C.M. Advises VisionWave of Joint Venture Initiative in India with Major Industrial Manufacturing Group

WEST HOLLYWOOD, Calif. and MODI'IN, Israel, March 06, 2026 (GLOBE NEWSWIRE) -- VisionWave Holdings, Inc. (NASDAQ:VWAV) ("VisionWave" or the "Company") announced today that C.M. Composite Materials Ltd. ("C.M."), together with its wholly owned subsidiary FBM Composite Materials Ltd., has entered into a Memorandum of Understanding (MOU) with a large industrial manufacturing group headquartered in India to explore the formation of a joint venture manufacturing platform for advanced aerospace and defense composite components.

C.M., headquartered in Modi'in, Israel, specializes in advanced composite structures and manufacturing technologies for aerospace, defense, and high-performance industrial applications. The Indian industrial partner is a large manufacturing group operating multiple industrial facilities across India and supplying engineered components to global OEMs across automotive, industrial, and aerospace supply chains.

Under the framework contemplated in the MOU, the parties intend to evaluate the creation of a joint venture manufacturing entity in India designed to combine C.M.'s advanced composite engineering and manufacturing capabilities with the Indian partner's industrial manufacturing infrastructure and supply-chain footprint across India.

The proposed structure currently under evaluation contemplates majority ownership by the Indian partner and minority ownership by C.M., subject to negotiation and execution of definitive agreements and applicable regulatory approvals.

According to C.M., the proposed venture would evaluate establishing a regional manufacturing hub for structural composite components and assemblies serving aerospace, defense, and advanced industrial markets across India and Southeast Asia.

The MOU is non-binding and imposes no legal obligation on any party to proceed with the joint venture or to negotiate definitive agreements. There can be no assurance that negotiations will result in definitive agreements, that any joint venture will be formed, or that any regulatory approvals will be obtained.

Alignment With VisionWave's Strategic Transaction With C.M.

VisionWave further reported that it has been advised by C.M. of the execution of the MOU with the Indian industrial partner.

As previously disclosed in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission, VisionWave executed a definitive Investment and Share Purchase Agreement relating to the acquisition of a controlling interest in C.M. Composite Materials Ltd. Under the definitive agreement, VisionWave's obligation to consummate the C.M. transaction is conditioned upon the execution of definitive agreements relating to the proposed joint venture initiative in India (among other closing conditions). The Company noted that execution of the MOU itself does not satisfy this condition, but represents an initial step toward fulfilling the condition precedent (if definitive agreements are ultimately executed).

Management believes that the potential establishment of a manufacturing platform in India may represent a strategically important component of the broader C.M. transaction, subject to the execution of definitive agreements and regulatory approvals and the satisfaction of all other closing conditions under the Investment and Share Purchase Agreement.

Why India Is a Priority Market for C.M.

Management has previously identified India as a potential long-term strategic market for aerospace and defense composite manufacturing, subject to regulatory approvals and successful establishment of local capabilities.

1) India Is Building a National Multi-Layer Defense Architecture

India has publicly outlined a strategic plan for a multi-layered defense system, including systems such as Barak-8 (LR-SAM/MR-SAM), with stated ambitions to extend "full security coverage" for strategic facilities by 2035, according to public reports.

Government procurement plans and defense budgets remain subject to change based on political, economic, and strategic considerations.

2) "Make in India" Structurally Favors Local Manufacturing

Public reporting highlights India's emphasis on domestic production under its "Make in India" framework.

Certified composite manufacturing capability could potentially align with localization, offset participation, and onshore production initiatives.

However, meeting "Make in India" requirements would likely require substantial local investment and establishment of manufacturing facilities in India, which C.M. has not yet undertaken.

3) Procurement Scale and Pace Are Substantial

Expanding procurement environments typically increase demand not only for finished systems but also for qualified manufacturing capacity embedded within certified aerospace supply chains, particularly for structural composite components subject to strict quality assurance regimes.

4) India Is a Major Customer of Israeli Defense Industries

Public reporting citing the Stockholm International Peace Research Institute (SIPRI) indicates that India accounted for approximately 34% of Israeli defense exports between 2020 and 2024.

Management believes this sustained defense relationship supports the view that India may represent a durable, multi-program market for certified aerospace suppliers, subject to regulatory approvals and procurement processes.

Important Risk Disclosure

Management's beliefs regarding expansion into India are forward-looking and speculative.

C.M. currently has no operations, facilities, customer contracts, or revenue in India.

Any expansion into India would require:

• significant capital investment

• establishment of local manufacturing capabilities or partnerships

• compliance with complex Indian regulatory requirements

• satisfaction of "Make in India" domestic content requirements

• navigation of export-control regimes

Many of these factors are outside the Company's control, and there can be no assurance that C.M. will successfully establish operations in India or generate any revenue from the Indian market.

Additionally, the Memorandum of Understanding referenced in this release is non-binding, and there can be no assurance that definitive agreements will be executed or that any joint venture will ultimately be established. The potential India joint venture remains a material condition to the closing of VisionWave's proposed acquisition of a controlling interest in C.M.; failure to satisfy this or other conditions could result in termination of the acquisition agreement without liability to VisionWave (subject to the terms thereof).

About VisionWave Holdings, Inc.

VisionWave Holdings, Inc. (NASDAQ:VWAV) is a dual-market autonomous systems platform company developing AI-driven, RF-based sensing, autonomy, and computational acceleration technologies for defense, homeland security, and commercial infrastructure applications. VisionWave's mission is to connect defense innovation with civilian progress through shared core technologies deployed across air, land, and sea.

About C.M. Composite Materials Ltd.

C.M. Composite Materials Ltd., headquartered in Modi'in, Israel, specializes in advanced composite structures and manufacturing technologies for aerospace, defense, and high-performance industrial applications.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed joint venture initiative in India, the potential acquisition of a controlling interest in C.M. Composite Materials Ltd., the satisfaction of closing conditions (including execution of definitive joint venture agreements), strategic benefits, market opportunities in India, and operational expectations. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Forward-looking statements are generally identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "project," "forecast," "predict," and similar expressions, or by statements that events or trends "may," "will," or "could" occur.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including but not limited to geopolitical risks in Israel, failure to satisfy JV closing condition, regulatory hurdles in India, capital requirements, export controls, integration risks, financing risks, and market/manipulation concerns noted in recent disclosures, and other risks described in the Company's filings with the U.S. Securities and Exchange Commission.

All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release and in the Company's SEC filings. VisionWave undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.

Contacts:

VWAV - Investor Contact: [email protected]

Website: https://www.vwav.inc