Alset AI appoints Mitchell Jackman as Chief Financial Officer

Alset AI Provides Shareholder Update, Announces Updated Investor Presentation and Appoints Mitchell Jackman as Chief Financial Officer

VANCOUVER, BC / ACCESS Newswire / September 18, 2026 / Alset AI Ventures Inc. (TSXV:GPUS)(OTCQB:GPUSF)(FSE:1R61, WKN:A40M0J) ("Alset AI", "Alset" or the "Company"), an artificial intelligence ("AI") venture company advancing innovation through strategic investment and cloud computing solutions, is pleased to provide a shareholder update, outline its investment strategy and announce both the posting of an updated investor presentation on its website and the appointment of Mitchell Jackman as Chief Financial Officer of the Company, effective immediately.

Alset is building a listed platform intended to provide public-market investors with exposure to private and early-stage companies and strategic assets supporting real-world AI adoption. The Company is concentrating on four connected areas: AI infrastructure, healthcare AI, enterprise AI applications and strategic assets that support the broader AI economy.

All amounts in this release are expressed in Canadian dollars unless otherwise indicated.

At June 30, 2026, the Company's investment portfolio had a carrying value of $8,824,551, an increase of 164.8% from $3,333,048 at September 30, 2025. Over the same period, shareholders' equity increased 67.9% to $7,365,273. These values are based on the Company's unaudited interim financial statements and management estimates. A substantial portion of the increase relates to an unrealized, non-cash revaluation of Lyken.AI, and there is no assurance that any investment will be realized at its carrying value or at all.

"Over the past year, we have worked to make Alset a more connected investment platform built around the commercial requirements of AI," said Adam Ingrao, Chief Executive Officer of Alset AI. "Our goal is to give public-market investors access to selected private companies and strategic assets, while using Alset's capital, relationships and public-company experience to help those businesses reach their next commercial or strategic inflection point. The increase in portfolio carrying value and the recent activity across Lyken and CHIP demonstrate progress, but our focus remains execution: converting qualified opportunities into contracts, supporting disciplined growth and allocating capital on terms intended to create long-term value for shareholders. We look forward to discussing this strategy directly with investors at an investor day in the coming months."

Strategic Focus

Alset's model is to identify companies at a definable commercial or strategic inflection point, invest with disciplined position sizing and terms, and support portfolio companies through customer access, infrastructure relationships, commercialization support and public-market discipline. The Company will evaluate opportunities to create value through portfolio-company growth, follow-on financings, strategic transactions, distributions or exits, subject in each case to market conditions, available capital, approvals and definitive agreements.

The portfolio currently includes interests or economic exposure relating to Lyken AI Computing Inc., operating as Lyken.AI ("Lyken"), the Company's 90.1%-owned cloud compute business; FingerMotion, Inc. ("FingerMotion"); CHIP Data Centers Inc. ("CHIP"); Chaco Minerals Inc. ("Chaco"); Blueprint AI; and Henon Financial Technologies Inc. ("Henon"). The portfolio is intended to provide connected exposure across AI infrastructure, enterprise applications and strategic inputs rather than a series of unrelated investments.

Recent Corporate and Portfolio Developments

• Fiscal Q3 2026 results. For the three months ended June 30, 2026, Alset reported income and comprehensive income of $3,606,599, compared with a loss and comprehensive loss of $4,288,289 in the same quarter of the prior year. The result included a $4,109,577 net investment gain that was primarily unrealized and non-cash. Quarterly general expenses decreased 59.6% year over year to $526,405.
• Lyken customer extension. Lyken received purchase orders with an aggregate value of approximately $580,000 that extend cloud compute services for a leading multinational technology and telecommunications company from August 25, 2026 through March 31, 2027. Based on current expected third-party hosting, commission and service costs, Alset expects gross margin from the covered services to be approximately 5% before corporate overhead, administrative expenses and other general issuer expenses. This estimate assumes no material change in third-party hosting rates, foreign exchange rates or scope of services over the contract period. The customer has no binding obligation to issue additional purchase orders or continue the relationship after March 31, 2027.
• FingerMotion transaction. On August 17, 2026, Alset completed the sale of a 9.9% interest in Lyken to Nasdaq-listed FingerMotion, a party dealing at arm's length with the Company, in exchange for 1,674,480 FingerMotion common shares. The consideration was determined using US$500,000 and the applicable Nasdaq closing price. No cash consideration was paid, and Alset retained a 90.1% controlling interest in Lyken following closing.
• Enterprise-scale compute opportunity. Lyken entered into a non-binding memorandum of understanding with SWARMNET SOLUTIONS PTE. LTD. to explore a potential long-term arrangement involving a 128-node B300 AI compute cluster for inference workloads, together with token optimization services. Any deployment remains subject to funding, due diligence, definitive agreements, approvals, hardware and data-centre availability, credit support and applicable export-control and sanctions requirements.
• Demand-to-capacity framework. Lyken, FingerMotion and BlueFlare Energy Solutions Inc. entered into a non-binding strategic memorandum of understanding intended to connect Lyken's enterprise AI and high-performance computing opportunity pipeline with potential modular behind-the-meter capacity evaluated or developed under FingerMotion's existing relationship with BlueFlare. The memorandum is non-exclusive and does not obligate any party to fund, develop, provide, reserve or purchase capacity or to enter into any project.
• CHIP operating update. Based on information provided by CHIP's management, CHIP reports five named sites operating or in development across Ontario, Ohio and Texas, comprising approximately 4 MW operating and approximately 26 MW in construction or under signed agreements. CHIP also reports that a global enterprise has committed to the first 20 MW at its next two planned Waterloo-region sites under an executed master services agreement and that its first significant cash flow began in July 2026. Alset has not independently verified these representations.

Updated Investor Presentation

The Company has posted an updated investor presentation titled "Private AI Growth. Public Market Access." under the Investors section of its website at www.alsetai.com. The presentation describes Alset's investment thesis, portfolio construction, leadership team, capital allocation framework and Fiscal Q3 2026 balance-sheet position.

Appointment of Chief Financial Officer

The Company is pleased to announce the appointment of Mitchell Jackman as Chief Financial Officer of the Company, effective immediately.

Mr. Jackman has more than 10 years of experience providing management and financial consulting services to public issuers and has served in a variety of management roles for entities across a range of sizes, sectors and corporate structures. He is a founding partner of Cavalry Advisory Group, an accounting and advisory firm focused on financial reporting, regulatory compliance and strategic business advisory services.

Mr. Jackman is a Chartered Professional Accountant and a member of the Chartered Professional Accountants of British Columbia. He has assisted companies in executing their strategic objectives through timely and accurate financial reporting, guidance in connection with going-public transactions, corporate restructurings and investment transactions, and compliance with applicable securities, corporate and regulatory requirements.

Mr. Jackman succeeds Jonathan Yan, who has resigned as Chief Financial Officer of the Company. The Company thanks Mr. Yan for his contributions and wishes him well in his future endeavours.

Planned Investor Day

Alset intends to host an investor day in Q1, 2027 to review its strategy, portfolio companies, recent developments and capital allocation priorities and to provide a management question-and-answer session. The Company will announce the date, format and participation details once finalized.

About Lyken.AI

Lyken.AI is Alset AI's cloud compute business and is developing an integrated Platform-as-a-Service offering spanning managed compute, server and token optimization, secure storage, private low-latency networking and enterprise deployment support. Lyken's model is intended to extend beyond infrastructure access through related technical coordination and support services. For more information, please visit www.lyken.ai.

About Alset AI Ventures Inc.

Alset AI is an AI-focused venture investment platform dedicated to sourcing, funding and developing companies across the artificial intelligence value chain. The Company seeks to provide investors with diversified exposure to emerging applications and infrastructure that enable advancements in AI technologies.

For further information about Alset AI Ventures Inc., please contact:

Investor Relations

Adam Ingrao
Chief Executive Officer
T: 236.312.6744
E: ir@alsetai.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"), including statements regarding Alset's investment strategy and capital allocation; the performance, commercialization and potential realization of portfolio investments; Lyken's current purchase orders, expected gross margin, planned Platform-as-a-Service offering and non-binding opportunities involving Swarmnet, FingerMotion and BlueFlare; CHIP's reported capacity and development plans; and the proposed investor day.

Forward-looking statements may be identified by words such as "will", "intend", "anticipate", "could", "may", "expect", "plan", "potential", "believe" and similar terms. They are not guarantees of future performance and are based on assumptions management considers reasonable as of this release.

Such statements are subject to risks and uncertainties, including financing availability and terms; customer purchasing decisions and concentration; third-party hosting costs; hardware, compute-capacity and power availability; failure to negotiate or complete definitive agreements; counterparty and project-development risk; changes in market conditions or portfolio valuations; currency fluctuations; regulatory approvals; export-control and sanctions requirements; evolving AI-related legislation, data privacy and governance frameworks; intellectual property risks; and general economic conditions. There is no assurance that the non-binding memoranda will result in definitive agreements or completed transactions, expected revenue or margin will be achieved, portfolio carrying values will be realized, or the investor day will occur as contemplated.

Actual results may differ materially. Forward-looking statements are made as of the date hereof and are qualified by these cautionary statements. Except as required by applicable securities laws, Alset undertakes no obligation to update them. Additional risks are described in Alset's public filings available at www.sedarplus.ca. This release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction. The securities of Alset 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 in the United States absent registration or an applicable exemption from such registration requirements.

Cautionary Note Regarding Future-Oriented Financial Information

This release contains future-oriented financial information regarding Lyken's expected gross margin from the current purchase orders, which is provided for the purpose of allowing investors to assess the near-term economics of the covered services. It is based on management's current assumptions, including expected third-party hosting, commission and service costs, and is subject to the risks above. Actual results may differ materially, and readers should not place undue reliance on this information.

SOURCE: Alset AI Ventures Inc.

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