XTI Aircraft Company (XTI) announced today it has moved its 65% scale unmanned Proof of Concept (POC) of the TriFan 600 to a test facility in northern Utah, and that it is continuing its flight test program there.

"We completed 21 successful controlled takeoff, hover, and landing tests," said Robert LaBelle, Chief Executive Officer of XTI. "Now that we've moved the aircraft to an approved test site," LaBelle continued, "we're preparing for the next phase of flight tests.

"We progressed from conceptual design to a flying prototype in just one year," said LaBelle. "We're very pleased with the results as the test flights continue. We've installed, tested, and validated the electric motors, the battery system, ducts, propellers, flight controls, electrical systems and instrumentation."

On August 5, 2019, XTI also announced that due to its $25 million Series B private placement and achieving other milestones, the company is likely to close its equity crowdfunding campaign on the StartEngine platform, before the end of 2019. LaBelle pointed to the company's flight tests, its major collaboration with GE Aviation announced at Oshkosh in July of this year, approval of its design and utility patents, issuance of foreign patents, recruitment of top industry executives, strong supplier relationships, as well as receiving 81 orders for the airplane so far from customers on six continents. "That represents over a half billion dollars in gross revenues upon delivery," said LaBelle.

The company also announced in August that it is currently planning to enter into arrangements with one or more "Alternative Trading Systems" or secondary markets for all XTI shareholders to have the opportunity to offer their shares for sale on a secondary market. This will create liquidity for investors and allow them to buy and sell shares of XTI, and possibly realize a return before the company gets acquired or goes public.

The shares won't become tradeable until XTI closes its crowdfunding campaign. XTI will announce the date if and when trading on a secondary trading platform becomes available. "XTI will continue to sell shares for $1.50 on StartEngine until the offering closes," LaBelle added.

The TriFan is a major breakthrough in aviation and air travel. The six-seat TriFan 600 will have the speed, range and comfort of a luxury business aircraft and the ability to take off and land vertically, like a helicopter. It will travel at 345 miles an hour, with a range of up to 1,400 miles. With three ducted fans, the TriFan lifts off vertically. Its two wing fans then rotate forward for a seamless transition to cruise speed and its initial climb. It will reach 29,000 feet in just ten minutes and cruise to the destination as a highly efficient business aircraft.

"The market continues to recognize the value proposition of our unique and revolutionary airplane. The company's patented technology includes vertical takeoff combined with the ability to fly long-range, the speed and comfort of a business aircraft, and our quieter and cleaner state-of-the-art hybrid-electric propulsion system."