/C O R R E C T I O N -- American Industrial Technologies, Inc./

In the news release, American Industrial Technologies and ideaForge Sign Letter of Intent to Form Strategic Joint Venture to Accelerate Next-Generation Drone, AI, and Secure Mobility Solutions, issued 08-Jun-2026 by American Industrial Technologies, Inc. over PR Newswire, we are advised by the company that ideaForge Technology Limited has been updated to ideaForge Technology Inc. The complete, corrected release follows:

American Industrial Technologies and ideaForge Sign Letter of Intent to Form Strategic Joint Venture to Accelerate Next-Generation Drone, AI, and Secure Mobility Solutions

Proposed joint venture to target drone, AI, secure mobility, and tactical communications solutions for enterprise, public safety, and government markets

ORLANDO, Fla., June 8, 2026 /PRNewswire/ -- American Industrial Technologies ("AIT") today announced the signing of a Letter of Intent ("LOI") with ideaForge Technology Inc to explore the formation of a strategic joint venture. AIT recently announced that it has entered into a non-binding letter of intent to merge with SIM Acquisition Corp. I (Nasdaq: SIMA).

The proposed partnership combines AIT's rapidly expanding telecommunications, IoT, logistics, AI, and mobility ecosystem with ideaForge's globally recognized leadership in unmanned aerial systems (UAS), autonomous drone technology, and defense-grade aerial intelligence platforms.

"This proposed joint venture represents the convergence of AI, mobility, secure communications, and autonomous systems," said John Chiorando, Chairman and CEO of American Industrial Technologies. "Together, we believe we can build a globally differentiated platform capable of serving enterprise, industrial, public safety, and government customers with next-generation technologies that are secure, scalable, and built for the future."

"This partnership represents an important step toward expanding access to reliable, mission-ready drone technology across global markets," said Ankit Mehta, Director of ideaForge Technology Inc. "Together, we aim to deliver scalable aerial intelligence solutions supporting critical operations for defense, government, enterprise, and industrial customers."

The proposed joint venture is expected to focus on:

• AI-enabled drone and robotics platforms
• Drones-as-a-Service ("DaaS") solutions
• Secure communications and tactical mobility
• Border security and public safety applications
• Industrial inspection and infrastructure monitoring
• Enterprise AI integration and edge computing
• Hybrid satellite and cellular communications
• U.S.-based electronic component manufacturing and IoT assembly initiatives

As part of the LOI, the companies intend to explore opportunities to integrate advanced AI capabilities, secure 5G communications, satellite connectivity, and autonomous operational intelligence into ruggedized next-generation mobility and drone platforms designed for both commercial and government deployment.

Completion of the proposed transaction remains subject to the negotiation and execution of a definitive shareholding agreement, a definitive joint venture agreement, and customary approvals.

AIT's growing ecosystem includes recurring revenue IoT solutions, 3PL and 4PL logistics operations, enterprise mobility deployments, and expanding government and defense sector relationships throughout North America, South America, and Europe.

Through the proposed joint venture, AIT is expected to play a significant role in expanding access to United States defense, homeland security, and government drone opportunities by leveraging its existing relationships, infrastructure, logistics capabilities, mobility platforms, and operational footprint across enterprise and government channels.

The partnership is intended to position ideaForge's advanced drone technologies for broader deployment across U.S. defense, public safety, tactical communications, critical infrastructure, and federal agency environments.

ideaForge has established itself as a global leader in drone innovation, serving defense, homeland security, mapping, surveillance, and industrial sectors with advanced autonomous aerial systems trusted in some of the world's most demanding operational environments.

The companies also intend to evaluate opportunities surrounding:

• U.S.-based drone electronics, component, and telecom device manufacturing
• AI-powered companion devices
• Tactical communications infrastructure
• Integrated hybrid satellite and cellular connectivity ecosystems

The proposed partnership is expected to support strategic expansion into:

• Defense and public safety markets
• Smart infrastructure
• Industrial automation
• Logistics and transportation
• Telecommunications
• AI-driven field operations

Additional details regarding product initiatives, manufacturing plans, commercial deployments, and strategic partnerships are expected to be announced in the coming months.

About American Industrial Technologies

American Industrial Technologies, Inc. (AIT) recently announced the execution of a non-binding letter of intent to take the Company public through a deSPAC transaction with SIM Acquisition Corp. I (Nasdaq: SIMA). Formerly known as Q1 Wireless, AIT is an American industrial platform spanning defense, autonomy, and telecommunications. Founded more than three decades ago, AIT operates a 33-year carrier launch and device distribution business serving Tier 1 and Tier 2 wireless carriers, a 3PL and 4PL logistics infrastructure across the United States, Europe, and Latin America, and is bringing American manufacturing capacity online in 2026 with a focus on drones, counter-UAS systems, and secure encrypted devices for law enforcement, government, and enterprise agencies. Headquartered in Orlando, Florida in a 106,000-square-foot operations and warehouse facility, AIT's Orlando operations have been recognized as a Top Workplace for six consecutive years and employ more than 200 people. weareait.com

About ideaForge

ideaForge Technology Inc is a global leader in unmanned aerial systems (UAS) and drone technology, providing advanced autonomous solutions for defense, homeland security, mapping, surveillance, inspection, and industrial applications worldwide.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws regarding anticipated business initiatives, strategic partnerships, joint venture formation, manufacturing plans, AI integration, future deployments, and growth opportunities. These statements are based on a preliminary, non-binding Letter of Intent that has not yet resulted in the formation of a joint venture, and are subject to inherent risks, uncertainties, and assumptions including, without limitation: the negotiation and execution of a definitive shareholding agreement and a definitive joint venture agreement; required regulatory, board, and shareholder approvals; competitive, market, and macroeconomic conditions; the parties' ability to agree on definitive terms; and other risks and uncertainties described from time to time in the companies' public filings. There is no certainty that the proposed joint venture or the deSPAC transaction will be completed on the terms described or at all. Actual results may differ materially from those anticipated. The companies do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law.

SOURCE American Industrial Technologies, Inc.