Xeriant, Inc. ("Xeriant"), an aerospace company dedicated to Advanced Air Mobility, and XTI Aircraft Company ("XTI"), an OEM and developer of the TriFan 600, a leading next-generation hybrid-electric VTOL aircraft, announced today that they have executed a Letter of Intent (the "LOI") to pursue a merger whereby Xeriant would acquire 100% of the issued and outstanding shares of XTI. The LOI provides for the parties to negotiate and enter into a definitive merger agreement by October 22, 2021.

Xeriant has retained Maxim Group LLC as its financial advisor to assist the Company in its endeavors, including its pursuit of an uplisting of Xeriant's common stock to a national exchange.

Xeriant and XTI intend to announce the definitive terms of the merger agreement once finalised and will continue to work through their previously announced joint venture while negotiations are in process.