Vancouver, British Columbia--(Newsfile Corp. - September 29, 2026) - Trail Blazer Capital Corp. (TSXV: TBLZ.P) ("Trail Blazer"), a capital pool company listed on the TSX Venture Exchange (the "Exchange" or the "TSXV"), and Juno Industries Inc. ("Juno Industries"), a Canadian defence technology company, are pleased to provide an update with respect to their proposed qualifying transaction (the "Proposed Transaction") and a corporate update regarding Juno Industries' business, as previously disclosed in Trail Blazer's news releases dated March 25, 2026, April 2, 2026, and May 1, 2026, and Juno Industries' news releases dated March 27, 2026, May 1, 2026, and September 16, 2026. Trail Blazer following the completion of the Proposed Transaction is referred to as the "Resulting Issuer".
Transaction Update
Trail Blazer is pleased to report continued progress toward the completion of the Proposed Transaction. Trail Blazer held its annual general and special meeting of shareholders on June 5, 2026, and Juno Industries held its special meeting of shareholders on August 5, 2026, at which the requisite approvals in connection with the Proposed Transaction were obtained. Trail Blazer and Juno Industries are currently finalizing the filing statement in respect of the Proposed Transaction, which is expected to be filed with the TSXV upon receipt of conditional listing approval from the TSXV. Subject to the satisfaction of all remaining conditions, including receipt of all necessary regulatory approvals, Trail Blazer and Juno Industries expect to complete the Proposed Transaction, with the shares of the Resulting Issuer expected to commence trading on the TSXV in October 2026. Trail Blazer and Juno Industries have entered into an Amending Agreement to the Amalgamation Agreement, extending the outside date for the completion of the Proposed Transaction to October 31, 2026.
Juno Industries Business Update
Juno Industries is a Canadian defence technology company that designs, tests, and commercializes military and dual-use products. Juno Industries was established to modernize the Canadian Armed Forces (the "CAF") and allied militaries through intelligence, surveillance, and reconnaissance ("ISR") capability, combining artificial intelligence and sensor systems into advanced situational awareness and threat detection technology.
Juno Industries' business activities to date have been primarily focussed on the development of the GUARDIAN SYSTEM™ ("GUARDIAN"), an edge sensor mesh technology, and the LOGAN PLATFORM™ ("LOGAN"), the software powering Juno Industries' systems and a key component of GUARDIAN.
GUARDIAN SYSTEM™
GUARDIAN is a unified situational awareness and threat detection system composed of integrated hardware and software components, including proprietary sensor nodes to collect data, edge computing nodes to process data in the field, and Juno Industries' flagship software system, the LOGAN to aggregate, fuse and display the data.
Developed to replace traditional awareness systems, GUARDIAN:
- Operates fully disconnected and independent of GPS
- Delivers immediate local data processing
- Can detect, diagnose, and remedy communication errors in real-time without human intervention
- Designed for deployments across large, remote operating environments including the front lines, borders, and the Arctic.
By automating the processing of sensor data, GUARDIAN improves the speed and accuracy of decision to action cycles. An earlier version of GUARDIAN was tested by the CAF.
LOGAN PLATFORM™
Interoperable by design, LOGAN is a central component to GUARDIAN, delivering deep intelligence to end users by ingesting and fusing data from systems, sensors, and effectors across domains to create a single, cohesive common operating picture displayed through a highly intuitive interface. In addition to acting as a central component to GUARDIAN, LOGAN is a standalone software platform that can easily integrate with existing command and control systems and enables critical decision making across echelons, domains, and modalities.
Both GUARDIAN and LOGAN have completed foundational research and development and beta field-testing, and are in the pre-commercialization stage.
The GUARDIAN SYSTEM was formerly known as the "Spectre Platform" and the LOGAN PLATFORM was formerly known as "Spectre AI."
Joint Venture with Critical Infrastructure Technologies Ltd.
As previously announced, Juno Industries has entered into the Joint Venture Agreement dated March 24, 2026 (the "JV Agreement") with Critical Infrastructure Technologies Ltd. ("CiTech") to co-develop and commercialize CiTech's proprietary surveillance platform, the "Nexus Platform", to be branded "Polar Nexus". The Polar Nexus serves as a standalone or complementary hardware component to the GUARDIAN SYSTEM for use in the Arctic and other harsh-condition environments. The joint venture will be conducted through a joint venture corporation, to be incorporated under the laws of British Columbia following the completion of the Proposed Transaction, subject to TSXV approval, with Juno Industries and CiTech each holding a fifty percent (50%) interest.
The GUARDIAN SYSTEM currently comprises four principal components, the LOGAN PLATFORM, Scout, Argus, and Nexus. Polar Nexus is a potential fifth component that is the least developed and has not yet been field tested. Neither Polar Nexus, nor the joint venture with CiTech in accordance with the JV Agreement, are Juno Industries' primary business or the primary asset used to carry on Juno Industries' business. If the JV Agreement was terminated or if Polar Nexus failed to perform, Juno Industries' operational viability and hardware execution would be unaffected.
Corporate Update
Juno Industries' team has grown to over 30 people across defence and security, technology, and government relations. Notably, Mr. Claude Rochette and Mr. Alnesh Mohan, the current CEO and a director of Trail Blazer, have agreed to join Hon. Harjit S. Sajjan, Hunter Scharfe and Stephen Kukucha on the Board of Directors of the Resulting Issuer following the completion of the Proposed Transaction. Additional details on each of the proposed directors is included in Trail Blazer's Information Circular dated May 1, 2026.
Market Update
Defence Industrial Strategy
Canadian defence procurement is Juno Industries' primary market, with a particular focus on the ISR capability and command-and-control programs driving CAF modernization. In February 2026, Canada's federal government announced its Defence Industrial Strategy ("DIS"), committing up to $500B1 to rebuild the country's defence capabilities towards sovereign companies like Juno Industries. The DIS contains ten key sovereign capabilities2, representing one of the most significant shifts in Canadian procurement history, prioritizing domestic technology providers over traditional foreign suppliers.
Juno Industries' technology is directly aligned with two of these capabilities, Digital Systems (#3) and Sensors (#6)3. The DIS also introduces a "Build-Partner-Buy" framework4, under which Canadian-built solutions are prioritized ahead of foreign alternatives in future defence procurement. As a domestic supplier, Juno Industries expects to benefit from this framework by building capabilities across both areas and plans to expand into additional capabilities over time.
Secondary Market Opportunities
Canada has committed to its largest sustained defence investment since the Second World War; $81.8 billion over five years under Budget 20255, on a path to 5% of GDP by 20356. That investment is centred on the ISR and command-and-control programs through which Canada is modernizing the CAF, Juno Industries' principal market, alongside a broader recapitalization of air and maritime ISR that includes a $10.4 billion investment in up to 16 P-8A Poseidon aircraft(7)7 and $2.49 billion for 11 MQ-9B SkyGuardian systems(8)8.
Juno Industries also sees opportunities beyond Canada's borders. Canada is the only country outside Europe with access to the European Union's Security Action for Europe ("SAFE") instrument9, a €150 billion facility10 financing common defence procurement by EU member states, having signed its participation agreement in February 2026, which was formally concluded by the Council of the European Union that June11. At the 2025 Hague Summit, NATO members, including Canada, committed to raising defence spending to 5% of GDP annually by 203512, a target expected to sustain elevated defence investment across the Alliance for years to come.
Financial Position
Juno Industries has raised approximately CAD$15,500,000 to date across two offerings, welcoming new Canadian institutional, VC, and individual investors. Upon completion of the Proposed Transaction, the Resulting Issuer is expected to have approximately CAD$11,991,921 in available funds which is anticipated to be used by the Resulting Issuer for the 12 months following the completion of the Proposed Transaction as follows:
| Use of Available Funds | Amount of Funds |
| Estimated general and administrative expenses over the 12 months following closing of the Qualifying Transaction | $1,383,775 |
| Estimated Sales and Marketing | $921,883 |
| Investor Relations | $900,000 |
| Research and Development | $3,316,873 |
| Unallocated working capital | $5,469,390 |
| Total | $11,991,921 |
"We've made significant progress across our team, our technology, and our capital position, placing Juno Industries in a strong position to support the next leg of our growth," said Hunter Scharfe, CEO and co-founder of Juno Industries. "Canada is moving decisively toward sovereign defence capability, and Juno Industries intends to be one of the companies that meets that need," continued Mr. Scharfe.
Defence Drone Initiative ("DDI") Acceptance
On September 10, 2026, Juno Industries was accepted into the Defence Investment Agency's DDI Marketplace13, a Supply Arrangement established by the Government of Canada to pre-qualify suppliers of uncrewed systems, counter-uncrewed systems, and associated enabling capabilities for the Canadian Armed Forces. The Supply Arrangement runs for a five-year period, through July 31, 2031.
Acceptance into the DDI Marketplace qualifies Juno Industries to receive and respond to task-specific solicitations issued by the Defence Investment Agency on behalf of the Department of National Defence, without requiring a new procurement process for each requirement. Qualification does not guarantee work or any specific contract award, but positions Juno Industries among a pre-qualified group of suppliers eligible to compete for solicitations across the DDI Marketplace's five capability streams.
About Juno Industries
Juno Industries is a defence technology company with a mission to re-establish Canadian dynamism by building a leading modern defence neo-prime. Committed to building the future of intelligence, sovereign defence, and working in close collaboration with end users, Juno Industries is focused on developing and deploying AI-native command and control software, and persistent sensor fabrics and building custom solutions, to strengthen national security, sovereignty, and defence capabilities by harnessing Canadian technical talent and innovation. Learn more at junoindustries.ca.
Juno Industries Company Contact
Hunter Scharfe
CEO and Founder
info@junoindustries.ca
About Trail Blazer Capital Corp.
Trail Blazer is designated as a Capital Pool Company under TSXV Policy 2.4. Trail Blazer has not commenced commercial operations and has no assets other than cash. Trail Blazer's objective is to identify and evaluate businesses or assets with a view to completing a Qualifying Transaction. Any proposed Qualifying Transaction must be approved by the Exchange and, in the case of a Non-Arm's Length Qualifying Transaction, must also receive majority approval of the minority shareholders. Until the completion of a Qualifying Transaction, Trail Blazer will not carry on any business other than the identification and evaluation of businesses or assets with a view to completing a proposed Qualifying Transaction.
For further information regarding Trail Blazer and the Proposed Transaction please contact Alnesh Mohan, Chief Executive Officer at amohan@ascend-llp.com or 604 677 1766 or view Trail Blazer's public disclosure documents on www.sedarplus.ca.
ON BEHALF OF THE BOARD OF DIRECTORS OF TRAIL BLAZER CAPITAL CORP.
Alnesh Mohan,
CEO
Completion of the Proposed Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. The Proposed Transaction cannot close until the outstanding conditions are satisfied. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in Trail Blazer's management information circular and Filing Statement to be prepared in connection with the Proposed Transaction, any information released or received with respect to the Proposed Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The Exchange has in no way passed upon the merits of the Proposed Transaction and has neither approved nor disapproved the contents of this press release.
The information in this press release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements, including statements relating to the completion of the Proposed Transaction; statements regarding the intended capabilities, performance and scalability of GUARDIAN and LOGAN; Juno Industries' plans to develop, deploy, and commercialize its products; and Juno Industries' strategic objectives, including its goal of becoming a leading defence technology platform. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of each of Trail Blazer and Juno Industries may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although each of Trail Blazer and Juno Industries believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, each of Trail Blazer and Juno Industries disclaims any intention and assume no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
1 Department of National Defence, Security, Sovereignty and Prosperity: Canada's Defence Industrial Strategy, Government of Canada. https://www.canada.ca/en/department-national-defence/corporate/reports-publications/industrial-strategy/security-sovereignty-prosperity.html; Office of the Prime Minister, "Prime Minister Carney Launches Canada's First Defence Industrial Strategy," Government of Canada, February 17, 2026. https://www.pm.gc.ca/en/news/news-releases/2026/02/17/prime-minister-carney-launches-canadas-first-defence-industrial; Office of the Prime Minister, "The first Canada Investment Summit unleashes nearly $500 billion of new investment in Canada," Government of Canada, September 15, 2026. https://www.pm.gc.ca/en/news/news-releases/2026/09/15/first-canada-investment-summit-unleashes-nearly-500-billion-new
2 Department of National Defence, Security, Sovereignty and Prosperity: Canada's Defence Industrial Strategy, Government of Canada. https://www.canada.ca/en/department-national-defence/corporate/reports-publications/industrial-strategy/security-sovereignty-prosperity.html.
3 Ibid.
4 Ibid.; Borden Ladner Gervais LLP, "How Canada's Defence Industrial Strategy Reshapes Defence Acquisition and Procurement Law," BLG Insights, February 2026. https://www.blg.com/en/insights/2026/02/how-canadas-defence-industrial-strategy-reshapes-defence-acquisition-and-procurement-law.
5 Government of Canada, Budget 2025: Chapter 4: Securing Canada's Future, 2025. https://budget.canada.ca/2025/report-rapport/chap4-en.html.
6 Department of National Defence, Our North, Strong and Free: A Renewed Vision for Canada's Defence, Government of Canada, 2024. https://www.canada.ca/en/department-national-defence/corporate/reports-publications/north-strong-free-2024.html; Government of Canada, Budget 2025: Chapter 4: Securing Canada's Future, 2025. https://budget.canada.ca/2025/report-rapport/chap4-en.html.
7 Department of National Defence, "Canada Purchasing up to 16 P-8A Poseidon Multi Mission Aircraft for the Royal Canadian Air Force," Government of Canada, November 30, 2023.
8 Department of National Defence, "Canada Acquiring Remotely Piloted Aircraft Systems for the Canadian Armed Forces," Government of Canada, December 19, 2023
9 Council of the European Union, "SAFE: member states endorse agreement on the participation of Canada," December 19, 2025. https://www.consilium.europa.eu/en/press/press-releases/2025/12/19/safe-member-states-endorse-agreement-on-the-participation-of-canada/.
10 Council Regulation (EU) 2025/1106 of 27 May 2025 establishing the Security Action for Europe (SAFE) through the Reinforcement of the European Defence Industry Instrument, OJ L, 2025/1106, 28.5.2025.
11 Department of National Defence, "Minister McGuinty Advances Canada's Defence Priorities with Allies and Partners in Europe," Government of Canada, February 20, 2026. https://www.canada.ca/en/department-national-defence/news/2026/02/minister-mcguinty-advances-canadas-defence-priorities-with-allies-and-partners-in-europe.html; Council of the European Union, "SAFE: Council concludes agreement with Canada," June 15, 2026. https://www.consilium.europa.eu/en/press/press-releases/2026/06/15/safe-council-concludes-agreement-with-canada/.
12 NATO, "The Hague Summit Declaration," June 25, 2025. https://www.nato.int/en/about-us/official-texts-and-resources/official-texts/2025/06/25/the-hague-summit-declaration; NATO, "Defence Investment and NATO's 5% Commitment." https://www.nato.int/en/what-we-do/introduction-to-nato/defence-expenditures-and-natos-5-commitment.
13 Department of National Defence, "Government of Canada Launches Defence Drone Initiative to Strengthen Canada's Sovereign Defence Capabilities," Government of Canada, July 23, 2026. https://www.canada.ca/en/department-national-defence/news/2026/07/government-of-canada-launches-defence-drone-initiative-to-strengthen-canadas-sovereign-defence-capabilities.html; Department of National Defence, "Defence Drone Initiative" (Backgrounder), Government of Canada, July 23, 2026. https://www.canada.ca/en/department-national-defence/news/2026/07/defence-drone-initiative.html.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316697
Source: Trail Blazer Capital Corp.