The Management Board of Prime Alternatywna Spółka Inwestycyjna, listed on the NewConnect market, has adopted the Prime ASI S.A. Development Strategy for 2026–2030. Its main objective is to build an integrated platform bringing together complementary companies from the defense and dual-use sectors in Poland and Central and Eastern Europe.
Conceptual graphic – illustrative material; it does not depict specific products or operational installations of AMC Polish Arsenal or Thalon Technologies
Prime ASI intends to focus in particular on companies operating in the areas of ammunition and component production, unmanned and autonomous systems, counter-drone technologies, electronics and sensors, command-and-control and communications systems, cybersecurity, specialized automation, logistics, and dual-use technologies.
The strategy formalizes and expands the direction previously communicated by Prime ASI – the development of an integrated capital and operational platform bringing together complementary companies from the defense and dual-use sectors. The platform is intended to strengthen the production, technological, sales, financial, and export capabilities of its portfolio companies.
AMC Polish Arsenal and Thalon Technologies – the platform’s first two pillars
The first publicly disclosed group of Prime ASI assets covers two complementary areas: strategic industrial production and autonomous maritime systems.
Infographic: the first two publicly disclosed pillars of Prime ASI’s defense and dual-use platform. The diagram is strategic in nature and does not indicate that production has been launched or that finished products are available
AMC Polish Arsenal – industrial pillar. Prime ASI holds a 20% stake and has the right to increase its ownership to 51% under the terms of an option agreement. Holding the option does not mean that it has been exercised or that additional shares have been acquired. Any potential exercise will require compliance with the Articles of Association, Investment Policy, and Investment Strategy in force at the time, as well as the necessary corporate approvals and resolutions. Further implementation of AMC Polish Arsenal projects will depend in particular on obtaining the required permits and certifications, securing technology and financing, completing technical validation, and concluding the relevant commercial agreements.
Thalon Technologies – maritime autonomy pillar. Prime ASI holds a 51% stake in the company. The project is being developed using Szczecin’s maritime ecosystem and is intended to focus on solutions that could be applied, among other areas, to patrol missions, port protection, offshore monitoring, critical infrastructure security, and requirements of public-sector and industrial customers. Further stages will depend, among other factors, on securing technology rights, industrial partnerships and financing, as well as prototype development and performance validation.
“Prime ASI already has two complementary starting points for the platform. AMC Polish Arsenal gives us exposure to a project focused on developing strategic production capabilities and large-caliber ammunition, while Thalon Technologies opens up the areas of maritime autonomy, critical infrastructure protection, and dual-use technologies. Future investments are intended to complement this core with aerial drones, counter-drone technologies, electronics, command systems, cybersecurity, and international sales,” said Michał Ręczkowicz, President of the Management Board of Prime ASI.
Phased portfolio development model
Infographic: phased portfolio development model and Prime ASI value-creation path
Prime ASI intends to develop its portfolio primarily through a phased model. In selected transactions, the first step may involve subscribing for new shares or acquiring a limited minority stake, together with appropriate information, protection, or supervisory rights and, where justified, securing the possibility of increasing the stake at a later stage.
At the next stage, Prime ASI intends to support portfolio companies in gaining access to financing, contracts, industrial partners, foreign customers, and organizational and transactional expertise. In selected assets, the company may subsequently increase its involvement, including through the exercise of existing option rights, but only after satisfying the legal, investment, and corporate requirements applicable at the time.
Control is to be acquired only where justified by due diligence results, the company’s prospects, the potential for integration with other platform assets, and the impact of the transaction on value per Prime ASI share. Any transaction resulting in the acquisition or increase of an investment will be carried out solely within the limits of the applicable Articles of Association, Investment Policy, and Investment Strategy, and after obtaining the required corporate approvals and resolutions.
At Prime ASI level, financing of the Strategy may include own funds, issues of shares or other equity instruments, in-kind contributions, mixed consideration structures, deferred payments, and earn-out mechanisms, solely to the extent permitted by law and by the Issuer’s Articles of Association, Investment Policy, and Investment Strategy. Bank financing, bond financing, project finance, loans, seller financing, and other forms of debt or project financing are generally expected to be used at the level of the relevant portfolio or special-purpose companies.
Development of international sales
One of the planned elements of the Strategy is the establishment of a separate operating or portfolio company responsible for developing international sales and export channels. In the future, based on separate arrangements with individual companies, this entity may coordinate and integrate the product offerings of AMC Polish Arsenal, Thalon Technologies, and subsequent portfolio companies or platform partners.
- development of a network of distributors and international partners;
- participation in international procurement procedures and industrial projects;
- creation of joint product and system offerings;
- trade finance, guarantees, and export insurance;
- organization of servicing, training, and after-sales support;
- export control, sanctions compliance, and end-user verification.
Any activity requiring licenses or permits will begin only after they have been obtained and the appropriate compliance procedures have been implemented.
“Many private defense and dual-use companies have valuable products but, on their own, have limited access to major projects, financing, and international sales channels. We want to create an environment in which industrial projects developed by AMC Polish Arsenal, maritime solutions from Thalon Technologies, and technologies from future portfolio companies can be developed and, where agreed between the entities, offered as part of a broader platform,” added Michał Ręczkowicz.
The Strategy provides for strengthening the capabilities of Prime ASI’s Management Board, Supervisory Board, and organizational support structure in the areas of financing, banking, capital markets, mergers and acquisitions, the defense industry, audit, security, compliance, and international expansion.
The target governance model envisages a seven-member Supervisory Board and specialized committees supporting oversight of audit, strategy and M&A transactions, as well as compliance, security, and exports, subject to the adoption of the required resolutions by the relevant corporate bodies. Any personnel decisions will be communicated separately where they are subject to disclosure obligations.
Prime ASI also intends to develop management reporting for its portfolio companies and, for entities subject to consolidation, consolidated reporting in accordance with the applicable accounting standards. The company intends to prepare the organization for reporting in accordance with International Financial Reporting Standards and to assess the possibility of transferring its shares to a regulated market in the future. Launching a formal process will require a separate decision.
People involved in the platform’s first projects
The platform’s first projects are being developed by Prime ASI together with its portfolio companies and industry partners. Those involved include:
- Michał Ręczkowicz – President of the Management Board of Prime ASI | strategy, capital, and transactions. An entrepreneur and investor active in technology and capital markets. At Prime ASI, he is responsible for strategic direction, transaction structures, capital raising, and portfolio development.
- Marek Kuźmicz – partner at Valeza Capital Group | industrial and international relations. An entrepreneur with experience in industrial projects and international cooperation. On behalf of Valeza Capital Group, he supports industry relations, international sales, and the business environment surrounding the AMC Polish Arsenal and Thalon Technologies projects.
- Dr. Przemysław Kowalczuk – President of Armaments Munition Company | technology, production, and regulation. On behalf of the industry partner, he contributes expertise in production technologies, technical documentation, quality and regulatory requirements, supply-chain organization, and preparation of manufacturing capabilities.
- Zbigniew Jagniątkowski – President of the Management Board of Thalon Technologies | maritime economy and international partnerships. An entrepreneur active in the maritime sector, associated with JPP Marine and serving as Honorary Consul of the Republic of the Philippines in Szczecin. He brings experience in the maritime economy, shipbuilding projects, international relations, and economic diplomacy.
As the platform develops, Prime ASI intends to expand its team and project capabilities with additional expertise in financing, M&A, industry, technology, exports, compliance, and security, in line with the scale and requirements of the projects being pursued.
“This is not a project of one person or one company. We are bringing together the capabilities required to take projects from technology and production through financing and contracts to exports. As the platform develops, we want to strengthen the team with people and partners who have the experience needed to implement subsequent projects,” said Michał Ręczkowicz.
Potential transaction with an industry investor
The Strategy assumes that Prime ASI does not have to hold all assets in its portfolio indefinitely. Once the platform reaches an appropriate scale in terms of operations, profitability, order backlog, production capabilities, intellectual property, and governance standards, the company may review available strategic options.
Potential future monetization scenarios include:
- sale of a selected portfolio company or specific asset;
- sale of controlling stakes in operating companies;
- sale of all or a substantial part of the operating platform;
- entry of a strategic investor into Prime ASI or a holding entity;
- merger with a larger domestic or international industrial group;
- a transaction resulting in a change of control over Prime ASI;
- partial disposal of assets while retaining exposure to their future growth.
“Our objective is to build a platform combining industrial projects developed by AMC Polish Arsenal with autonomous technologies developed by Thalon Technologies and additional specialized companies. Over time, such a platform may reach a scale attractive to major international strategic investors. However, we are not setting a deadline or obligation to sell. A transaction will be considered only if its terms reflect the value of the entire platform and the interests of Prime ASI shareholders,” emphasized the President of Prime ASI.
Ambition to build a regional platform
By 2030, Prime ASI intends to build a portfolio comprising approximately 8–10 significant assets. This number does not constitute a commitment and will depend on the quality of the projects analyzed, due diligence results, availability of financing, and the impact of individual transactions on value per share. For significant transactions, the Management Board intends to analyze valuations under conservative, base, and growth scenarios and, where justified by the scale, structure, or settlement method of a transaction, seek an independent valuation, expert opinion, or fairness opinion. Prime ASI will disclose the conclusion of binding agreements, exercise of options, acquisition of control over portfolio companies, and other events meeting the criteria for inside information in separate current reports.
About Prime ASI
Prime Alternatywna Spółka Inwestycyjna is an alternative investment company listed on the NewConnect market. Its adopted Development Strategy envisages building a public capital platform for technology, industrial, defense, and dual-use companies. Under its portfolio development model, Prime ASI intends to support portfolio companies in gaining access to financing, industrial partners, capital markets, technology, and international expansion.
The first publicly disclosed group of assets within the new platform includes:
- AMC Polish Arsenal – an industrial project in the ammunition and components sector; Prime ASI holds a 20% stake and has the right to increase its ownership to 51% under an option agreement; the option has not been exercised;
- Thalon Technologies – a project company developing unmanned and autonomous maritime systems, in which Prime ASI holds a 51% stake.
Press release
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