SIM Acquisition signs letter of intent with telecom firm AIT

SIM Acquisition Corp. I (NASDAQ: SIMA) announced it signed a non-binding letter of intent with American Industrial Technologies Inc. for a proposed business combination. The Nevada-based company operates Q1, a telecommunications firm that has operated for 33 years.

AIT provides manufacturing, logistics, distribution and connected device services across the United States, Europe and Latin America. The company maintains relationships with telecommunications carriers and operates third-party and fourth-party logistics infrastructure.

"After more than three decades in telecom, we're proud to be at the center of bringing manufacturing back to the United States while simultaneously expanding our footprint across Europe and Latin America," said John Chiorando, CEO and founder of AIT. He said the company plans to develop new business lines focused on drones and encrypted devices for law enforcement, government and enterprise customers.

Anthony Hayes, chairman of SIM, said AIT's integrated hardware, logistics and connectivity solutions create value in the current market. He noted the company's carrier relationships and investments in U.S.-based production.

The parties agreed to a 45-day exclusivity period for due diligence and negotiation of a definitive agreement. The letter of intent requires execution of definitive agreements, completion of due diligence, required approvals and customary closing conditions.

SIM Acquisition Corp. I is a blank check company formed to complete mergers, acquisitions or similar business combinations. The company's board includes Anthony Hayes, David Kutcher, Kyle Haug, Matthew Saker and Jarrett Gorlin.

The announcement was made through a press release statement on April 28, 2026.

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