Announcement Comes as USFM's 2026 Drill Program at Disko Island Advances, with Rigs Now Actively Drilling Toward Priority Target Zones

GOLDEN, Colo., July 16, 2026 /PRNewswire/ -- USFM Corporation ("USFM" or the "Company"), a privately held, U.S.-based mineral exploration company advancing critical mineral opportunities in Greenland, today announced that it has entered into a definitive agreement with Twin Vee PowerCats Co. (NASDAQ:VEEE) ("Twin Vee") under which a subsidiary of USFM will merge with and into Twin Vee. Upon closing, Twin Vee's common stockholders will receive equity in the combined public company.

In connection with the transaction, Twin Vee's recreational marine business — operating under the Twin Vee and Bahama Boat Works brands — will be separated into a privately held company prior to closing, held through a newly formed Delaware statutory trust. Existing Twin Vee stockholders will receive a non-transferable contingent value right ("CVR") entitling them to future distributions generated by that business.

The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including approval by Twin Vee's disinterested shareholders, USFM's, stockholders and applicable regulatory approvals. The parties currently expect the transaction to close in the third quarter of 2026, at which point the combined company is expected to trade on NYSE American.

Olga Solovieva, Vice President Exploration of USFM, commented:

"The combination with Twin Vee comes at a pivotal point for the Disko-Nuussuaq Project. Following years of target generation, geological modelling and planning, drilling is now underway at one of the world's most prospective underexplored magmatic nickel districts. Becoming a publicly listed company through this transaction will provide broader access to capital markets as we continue systematically evaluating this district-scale opportunity. We believe the combination of an exceptional geological asset, an active drill program and a public market platform positions USFM to create long-term value for stockholders"

Disko-Nuussuaq Drill Program Update

The transaction comes as USFM advances its 2026 exploration program at the Disko-Nuussuaq Project in West Greenland, in partnership with project operator 80 Mile plc (AIM: 80M).The project represents one of the largest underexplored magmatic nickel districts globally and considered geologically analogous to the Norilsk-Talnakh district in Russia, one of the world's most significant nickel sulfide systems. Two drill rigs commenced operations on July 1, 2026, initially targeting high-priority zones at Qullissat on Disko Island, as part of an expanded 2026 program of up to 9,000 metres of drilling across multiple targets on Disko Island and the Nuussuaq Peninsula.

As of today, the drill rigs have been successfully established drilling infrastructure at the first drill site, with surface casing cemented, pressure testing completed, and drilling underway toward the primary target zones. Each hole is planned to reach a maximum depth of 1,000 metres, subject to ongoing geological conditions and technical evaluation.

The program is fully funded under USFM's earn-in agreement with project operator 80 Mile plc (AIM: 80M), under which USFM is funding US$30 million of drilling-related expenditure at Disko-Nuussuaq, including US$10 million committed for the spring/summer 2026 season.

With drilling underway and progressing as planned, the Company expects to provide shareholders with regular operational updates, including geological observations and assay results, as they become available throughout the field season.

Physical Evidence of a Fertile Magmatic System

The Disko-Nuussuaq Project covers approximately 3,020 km² within the West Greenland Flood Basalt Province and is recognised as one of the world's largest underexplored magmatic nickel-copper-cobalt-PGE districts. Under the operatorship of 80 Mile plc, the project has benefited from a systematic, district-scale exploration approach integrating geological mapping, geochemistry, airborne gravity gradiometry, magnetic surveys and three-dimensional geophysical inversion modelling. This work has identified multiple priority Magmatic Massive Sulphide ("MMS") targets interpreted to represent magma conduit systems analogous to those hosting the world-class Norilsk-Talnakh nickel-copper sulphide deposits.Disko Island has already produced direct, physical evidence of the district's metal endowment. In 1994, a 28-tonne boulder of pure massive sulphide was recovered from the licence area. Independent assay results returned 6.9% nickel, 3.7% copper, 0.6% cobalt and 2 grams per tonne platinum group elements, grades that rank among the richest surface sulphide samples ever documented in the district. The boulder is on permanent public display at the Natural History Museum of Denmark (formerly the Danish Geological Museum) in Copenhagen and is regarded as compelling evidence of a fertile magmatic nickel-copper sulphide system.

Exploration has also confirmed the presence of a working magmatic sulfide system. Surface sampling and field observations identified coarse interlocking nickel-copper sulfide crystals and geological characteristics consistent with significant sulfide segregation within picritic magmas, a key process required for the formation of large magmatic massive sulfide deposits. Disko is also interpreted to contain a greater volume of picritic lavas than the Norilsk district, providing further support for the Project's geological prospectivity.

The combination of a proven fertile magmatic system, district-scale geophysical targets, and a geological setting directly analogous to the Norilsk-Talnakh district provides the technical foundation for USFM's 2026 drill program. The current campaign is designed to systematically evaluate these priority MMS targets and advance one of the world's most prospective underexplored magmatic nickel-copper-cobalt-PGE districts.

Advisors

Think Equity acted as Advisor in connection with this transaction. Loeb & Loeb LLP is serving as legal counsel to USFM. Sheppard, Mullin, Richter & Hampton LLP is serving as legal counsel to Twin Vee. Houlihan Capital provided a fairness opinion to the Board of Directors of Twin Vee.

About USFM Corporation

USFM Corporation is a privately held U.S.-based mineral exploration company focused on advancing critical mineral opportunities in stable jurisdictions. USFM is currently focused on the Disko-Nuussuaq Project in Greenland, one of the largest underexplored magmatic nickel districts globally.

Learn more about USFM at usfm.com.

About Twin Vee PowerCats Co.

Twin Vee PowerCats Co. manufactures a range of boats under the Twin Vee and Bahama Boat Works brands, designed for activities including fishing, cruising, and recreational use. Twin Vee PowerCats are recognized for their stable, fuel-efficient, and smooth-riding catamaran hull designs. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category and is known as the "Best Riding Boats on the Water™." Bahama Boat Works is an iconic luxury brand long celebrated for its unmatched craftsmanship, timeless aesthetic, and dedication to producing some of the finest offshore fishing vessels.

Twin Vee is located in Fort Pierce, Florida, and has been building and selling boats for 30 years.

Learn more at twinvee.com and bahamaboatworks.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding the proposed merger between USFM Corporation and Tein Vee and the concurrent privatization of the Marine Business; the formation of a contingent value rights trust to operate the Marine Business as a private company; the anticipated strategic and financial benefits of the transactions, including the unlocking of shareholder value, the lowering of operating overhead, and the ability to dedicate more resources to product development, manufacturing, and customer support; the expected timing for completion of the transactions in the third quarter of 2026; the expectation that there will be no immediate changes to operations, customer service, or vendor relationships; the impact of the transaction to either company's stockholders, employees, customers, business partners, dealers, vendors, suppliers, and other stakeholders; and the combined public company's future trading on NYSE American.

These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of the parties to consummate the proposed transaction; satisfaction of closing conditions to the consummation of the proposed transaction; the impact of the announcement of the proposed transaction on Twin Vee's relationships with its employees, existing customers or potential future customers, and the risk factors described in Twin Vee's Annual Report on Form 10-K for the year ended December 31, 2025, Twin Vee's Quarterly Reports on Form 10-Q, Twin Vee's Current Reports on Form 8-K and subsequent filings with the SEC. The information in this release is provided only as of the date of this release, and USFM undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Additional Information and Where to Find It

USFM Corporation intends to file with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4, which shall include a joint proxy statement, in connection with its proposed acquisition of Twin Vee and Twin Vee will furnish or file other materials with the SEC in connection with the proposed transaction. The definitive proxy statement will be sent or given to the stockholders of USFM and Twin Vee and will contain important information about the proposed transaction and related matters. BEFORE MAKING ANY VOTING DECISION, USFM'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND THOSE OTHER MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. The Registration Statement, proxy statement and other relevant materials (when they become available), and any other documents filed by USFM Corporation and Twin Vee with the SEC, may be obtained free of charge at the SEC's website at www.sec.gov. In addition, security holders will be able to obtain free copies of the proxy statement from USFM by contacting USFM by telephone at (872) 216-1518, by mail to USFM at 1707 Cole Blvd, Suite 200, Golden, Colorado 80401.

Participants in the Solicitation

USFM, Twin Vee and their directors and officers may be deemed to be participants in the solicitation of proxies from the stockholders of USFM in connection with the proposed transaction. Information regarding the interests of these directors and officers in the transaction described herein will be included in the proxy statement described above. Additional information regarding the directors and executive officers of Twin Vee is included in the proxy statement for its 2025 Annual Meeting, which was filed with the SEC on October 23, 2025, its Annual Report on Form 10-K, which was filed with the SEC on February 27, 2026, and is supplemented by other public filings made, and to be made, with the SEC by Twin Vee and USFM Corporation.

No Offer or Solicitation

This communication 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.

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