Xeriant Inc (XERI)

[quester614]

You're right they may have a big reason. All along I considered LaBell as PRO XTI and protecting them with the cash clause, which still keeps XERI from acquiring any XTI stock because it was in the signed by both in the JV agreement not what's in a one side filing. What if he was the disgruntled CEO that knew XTI wasn't going to develop just like Duffy had concluded. So this whole JV was over basically in 6 months with the PDR approval. BTW this only took 1 Eco committee member from each company to declare. Another hidden gem within the redacted 2.2!!

I do remember saying how CEO & CFO got severance pay out of the JV. Meaning this was designed to fill their pockets too not just Duffy & CREW.

Combine that with the Chief Financial Officer going out the door exactly when the 1 year for all payment to be made was up. Maybe XTI had no idea what these 2 were up to. Could they be involved in fraud??? Leaving XTI in a real jam. Why didn't XTI just declare a breach of contract from the beginning when XERI couldn't even meet what was agreed upon??? Could the CFO have kept that concealed. Could the quick completion of the PDR ending the JV meaning no default could be filed???? I guess only the CEO and CFO can answer that

Why does Hinderberger continue to promote the $100 mil merger a year later. When XERI couldn't come up with $10 mil. Really stuck in a bind and it might just take a high priced lawyer to get them out of it.

if both the JV has failed for any reason to make a scheduled payment under the Services Agreement and XTI’s Board of Directors has determined that the continued existence of the JV would threaten XTI’s ability to finance its business (an “XTI Termination”) or upon a determination that the purpose of the JV has been completed made by a majority of the Management Committee of the Joint Venture including at least one member designated by each Party (a “Mutual Termination”) (each of an Xeriant Termination, an XTI Termination and a Mutual Termination being a “Completion Event”).
https://www.sec.gov/Archives/edgar/data/1638850/000110465922078856/tm2219481d1_ex6-20.htm

August 2022
Michael Hinderberger, confirmed the delay during an August 3 press conference held by Xeriant Aerospace, with which it still aims to merge on the basis of a joint venture announced back in June 2021.

According to Hinderberger, who recently replaced Robert LaBelle as head of XTI, the company has completed a preliminary design review of the six-passenger TriFan 600.
https://www.ainonline.com/aviation-news/business-aviation/2022-08-04/xti-pushes-back-trifan-600-service-entry