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SIM Acquisition Corp. I Signs LOI with AIT

SIM Acquisition Corp. I announced the execution of a non-binding letter of intent, or LOI, with American Industrial Technologies, or AIT, a Nevada corporation, for a proposed deSPAC business combination. Among other segments, AIT will operate Q1, which is a 33-year leader in telecommunications that has evolved into a fully integrated platform spanning manufacturing, logistics, distribution, and connected device ecosystems. AIT has scaled a Third-Party Logistics and Fourth-Party Logistics and e-commerce infrastructure that supports global distribution across the United States, Europe, and Latin America. The LOI is non-binding and subject to the execution of definitive agreements, completion of due diligence, required approvals, and customary closing conditions. There can be no assurance that a transaction will be completed. The parties have agreed to an initial 45-day exclusivity period to undertake due diligence and negotiate a definitive business combination agreement.