Nearly decade-long relationship demonstrates platform adoption, with Self-Learning Optimization reducing false-positive alert rates from 75% to 14% in under two years

Toronto, Ontario--(Newsfile Corp. - October 14, 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 progress on an upgrade of its ESSLO financial crime compliance platform for India's largest multinational public sector bank, a Fortune 500 institution. The initiative builds on nearly a decade of platform use, and is designed to strengthen transaction screening, enhance access security and support the bank's expansion into Gujarat International Finance Tec-City ("GIFT City").

Pelican's ESSLO platform supports the bank's Payments, Treasury, Trade Finance, and foreign exchange operations across 29 global geographies.

Key highlights:

• Established global deployment: Nearly a decade of use across critical business lines in 29 geographies.
• Measurable screening improvement: Pelican's Self-Learning Optimization reduced the bank's false-positive alert rate from 75% to 14% in under two years. Results are specific to this customer's configuration and data and may not be representative of other customers.
• Enhanced security and efficiency: Intelligent Transaction Screening and Multi-Factor Authentication ("MFA") are intended to reduce recurring alerts and strengthen access controls.
• Implementation progress: The upgrade has been deployed in the bank's user acceptance testing ("UAT") environment, with production deployment targeted for October 2026.

"This relationship demonstrates the value Pelican delivers within the complex operating environment of a major global financial institution," said Nino Di Teodoro, Chief Executive Officer of Pelican AI. "Nearly a decade of use across 29 geographies, combined with a substantial reduction in false positives, provides tangible evidence of the platform's relevance and performance. This upgrade reflects the opportunity to deepen existing banking relationships as clients enter new markets, strengthen security and adapt to evolving regulatory requirements. Expanding the value Pelican delivers within its installed customer base is an important part of the Company's growth strategy."

The upgrade addresses the bank's priorities to improve alert quality, strengthen user authentication and extend ESSLO to its GIFT City branch, located within India's International Financial Services Centre.

The latest ESSLO version incorporates architecture designed to support FCSS message formats. Intelligent Transaction Screening is intended to reduce recurring false positives and streamline alert management, while MFA strengthens access controls for sensitive compliance workflows.

The bank has also sought a further five-year renewal of its Self-Learning Optimization license, following the component's demonstrated impact on false-positive rate reduction.

For Pelican, the initiative illustrates an opportunity to expand platform adoption within an established customer relationship through additional capabilities and geographic deployment.

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 commencement of trading of the Common Shares on the CSE under the symbol "PEL", the Company's business plans and objectives, 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 trading does not commence when anticipated, 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.

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