Company advances proposed business combination and Nasdaq listing path with established operations spanning secure communications, mobility, drones, and emerging autonomous systems

ORLANDO, Fla., Sept. 10, 2026 /PRNewswire/ -- American Industrial Technologies ("AIT") ("the Company"), a diversified technology company operating at the intersection of artificial intelligence, secure communications, mobility, and autonomous systems, today announced that it expects consolidated revenue of approximately $45 million and continued profitability for the third quarter of 2026 ending September 30, 2026. AIT previously announced its entry into a non-binding letter of intent to take the Company public through a deSPAC transaction with SIM Acquisition Corp. I (Nasdaq: SIMA).

AIT expects third quarter revenue of approximately $45 million from its existing businesses along with proforma contributions from the Company's expanded international platform. Throughout 2026, AIT continues to invest in its U.S. manufacturing capabilities, secure mobility solutions, drone technologies and distribution infrastructure.

"Our expected third-quarter results reflect the strength of AIT's business and position us well as we advance toward our planned business combination and Nasdaq listing," said AIT Chief Financial Officer Stacie Elbert. "AIT's profitable operations are supported by an established platform of carrier relationships, manufacturing capabilities, distribution infrastructure and mission-critical communications expertise. We are building on that foundation to advance exciting new growth opportunities across AI, secure communications, mobility, drones and autonomous systems."

"Our strategic initiatives are strengthening AIT's ability to serve commercial, government, public-safety and defense customers across domestic and international markets," added John Chiorando, Chairman and CEO of AIT. "Our overall purpose is to build a long-term platform capable of creating significant shareholder value through growth, acquisitions, innovation, and operational excellence."

Nasdaq listing path — SIM Acquisition Corp. I (Nasdaq: SIMA)
AIT has signed a non-binding Letter of Intent with SIM Acquisition Corp. I for a deSPAC business combination, with a 45-day exclusivity period to negotiate definitive agreements.

The transaction remains subject to due diligence, definitive documentation, and customary closing conditions; there is no assurance it will be completed, but it represents a clear potential path to public markets.

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). 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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other 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 definitive distribution arrangement, and are subject to inherent risks, uncertainties, and assumptions including, without limitation: the negotiation and execution of a definitive business combination agreement between AIT and SIMA and a definitive agreement with ideaForge; required regulatory, board, and shareholder approvals; competitive, market, and macroeconomic conditions; the parties' ability to agree on definitive terms; SIMA shareholder redemption rights and the resulting availability of trust account proceeds to fund the business combination; satisfaction of any minimum cash condition; potential ITAR, EAR, and other export-control limitations on AIT's defense and unmanned systems businesses; and the other risks and uncertainties described from time to time in SIMA's and AIT's public filings, including the risk factors to be set forth in SIMA's subsequent registration statement on Form S-4 and proxy statement to be filed in connection with the proposed business combination. 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. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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SOURCE American Industrial Technologies, Inc.