BOCA RATON, Fla., June 27, 2022 (GLOBE NEWSWIRE) -- Xeriant, Inc. (OTCQB: XERI) (“Xeriant” or the “Company”), an aerospace company dedicated to Advanced Air Mobility and associated specialty chemicals and materials, announced today that due to recent positive events and several important upcoming meetings, management has determined that the tentatively scheduled press conference would be more valuable and informative if it were moved to mid or late July.
The press conference will update shareholders on significant developments that have been the focus of Xeriant’s efforts over the past several months. In the interim, the Company is providing a mid-year recap of its accomplishments in the joint ventures with Movychem and XTI Aircraft.
“Through our successful joint ventures, our Company continues to execute its business strategy and parallel objectives of producing near-term revenue and building long-term value for our shareholders. Our advanced chemicals and materials are currently being certified for immediate licensing or direct sales and we are actively negotiating highly lucrative agreements with industry-leading companies,” commented Xeriant CEO, Keith Duffy.
“Additionally, XTI has completed the TriFan 600’s preliminary design phase ahead of schedule and under budget, a critical step which validates the aircraft’s aerodynamic and mechanical viability and establishes the basis for the detail design and the production of a full-scale, operational prototype. When the joint venture is exchanged into equity in XTI, Xeriant’s ownership should unlock tremendous value for our shareholders,” said Duffy.
Outlined below are updates on the Company’s key areas of business activities, including those involving Movychem and XTI:
Advanced Chemicals and Materials
- Xeriant has received substantial interest in the Company’s eco-friendly flame retardant, Retacell® from homebuilding and textile industry leaders. The management team has scheduled in-person meetings and demonstrations across the U.S. to advance discussions and unlock both near-term and future revenue.
- The Company completed the critical pre-certification testing of its eco-friendly Retacell® flame retardant on polymer-based textiles, which are found in mattresses, carpeting, upholstery, and filtration products. Recently, the EU took steps to ban up to 12,000 toxic substances, including flame retardant chemicals, driving the demand for eco-friendly alternatives like Retacell®, and several U.S. states have followed suit.
- The Company successfully developed and tested a multi-purpose, high-strength fire- and water-resistant composite panel made from a formulation of Retacell® and a cardboard fiber-reinforced polymeric resin, which can be sourced from recycled materials. Samples of the panels are being presented to major homebuilders for interior and exterior construction applications, including walls, ceilings, flooring, framing, siding, roofing, and decking.
Aerospace
- There have been considerable advancements in the development of the TriFan 600 as a result of Xeriant’s joint venture with XTI Aircraft. The TriFan 600 will be the fastest and longest-range hybrid-electric vertical takeoff and landing (VTOL) aircraft in the world. Xeriant contributed more than $5.5 million to the joint venture, enabling XTI Aircraft to complete Preliminary Design Review (PDR), a significant milestone in the design process, which led to a 50% increase in the order pipeline, now valued at $2.25 billion in gross revenue.
- Xeriant was assigned a CAGE Code by the Department of Defense's Defense Logistics Agency (DLA) and solidified its foundation to pursue aerospace projects and technology development by adding several key advisors from the defense sector, including General (ret.) Blaine Holt, formerly the second highest ranking U.S. military official in NATO; former NASA astronaut and Commander of the ISS, Steve Swanson; and Colonel (ret.) John Parker, former Director of Boeing’s Vertical Lift Global Sales and Marketing.
A firm date for the press conference will be announced the week following the July 4th holiday. The press conference will take place prior to the end of July.
About Xeriant, Inc.
Xeriant, Inc. (d.b.a. Xeriant Aerospace) is an aerospace company dedicated to the emerging aviation market called Advanced Air Mobility (AAM), the transition to eco-friendly on-demand flight, and is partnering with and acquiring strategic interests in visionary companies that accelerate this mission. Xeriant is focused on the development and deployment of next-generation electrically powered aircraft capable of vertical takeoff and landing (VTOL), breakthrough technologies and advanced materials which can be successfully integrated and commercialized, and the critical infrastructure components needed to support operations. Xeriant is located at the Research Park at Florida Atlantic University in Boca Raton, Florida adjacent to the Boca Raton Airport.
For more information, please go to www.xeriant.com.
SAFE HARBOR FORWARD-LOOKING STATEMENTS
In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Xeriant, Inc. is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations concerning our ability to attract investors.
We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
This press release does not constitute an offer of any securities for sale.
