Michael Tapp Named Advisory Board
Chairman and Senior Advisor
Newly Formed Advisory Board
to Help Evaluate Strategic Opportunities
ENGLEWOOD, Colo., Sept. 11,
2024 /PRNewswire/ -- XTI Aerospace, Inc. (NASDAQ:
XTIA) today announced formation of the XTI Corporate Advisory Board
and the appointment of Michael Tapp
as its Chairman. Mr. Tapp is an operating partner for Palingen
Capital, an evergreen holding company that acquires lower middle
market businesses from legacy-minded owners. Mr. Tapp will
also serve as a Senior Advisor to the Company.
"We have begun an exciting new phase in the growth of XTI
Aerospace and we have determined that it is time to evaluate our
strategic opportunities to best capitalize on strong demand for the
TriFan 600 from industry incumbents," said Scott Pomeroy, Chairman and CEO of XTI.
"We believe there is a disconnect between the value of XTI's
current stock price and the valuations that have been ascribed to
XTI by multiple, credible private parties and Michael Tapp will provide guidance to our Board
of Directors through the XTI Corporate Advisory Board as we
evaluate our strategic pathways."
"XTI innovations represent an inflection point in private
regional, medical and military aviation, and I am excited to be
part of the team behind it," commented Michael Tapp, newly appointed Chairman of the
XTI Corporate Advisory Board and Senior Advisor to XTI. "I have
been tasked with assembling a team of key leaders across the
industries that demand the capabilities of the TriFan 600 who will
provide insights as we advise the XTI Board of Directors in
evaluating its corporate direction as XTI enters the next
development phase in furtherance of commercialization."
Mr. Tapp is an operating partner for Palingen Capital and has
served in a similar role for HBC Investments, a private equity
firm, after almost a decade of leadership roles at Interstate
Battery. While at Interstate, he was an officer on the senior
executive team, the President of Interstate's multi-unit franchise
system, and the President of Interstate's industrial power
management business. He also has contributed to the
Investment Committee of the SBoTX Foundation as well as to the
boards of directors and corporate advisory boards of several growth
stage companies with international footprints.
Before joining Interstate, Mr. Tapp held senior executive roles
at both operating and private equity organizations while serving on
the Executive Committee of the Center for New Ventures and
Entrepreneurship at Texas A&M
University's Mays School of Business.
Mr. Tapp is an active member of the Young Presidents'
Organization (YPO) and the National Association of Corporate
Directors (NACD).
About XTI Aerospace, Inc.
XTI Aerospace (XTIAerospace.com) (NASDAQ: XTIA) is the parent
company of XTI Aircraft Company, an aviation business based near
Denver, Colorado, currently
developing the TriFan 600, a fixed-wing business aircraft designed
to have the vertical takeoff and landing (VTOL) capability of a
helicopter, speeds of up to 345 mph and a range of approximately
700 miles, creating an entirely new category – the vertical lift
crossover airplane (VLCA). Additionally, the Inpixon (inpixon.com)
business unit of XTI Aerospace is a leader in real-time location
systems (RTLS) technology with customers around the world who use
the company's location intelligence solutions in factories and
other industrial facilities to help optimize operations, increase
productivity, and enhance safety.
For more information about XTI Aerospace, please visit
XTIAerospace.com, and follow the company on LinkedIn, X, and
YouTube.
Cautionary Statement Regarding 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,
and Section 21E of the Exchange Act. All statements other than
statements of historical fact contained in this press release,
including without limitation, statements about the products under
development by XTI, the advantages of XTI's technology, and XTI's
customers, plans and strategies are forward-looking statements.
Some of these forward-looking statements can be identified by
the use of forward-looking words, including "believe," "continue,"
"could," "would," "will," "estimate," "expect," "intend," "plan,"
"target," "projects," 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 Aerospace and its
management, 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 process in which XTI
engages to evaluate strategic opportunities; the terms, timing,
structure, benefits and costs of any [strategic opportunity] and
whether one will be consummated at all; the impact of any
[strategic opportunity] on the Company; and the risk that XTI's
conditional pre-orders are canceled, modified, delayed or not
placed and that XTI must return the refundable deposits. XTI
undertakes no obligation to revise any forward-looking statements
in order to reflect events or circumstances that might subsequently
arise. Readers are urged to carefully review and consider the risk
factors discussed from time to time in XTI's filings with the SEC,
including those factors discussed under the caption "Risk Factors"
in its most recent annual report on Form 10-K, filed with the SEC
on April 16, 2024, and in subsequent
reports filed with or furnished to the SEC.
Contacts
General inquiries:
Email: contact@xtiaerospace.com
Web: https://xtiaerospace.com/contact
Investor Relations:
Crescendo Communications
Tel: +1 212-671-1020
Email: XTIA@crescendo-ir.com
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SOURCE XTI Aerospace, Inc.