Buford, GA, Jan. 21, 2025 (GLOBE NEWSWIRE) -- ScanTech AI Systems, Inc. ("ScanTech" or the "Company") is pleased to announce today the appointment of its new Chief Financial Officer, James White. With more than two decades of experience in private and public company financial reporting, compliance, and operational infrastructure, Mr. White has built a reputation for driving operational excellence and fostering growth.

Mr. White is a seasoned, multi-state Certified Public Accountant (CPA) with a distinguished career spanning over twenty years. As a former Senior Manager in the Assurance Practice at Ernst & Young LLP, he is well-versed in SEC reporting, compliance with the Sarbanes-Oxley Act, PCAOB standards, direct public equity and debt offerings, business combinations and dispositions, as well as internal auditing and corporate governance.

"We are excited to continue building our management team as we look to execute our global business plan," said Dolan Falconer, ScanTech's CEO. "The addition of a new Chief Financial Officer is critical for the Company, especially with the renewed emphasis on financial compliance and our capital formation efforts to fuel our growth plans."

"I am honored and excited to join ScanTech's team," said Mr. White. "I believe our products offer the best solutions for protecting the public from harm, and I stand ready to continue building an organization poised to scale to meet market needs as ScanTech becomes a bedrock in the security segment."

ScanTech has a substantial pipeline of customer demand across multiple verticals, including aviation, infrastructure, nuclear, and border security. Companies, governmental and non-governmental entities, and other stakeholders in these sectors have expressed keen interest in ScanTech's technology, with the Company's business combination serving as a major catalyst. Adding James White strengthens the Company's core management team and positions it for further growth.

About ScanTech AI Systems Inc.

ScanTech AI has developed one of the world's most advanced non-intrusive ‘fixed-gantry' CT screening technologies. ScanTech AI utilizes proprietary artificial intelligence (AI) and machine learning capabilities in its state-of-the-art ‘fixed- gantry' CT scanners to accurately and quickly detect hazardous materials and contraband. ScanTech AI's ‘fixed-gantry' CT scanners are engineered to automatically locate, discriminate, and identify threat materials and items of interest at checkpoints in airports, seaports, borders, embassies, corporate headquarters, government & commercial buildings, factories, processing plants, and other facilities where terrorism and prohibited items are a possibility. Whether explosives or contraband, ScanTech AI's ‘fixed-gantry' CT scanners can detect, identify, precisely locate, and discriminate materials of interest hidden inside scanned targets. From suitcases, briefcases, and backpacks to large packages, and parcels, ScanTech AI has a non-intrusive inspection solution to meet the requirements of a broad range of critical infrastructure industries.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended ("Exchange Act"), including statements regarding ScanTech AI's management team's expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future, including possible business combinations, revenue growth and financial performance, product expansion and services. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Additionally, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "target," "seek" or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on the current expectations and beliefs made by the management of ScanTech AI, in light of their respective experience and their perception of historical trends, current conditions and expected future developments and their potential effect on ScanTech AI, as well as other factors they believe are appropriate under the circumstances. There can be no assurance that future developments affecting ScanTech AI will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including product and service acceptance, regulatory oversights, research and development success, and that ScanTech AI will have sufficient capital to operate as anticipated. Should one or more of these risks of uncertainties materialize, or should any of the assumptions of ScanTech AI prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the filings of ScanTech AI (and its predecessor, Mars) with the SEC, and in the current and periodic reports filed or furnished by ScanTech AI (and its predecessor, Mars) from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on the information available to ScanTech AI as of the date hereof, and ScanTech AI assumes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as may otherwise be required under applicable securities laws.

Contact Information:

ScanTech AI Systems Inc.

Dolan Falconer, CEO

dfalconer@scantechibs.com

Investor & Media Relations Contact:

International Elite Capital Inc.

Annabelle Zhang

+1(646) 866-7928

annabelle@iecapitalusa.com

ScanTech AI Systems, Inc. Strengthens Core Team with Appointment of New CFO