Toronto, Ontario--(Newsfile Corp. - October 22, 2026) - Pelican AI (CSE: PEL) ("Pelican" or the "Company"), a provider of artificial intelligence-powered payments, financial crime compliance and trade finance solutions, is pleased to announce that one of Germany's largest banks, a customer for more than two decades, has completed a major upgrade to its Pelican sanctions screening platform.

The bank continued to invest in Pelican's technology after more than two decades as a customer. For Pelican, the upgrade increases the value of one of its longest-standing customer relationships.

The upgrade went live across the bank's European and North American operations in two phases, with no disruption to day-to-day operations. It gives the bank's users a more intuitive interface and improved usability, and it retires legacy hardware and software in favor of a current technology foundation.

Pelican and the bank continue to work together on innovation as the platform evolves to meet the bank's needs. Growing the value of existing customer relationships is an important part of the Company's growth strategy.

"When a bank has trusted you for more than twenty years and continues to invest in your technology, that says a lot about the platform," said Nino Di Teodoro, Chief Executive Officer of Pelican AI. "Growing the value of long-standing relationships like this one is a core part of our growth strategy, and this upgrade reflects the opportunity to keep growing value within our installed base."

About Pelican AI

Pelican AI is a financial technology company providing artificial intelligence-powered solutions for payments, financial crime compliance and trade finance. With more than 30 years of proprietary AI expertise, Pelican's technology is trusted by major financial institutions across more than 55 countries and has processed more than 2 billion transactions representing approximately $10 trillion in value.

Pelican's technology uses artificial intelligence, machine learning and natural language processing to help financial institutions automate payment processing, improve straight-through processing, strengthen financial crime compliance and modernize transaction banking infrastructure. Its solutions include Pelican Payments, Pelican Secure and AI-powered trade finance applications.

For more information, visit Pelican AI's website: https://pelican.ai/

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including statements regarding the benefits of the upgraded platform to the customer, the Company's relationship with the customer, the Company's strategy of growing value within its customer base, and the status and potential outcomes of the disclosed litigation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially, including the risk that the upgraded platform does not deliver the anticipated benefits, changes in the Company's relationship with the customer, the risks associated with the disclosed litigation, general economic and market factors, competition, and the other risks described in the Company's public disclosure documents available on SEDAR+. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update forward-looking information except as required by law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent registration or an applicable exemption.

Pelican is involved in ongoing litigation. Readers are directed to the Company's August 27, 2026 news release and the disclosure in "Item 23 - Legal Proceedings and Regulatory Actions" and "Item 21 - Risk Factors" in the Company's CSE Form 2A Listing Statement available on the Company's SEDAR+ profile at www.sedarplus.ca for further details.

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320268