the proposed merger disrupts current plans
of Inpixon and XTI and potential difficulties in Inpixon's and
XTI's employee retention because of the proposed merger;
- the outcome of any legal proceedings instituted
against XTI or against Inpixon related to the merger agreement
or the proposed merger;
- failure to realize the anticipated benefits of the proposed
merger;
- the inability to meet and maintain the listing
of Inpixon's securities (or the securities of the
post-combination company) on Nasdaq;
- the risk that the price of Inpixon's securities (or the
securities of the post-combination company) may be volatile due to
a variety of factors, including changes in the highly competitive
industries in which Inpixon and XTI operate;
- the inability to implement business plans, forecasts, and other
expectations after the completion of the proposed merger, and
identify and realize additional opportunities;
- variations in performance across competitors, changes in laws,
regulations, technologies that may impose additional costs and
compliance burdens on Inpixon and XTI's operations, global
supply chain disruptions and shortages;
- national security tensions, and macro-economic and social
environments affecting Inpixon and XTI's business and changes
in the combined capital structure;
- the risk that XTI has a limited operating history, has not
yet manufactured any non-prototype aircraft or delivered any
aircraft to a customer, and XTI and its current and future
collaborators may be unable to successfully develop and market
XTI's aircraft or solutions, or may experience significant delays
in doing so;
- the risk that XTI is subject to the uncertainties
associated with the regulatory approvals of its aircraft including
the certification by the Federal Aviation Administration, which is
a lengthy and costly process;
- the risk that the post-combination company may never achieve or
sustain profitability;
- the risk that XTI, Inpixon and the post-combination
company may be unable to raise additional capital on acceptable
terms to finance its operations and remain a going concern;
- the risk that the post-combination company experiences
difficulties in managing its growth and expanding operations;
- the risk that XTI's conditional pre-orders (which include
conditional aircraft purchase agreements, non-binding reservations,
and options) are canceled, modified, delayed or not placed and that
XTI must return the refundable deposits;
- the risks relating to long development and sales
cycles, XTI's ability to satisfy the conditions and deliver on
the orders and reservations, its ability to maintain quality
control of its aircraft, and XTI's dependence on third parties for
supplying components and potentially manufacturing the
aircraft;
- the risk that other aircraft manufacturers develop competitive
VTOL aircraft or other competitive aircraft that adversely
affect XTI's market position;
- the risk that XTI's future patent applications may not be
approved or may take longer than expected, and XTI may incur
substantial costs in enforcing and protecting, or may not have
adequate resources to effectively enforce and protect, its
intellectual property;
- the risk that the scope of XTI's patents are not broad
enough to deter competition;
- the risk that XTI's estimates of market demand may be
inaccurate;
- the risk that XTI's ability to sell its aircraft may be
limited by circumstances beyond its control, such as a shortage of
pilots and mechanics who meet the training standards, high
maintenance frequencies and costs for the sold aircraft, and any
accidents or incidents involving VTOL aircraft that may harm
customer confidence; and
- other risks and uncertainties set forth in the sections
entitled "Risk Factors" and "Cautionary Note Regarding
Forward-Looking Statements" in Inpixon's Annual Report on Form
10-K for the year ended December 31,
2022, which was filed with the SEC on April 17, 2023 (the "2022 Form 10-K"), the
Quarterly Reports on Form 10-Q for the quarterly periods filed
thereafter, and the Current Report on Form 8-K filed on
July 25, 2023, and in the section
entitled "Risk Factors" in XTI's periodic reports filed pursuant to
Regulation A of the Securities Act including XTI's Annual Report on
Form 1-K for the year ended December 31,
2022, which was filed with the SEC on July 13, 2023 (the "2022 Form 1-K"), as such
factors may be updated from time to time in Inpixon's and XTI's
filings with the SEC, the Form S-4 and the prospectus contained
therein. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements.
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.
XTI Contacts:
General inquiries:
Email: liftup@xtiaircraft.com
Web: xtiaircraft.com/cm/get-involved
Investor relations:
Crescendo Communications for XTI
Tel: +1 212-671-1020
Email: XTI@crescendo-ir.com
Inpixon Contacts:
General
inquiries:
Email: marketing@inpixon.com
Web: inpixon.com/contact-us
Investor relations:
Crescendo Communications for Inpixon
Tel: +1 212-671-1020
Email: INPX@crescendo-ir.com
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SOURCE Inpixon