Powerus Receives Pakistan Ministry of Defence Order and Signs Strategic Memorandum of Understanding
A Pakistan defence order and nonbinding MoU showcase Powerus’s international traction as its merger with PUSA-parent Aureus Greenway progresses toward an expected Q4 close.
Rhea-AI Summary
Powerus and Aureus Greenway Holdings (PUSA) announced a limited procurement order from the Ministry of Defence of the Islamic Republic of Pakistan for unmanned aerial systems and associated support.
The order expands Powerus’s international defense business, though no commercial terms were disclosed. Separately, Powerus signed a nonbinding strategic memorandum of understanding with senior Pakistani defense officials, establishing a framework to explore broader cooperation in unmanned and autonomous defense technologies, subject to definitive agreements, United States laws and regulations, and required government approvals. The companies also highlighted their previously announced merger: Powerus is set to merge into a newly formed AGH subsidiary, after which AGH will be renamed Powerus Corporation. A Form S-4 registration statement for the combination was declared effective on August 12, 2026, and closing is targeted for Q4 2026, subject to customary conditions and regulatory approvals, with no assurance of completion.
Positive
- Limited Pakistan defence order for unmanned aerial systems expands Powerus’s international defense business
- Strategic MoU with Pakistan creates a framework to explore expanded cooperation in unmanned and autonomous systems
- Form S-4 registration for the Powerus–AGH merger declared effective on August 12, 2026
- Merger structure defined: Powerus to merge into an AGH subsidiary, with AGH to be renamed Powerus Corporation
- Merger timeline: parties expect the business combination to close in Q4 2026, subject to conditions
Negative
- No commercial terms disclosed for the Pakistan Ministry of Defence procurement order
- MoU is nonbinding, creates no purchase obligation, and requires definitive agreements and approvals
- Merger not yet closed and expressly subject to customary conditions, regulatory approvals, and uncertainty of consummation
News Explained
The
Key Terms
unmanned aerial systems technical
memorandum of understanding regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Order covers unmanned aerial systems and associated support. A separate memorandum frames expanded cooperation, subject to definitive agreements and government approvals
- Limited procurement order received from the Ministry of Defence of the Islamic Republic of Pakistan for unmanned aerial systems and associated support.
- Order represents an expansion of Powerus’s international defense business.
- Separate memorandum of understanding frames expanded cooperation in unmanned and autonomous systems, subject to definitive agreements and government approvals.
- Powerus delegation received by the Chief of Army Staff at General Headquarters, Rawalpindi, per a statement issued by Inter-Services Public Relations.
- Powerus has entered into a definitive merger agreement with Aureus Greenway Holdings Inc. (Nasdaq: PUSA). The proposed merger remains subject to customary closing conditions.
ORLANDO, Fla. and WEST PALM BEACH, Fla., Sept. 18, 2026 (GLOBE NEWSWIRE) -- Aureus Greenway Holdings Inc. (“AGH”) (Nasdaq: PUSA) and Autonomous Power Corporation, doing business as Powerus (“Powerus”), today jointly announced that it has received a limited procurement order from the Ministry of Defence of the Islamic Republic of Pakistan for unmanned aerial systems and associated support.
The order represents an expansion of Powerus’s international defense business. No other terms of the order have been disclosed.
Powerus has also signed a strategic memorandum of understanding with senior defense officials of the Islamic Republic of Pakistan. The memorandum establishes a framework for potential expanded cooperation in unmanned and autonomous defense technologies and provides a basis for the parties to explore additional areas of cooperation and potential future deployment of Powerus systems. The memorandum is not a definitive agreement, creates no purchase obligation, and does not obligate either party to proceed. Any program or procurement contemplated under the framework would be subject to definitive agreements and to all applicable United States laws and regulations and government approvals.
On September 16, 2026, a Powerus delegation led by Co-Founder Brett Velicovich was received by Field Marshal Syed Asim Munir, Chief of Army Staff and Chief of Defence Forces, at General Headquarters in Rawalpindi. In a statement issued by Inter-Services Public Relations, the media wing of the Pakistan Armed Forces, the meeting was described as covering matters of mutual interest, evolving trends in defence technology, and avenues for cooperation in defence procurement, production and capacity building. The statement said both sides expressed interest in further developing engagement in areas of mutual interest.
“This is an important milestone for Powerus as we expand our international defense footprint,” said Brett Velicovich, Co-Founder of Powerus. “We are proud to support Pakistan’s Ministry of Defence, and the memorandum gives both sides a strategic framework to build upon.”
“We are pleased to jointly announce this milestone with Powerus,” said Matthew Saker, Interim Chief Executive Officer of AGH. “The Ministry of Defence order and the strategic memorandum of understanding reflect the kind of international defense traction that we believe supports the strategic rationale for the pending combination.”
About POWERUS
Powerus (Autonomous Power Corporation) builds and scales unified autonomous systems designed to move, protect, and sustain critical assets in high-risk environments, with capabilities spanning heavy-lift platforms, autonomous air systems, autonomous maritime systems, mission systems, training and support, and U.S.-based manufacturing. Powerus previously announced a proposed merger with AGH (Nasdaq: PUSA); the merger has not closed and remains subject to the satisfaction of customary closing conditions and applicable regulatory approvals. Learn more at power.us.
ABOUT AUREUS GREENWAY HOLDINGS, INC.
Aureus Greenway Holdings Inc. (Nasdaq: PUSA) currently owns and operates golf course properties in Florida, including Kissimmee Bay Country Club and Remington Golf Club in the greater Orlando region. AGH has filed a registration statement on Form S-4 with the SEC, which includes an information statement and prospectus, in connection with its proposed business combination with Powerus. The registration statement was declared effective on August 12, 2026. Learn more at aureusgreenway.com.
Each of AGH and Powerus has provided the information herein relating to its own business, operations, financial condition, technology, products, certifications, contracts, and prospects. Neither party has independently verified the other party’s information, and each party disclaims any representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the other party’s information.
PROPOSED MERGER
Powerus has previously announced a proposed merger with Aureus Greenway Holdings Inc. (Nasdaq: PUSA). Under the terms of the 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.” AGH has changed its Nasdaq ticker to PUSA in anticipation of its pending combination with Powerus, expected to close in Q4 2026, subject to customary closing conditions, including the effectiveness of a registration statement on Form S-4 (declared effective August 12, 2026) and receipt of required regulatory approvals. 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. As to the Pakistan Ministry of Defence order and the memorandum of understanding described in this release, these statements include, without limitation, statements regarding the scope and performance of the order; the memorandum of understanding and the prospect of expanded cooperation; anticipated demand for unmanned and autonomous defense systems; and the ability to obtain and maintain required export and regulatory authorizations. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “targets,” “plans,” “intends,” “goal,” “anticipates,” “expects,” “believes,” “potential,” or “continue” or negatives of such terms or other comparable terminology. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.
As to the proposed business combination between Powerus and AGH, these statements include, without limitation, statements regarding the proposed merger between Powerus and AGH; the anticipated benefits of the merger; the registration statement on Form S-4, the declaration of effectiveness by the SEC, and the SEC’s review process; the expected timing of the completion of the merger; the anticipated listing and trading of the combined company’s securities; future financial and operating results; 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; and the anticipated benefits and strategic and financial rationale of the merger and other statements that are not historical facts and its expected timing.
All forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from any results expressed or implied by such forward-looking statements. As to the Pakistan Ministry of Defence order and the memorandum of understanding described in this release, such factors include, among others: (1) that the memorandum of understanding is not a definitive agreement, creates no purchase obligation, and does not obligate either party to proceed, and that any program or procurement contemplated under the framework would be subject to definitive agreements and to all applicable United States laws and regulations and government approvals; (2) that the order does not guarantee future orders, a continuing relationship, or additional procurement; (3) that required export licenses, authorizations, permits, or other governmental consents may be delayed, denied, suspended, revoked, or made subject to conditions; (4) political, security, regulatory, and economic conditions in Pakistan; (5) risks relating to production, delivery, and reliance on third-party suppliers; and (6) other Powerus-specific operational uncertainties.
As to the announced merger agreement, 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.
In connection with the proposed merger, AGH has filed relevant materials with the SEC, including a registration statement on Form S-4, which includes an information statement and prospectus, and may file additional materials in the future. Investors and security holders are urged to read those materials because they contain important information. Forward-looking statements speak only as of the date of this release, and except as required by law, neither company undertakes any obligation to update them. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
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 has filed a registration statement on Form S-4 with the SEC, which includes an information statement and prospectus of AGH, and has mailed a definitive information statement and prospectus to its stockholders. Investors and security holders are urged to read the registration statement (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the registration statement) because such documents 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.
AGH has not independently verified and makes no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information in this release relating to the business, operations, financial condition, technology, products, certifications, contracts, or prospects of Powerus or its subsidiaries. Such information has been provided by Powerus, and AGH disclaims any obligation to update or correct such information.
CONTACTS
AGH Investor Relations
Jason Assad
678-570-6791
Powerus Press Contact
Escalate PR
pr@power.us
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does the strategic memorandum of understanding between Powerus and Pakistan cover?
The memorandum establishes a framework for potential expanded cooperation in unmanned and autonomous defense technologies. It provides a basis for the parties to explore additional areas of cooperation and potential future deployment of Powerus systems. It is not a definitive agreement, creates no purchase obligation, and does not obligate either party to proceed. Any program or procurement under this framework would require definitive agreements and all applicable United States legal and regulatory approvals.
How is the proposed merger between Powerus and Aureus Greenway Holdings structured?
Under the previously announced agreement, Powerus will merge with and into a newly formed subsidiary of Aureus Greenway Holdings, with Powerus continuing as the surviving entity. After closing, Aureus Greenway Holdings plans to adopt the name “Powerus Corporation.” The proposed combination is supported by an effective Form S-4 registration statement and remains subject to customary closing conditions and regulatory approvals.
When is the Powerus–Aureus Greenway merger expected to close, and what uncertainty remains?
The parties expect the proposed business combination to close in the fourth quarter of 2026, conditioned on satisfaction of customary closing conditions, the already effective Form S-4 registration statement, and receipt of required regulatory approvals. The announcement cautions that there can be no assurance the transactions will be consummated or as to the timing of any such consummation.
What interaction did Powerus have with Pakistan’s military leadership regarding this cooperation?
On September 16, 2026, a Powerus delegation led by Co-Founder Brett Velicovich was received by Field Marshal Syed Asim Munir, Chief of Army Staff and Chief of Defence Forces, at General Headquarters in Rawalpindi. A statement from Inter-Services Public Relations described the meeting as covering matters of mutual interest, evolving trends in defence technology, and avenues for cooperation in defence procurement, production, and capacity building, with both sides expressing interest in further engagement.
What is Aureus Greenway Holdings’ current business before the merger with Powerus?
Aureus Greenway Holdings currently owns and operates golf course properties in Florida, including Kissimmee Bay Country Club and Remington Golf Club in the greater Orlando region. The company has changed its Nasdaq ticker to PUSA in anticipation of its pending combination with Powerus.