Company intends to explore future opportunities in interceptor drone and counter-drone systems, cybersecurity and critical infrastructure protection BOCA RATON, Fla. , Oct. 29, 2026 (GLOBE NEWSWIRE) -- Powell Max Limited (Nasdaq: PMAX) (" Powell Max ," "PMAX" or the "Company") today announced its intention to enter the defense and security sector. The Company plans to do so through a strategy of acquiring and consolidating complementary defense, technology, manufacturing and protection businesses. The first part of this strategy is the Company's continued pursuit of the previously announced proposed acquisition of the remaining ownership interests in Blackrod Holdings, LLC ("Blackrod"). Blackrod holds the exclusive rights to manufacture and sell Remington Firearms. As of the date of this release, the proposed Blackrod transaction is the only acquisition that is the subject of a letter of intent or agreement with the Company. The Company has not entered into a letter of intent or definitive agreement with any other company, including any company involved in the military technology, cybersecurity, drones, counter-drone technology or any other defense or security sector. PMAX may also evaluate opportunities in related areas of interest that include interceptor drone systems, counter-drone technologies, cybersecurity, military support, protective equipment and critical infrastructure security. These areas reflect the Company's exploratory strategy only. They do not represent pending, imminent or committed transactions. The Company's long-term goal is to build a diversified operating group serving the physical and digital security needs of eligible government, military, law enforcement and commercial customers in the United States and approved international markets. As part of this strategy, PMAX may seek to acquire controlling interests in businesses that offer established products, specialized technology, manufacturing capacity or service capabilities. Where appropriate, the Company may also consider minority investments, joint ventures, licensing arrangements and strategic partnerships. The Company's objective over time is to develop an integrated defense business, with disciplined capital allocation and accountability at each operating company. "We intend to build a defense and security business that brings together the products, technology and manufacturing capabilities needed to protect people, critical assets and national interests," said Geordan Pursglove , Chairman and Chief Executive Officer of Powell Max . "The proposed Remington transaction is the first step toward that goal. We plan to explore opportunities where we believe a well-capitalized group could help businesses develop and grow. We intend to pursue acquisitions only at sensible valuations and to focus on capabilities that customers can use." Building a Defense Business Through Acquisitions and Integration PMAX intends to pursue a roll-up strategy to assemble businesses with complementary capabilities and identifiable opportunities to work together. Under the proposed model, the parent company would oversee capital allocation, financial reporting and risk management. Each operating team would remain responsible for its customer relationships, product performance and business execution. If the Company completes acquisitions, potential benefits could include coordinated purchasing, access to additional manufacturing resources, joint product development, broader distribution and shared administrative services. The Company would pursue integration only where it is expected to improve performance, and would seek to preserve specialized engineering talent, customer relationships and each business's distinct requirements. Any expected savings or commercial benefits would be evaluated for each transaction rather than assumed across the portfolio, and there can be no assurance that any such benefits would be realized. In evaluating potential opportunities, the Company intends to prioritize businesses with a clear customer need, defensible capabilities and a credible path to sustainable cash generation. Its evaluation would consider product readiness, intellectual property rights, customer concentration, contract terms, working capital requirements, production capacity and the cost of supporting a business after acquisition. Remington Firearms as a Potential Manufacturing Foundation PMAX intends to continue pursuing the proposed acquisition of the remaining ownership interests in Blackrod. In September 2026 , PMAX previously announced an initial stand-alone 1.5% equity investment in Blackrod. The Company's September 2026 agreement with Blackrod provides the Company with an exclusive negotiating period of up to 12 months to acquire the remaining equity of Blackrod. Any such acquisition would require a definitive agreement, satisfaction of applicable conditions, and any necessary financing and approvals. This announcement does not represent completion o