Powerus Selected to Compete in Phase II of Pentagon's $1 Billion Drone Dominance Program

Powerus’ MatrixFold Dual-Use Attack Drone is part of the next generation of American-built one-way attack drones
Powerus recently announced a proposed merger with Aureus Greenway Holdings Inc. (Nasdaq: PUSA), positioning Powerus to become publicly traded upon completion

WEST PALM BEACH, Fla., May 27, 2026 (GLOBE NEWSWIRE) -- Autonomous Power Corporation, doing business as "Powerus," today announced that it has been selected to compete in the qualifier for Phase II of the Department of War's Drone Dominance Program with its MatrixFold multi-purpose attack drone. With this qualification, Powerus becomes part of the $1 billion Pentagon initiative to procure and field tens of thousands of low-cost, one-way attack drones, with the aim of accelerating combat capability and strengthening the U.S. drone manufacturing base.

Winners of the Program will have demonstrated the ability to produce capable, low-cost, secure supply chains for sUAS at scale, enabling the U.S. military to integrate these capabilities into future acquisition pathways. Following qualification, the next parts of Phase II involve a production and delivery test to prove manufacturing readiness, and the Gauntlet II to identify the most capable systems for scaling and fielding. The Gauntlet test event concludes with the delivery of sUAS orders to the winners. The Phase II Qualifier window is currently estimated for June 2026.

The Powerus Matrix Series is a U.S.-made line of modular first-person view platforms designed for rapid deployment across strike, ISR, and heavy-payload missions. Built with lightweight folding airframes for rucksack and vehicle transport, the systems can be configured in seconds around a common operational architecture. The MatrixFold platform is Blue UAS-compatible and NDAA-compliant.

"The math of war has changed. A thousand-dollar drone can take out a multi-million-dollar target, and whoever can put a combat-ready first-person view in a soldier's hands at scale wins that exchange," said Andrew Valkenburg, Executive Vice President of Technology and Manufacturing at Powerus. "Our MatrixFold platform is built for that fight. It is a multipurpose, quick-to-deploy airframe built on the same Matrix architecture already in the hands of every U.S. Service. Our manufacturing posture was designed for the volumes Phase II calls for, and we are ready to deliver."

"Phase II comes down to who shows up with a drone that serves soldiers on the ground through a supply chain the Pentagon can trust," said Brett Velicovich, Co-Founder of Powerus. "The MatrixFold platform reflects what end users have asked us for, manufactured in the U.S., trusted by U.S. military units, and ready for the missions ahead."

This announcement follows Powerus' previously announced merger agreement with Aureus Greenway Holdings, Inc. (AGH), a transaction that, upon completion, is expected to result in Powerus becoming publicly traded on Nasdaq. Recently, AGH announced the change of its Nasdaq ticker symbol to PUSA.

About Powerus
Powerus is powering the future of autonomous drone defense. Autonomous Power Corporation (APC), doing business as Powerus, is a U.S.-based platform company that acquires, integrates, and scales domestically manufactured autonomous systems for defense, critical infrastructure, and precision agriculture. Founded by a team with direct operational experience in active conflict environments worldwide, Powerus brings together field-validated technologies under a unified operating architecture supported by U.S.-based manufacturing and allied-nation partnerships. Powerus has announced a proposed merger with Aureus Greenway Holdings Inc. (Nasdaq: PUSA). For more information, visit power.us.

Merger Agreement
Under the terms of a previously announced agreement, Powerus will merge with and into a newly formed subsidiary of AGH, with Powerus continuing as the surviving entity and AGH adopting the name "Powerus Corporation." The combined company expects to be listed on Nasdaq under the ticker symbol "PUSA." The merger transaction was unanimously approved by the boards of directors of both companies and a majority of each company's stockholders.

The transaction remains subject to customary closing conditions, including the effectiveness of a registration statement on Form S-4 covering shares of common stock offered to Powerus stockholders and receipt of required regulatory approvals. The merger is expected to close in summer 2026. There can be no assurance that the proposed transactions will be consummated or as to the timing of any such consummation.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding Powerus' selection to compete in the Phase II Qualifier for the Department of Defense's Drone Dominance Program, the anticipated progression through subsequent phases of that program (including the production and delivery test and Gauntlet II events), the expected timing of such phases, the capabilities and certifications of the MatrixFold platform (including its Blue UAS compatibility and NDAA compliance), the anticipated scale of the Drone Dominance Program and associated purchasing activity, and the ability of Powerus to satisfy manufacturing, delivery, and performance requirements of the program are forward-looking statements. As to the announced merger agreement with AGH, these statements include, but are not limited to, statements regarding the proposed business combination and anticipated benefits thereof, including future financial and operating results, statements related to the expected timing of the completion of the transactions, the plans, objectives, expectations and intentions of either company or of the combined company following the merger, anticipated future results of either company or of the combined company following the merger, the anticipated benefits and strategic and financial rationale of the merger and other statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “scheduled,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “forecasts,” “outlook,” “estimates,” “potential,” or “continue” or negatives of such terms or other comparable terminology. The forward-looking statements are based on current expectations and assumptions believed to be reasonable, but there is no assurance that they will prove to be accurate.

All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of AGH or Powerus to differ materially from any results expressed or implied by such forward-looking statements. As to Drone Dominance, these statements are subject to risks and uncertainties including, without limitation: (i) the risk that Powerus will not advance past the Phase II Qualifier or subsequent program phases; (ii) the risk that the Drone Dominance Program may be modified, reduced in scope, restructured, or cancelled, or that its funding may be reduced or reallocated, by the Department of Defense or by Congressional action; (iii) the risk that competing systems may be selected over the MatrixFold platform for Phase II advancement or final procurement; (iv) the risk that the MatrixFold platform may not satisfy performance, security, or supply chain requirements imposed by the program; (v) the risk that the platform's Blue UAS listing or NDAA-compliant status may not be maintained; (vi) the risk that Powerus' manufacturing capacity may be insufficient to meet program volume requirements; and (vii) the risk that the proposed merger with AGH may not close on the expected timeline or at all, which could materially affect Powerus' ability to finance the manufacturing and operational ramp required by the program. As to the announced merger agreement with AGH, such factors include, among others, (1) the risk of delays in consummating the potential transaction, including as a result of required shareholder and regulatory approvals, including Nasdaq listing requirements which may not be obtained on the expected timeline, or at all, (2) the risk of any event, change or other circumstance that could give rise to the termination of the merger agreement, (3) the possibility that any of the anticipated benefits and projected synergies of the potential transactions will not be realized or will not be realized within the expected time period, (4) the limited operational history of Powerus as a combined organization and integration risks of acquired businesses, (5) diversion of management’s attention or disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, including potential distraction of management from current plans and operations of AGH or Powerus and the ability of AGH or Powerus to retain and hire key personnel, (6) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (7) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the outcome of any legal or regulatory proceedings that may be instituted against AGH or Powerus related to the merger agreement or the transaction, (9) the risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction, (10) legislative, regulatory, political, market, economic and other conditions, developments and uncertainties affecting AGH’s or Powerus’s businesses; (11) the evolving legal, regulatory, tax, and international trade regimes; (12) the nature, cost and outcome of potential litigation and other legal proceedings, including any such proceedings related to the transactions, (13) restrictions during the pendency of the proposed transaction that may impact AGH’s or Powerus’s ability to pursue certain business opportunities or strategic transactions; and (14) unpredictability and severity of catastrophic events, including, but not limited to, extreme weather, natural disasters, acts of terrorism or outbreak of war or hostilities, as well as AGH’s and Powerus’s response to any of the aforementioned factors.

Additional factors which could affect future results of AGH and Powerus can be found in AGH’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. Neither Powerus nor AGH undertakes any obligation to update forward-looking statements, except as required by law.

NO OFFER OR SOLICITATION
This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, 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. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

IMPORTANT INFORMATION AND WHERE TO FIND IT
In connection with the transaction, AGH will file a registration statement on Form S-4 with the SEC, which will include an information statement and preliminary prospectus of AGH. After the registration statement is declared effective, AGH will mail to its stockholders a definitive information statement. Additionally, AGH expects to file other relevant materials with the SEC in connection with the merger. Investors and security holders are urged to read the registration statement and joint information statement/prospectus when they become available (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the joint information statement/prospectus) because such documents will contain important information regarding the proposed transaction and related matters. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by AGH through the website maintained by the SEC at http://www.sec.gov or at AGH’s website at https://www.aureusgreenway.com/secfilings.

WEBSITE LINKS
Links to third-party websites are provided for convenience only. Powerus and AGH do not control, endorse, or accept responsibility for the content of any third-party website, including any content on the Department of Defense website linked herein. The inclusion of any link does not imply endorsement by any third party of Powerus, AGH, or the proposed merger transaction, or endorsement by Powerus or AGH of any third-party website or its content. Information contained on or accessible through any linked website does not form part of this press release.

CONTACTS

INVESTOR RELATIONS
Jason Assad
678-570-6791

Press Contact:
Maripat Finigan
SVP, Strategic Comms
pr@Power.us
860-508-3828

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