Positive Results From Aviation's First Equity Crowdfunding Campaign

Equity crowdfunders from around the world have reserved shares for more than $10 million to support development of the TriFan 600, according to a news release from XTI Aircraft.

The company hopes the aircraft will become the world's first commercially certified vertical takeoff airplane. It will have the speed, range and comfort of a business jet and will take off and land like a helicopter. In development for two-and-a-half years, the six-seat aircraft would provide true door-to-door travel.

"The public response has been tremendous so far," said XTI Vice Chairman Jeff Pino. "We will file with the SEC in the next few months and, once approved, will allow participants to turn expressions of interest into share purchases."

XTI has been assessing public interest since August 25, 2015, under the terms of Regulation A, or Reg A+, of the JOBS Act.

XTI is also raising funds through venture capital, private equity and accredited investors while finalizing diligence on its technical solution and continuing discussions with vendors that will lead to building a prototype.

XTI is backed by highly accomplished aviation leaders, including Founder and Chairman David Brody, Pino, the former president and chief executive of Sikorsky Aircraft Corp., Charlie Johnson, the former president of Cessna Aircraft Company, and other accomplished industry veterans.

FMI: www.xtiaircraft.com