VANCOUVER, BC / ACCESS Newswire / October 5, 2026 / Alset AI Ventures Inc. (TSXV:GPUS)(OTCQB:GPUSF)(FSE: 1R61; WKN: A40M0J) ("Alset" or the "Company") acknowledges the September 29, 2026 announcement by FingerMotion, Inc. (NASDAQ:FNGR) ("FingerMotion") of a definitive agreement to acquire Newbit Technology Inc., which holds rights, permits and fixed infrastructure associated with a planned 9.9 megawatt behind-the-meter site in Alberta.
According to FingerMotion, the proposed acquisition involves US$2.3 million in cash consideration, with closing targeted on or before October 29, 2026, subject to conditions. Generating equipment is excluded from the acquisition, and the transaction does not itself establish operating power generation or contracted compute revenue.
Alset Investment and Lyken Relationship
Alset holds 1,674,480 restricted FingerMotion shares, representing approximately 2.2% of FingerMotion's issued and outstanding common shares as of October 2, 2026, received in connection with its August 2026 sale of a 9.9% interest in Lyken AI Computing Inc., operating as Lyken.AI ("Lyken"). The FingerMotion shares are subject to a six-month trading restriction ending February 17, 2027. Alset retains a 90.1% controlling interest in Lyken. This structure provides Alset with an investment in FingerMotion alongside its continuing ownership of Lyken's cloud compute business.
As previously announced, Lyken entered into a non-binding memorandum of understanding with FingerMotion and BlueFlare Energy Solutions Inc. to evaluate opportunities to match qualified enterprise AI and high-performance computing workloads with potential future infrastructure capacity.
"FingerMotion's definitive agreement represents a relevant step in its infrastructure strategy," said Adam Ingrao, Chief Executive Officer of Alset. "Our investment in FingerMotion and its minority ownership in Lyken create a strategic connection between the businesses and the collaboration between companies provides a framework for infrastructure developed through FingerMotion and BlueFlare to be matched with Lyken's enterprise customer opportunities."
Any participation by Lyken in the site would require separate evaluation and definitive commercial agreements. The existing MOU does not grant Lyken ownership of the site, reserve power or compute capacity, or establish customer revenue or financing commitments.
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.
Investor Relations
Adam Ingrao, Chief Executive Officer
T: 236.312.6744
E: ir@alsetai.com
Forward Looking Information
This release contains forward-looking information concerning the proposed acquisition by FingerMotion, its anticipated timing and completion, potential collaboration involving Lyken, and any future participation by Lyken in the site. Forward-looking information is often identified by words such as "planned", "proposed", "targeted", "potential", "would" and similar expressions. Such information assumes satisfaction of closing conditions, availability of financing and infrastructure, and execution of any required definitive agreements. Risks include transaction delays or termination, unavailable fuel supply or equipment, regulatory and third-party consent requirements, financing constraints, failure to convert prospective customer opportunities into binding contracts, and changes in the value of Alset's investment in FingerMotion. Actual outcomes may differ materially, and readers should not place undue reliance on forward-looking information. Information about FingerMotion, Newbit Technology Inc. and the proposed acquisition is based on FingerMotion's public disclosure and has not been independently verified by Alset. Alset undertakes no obligation to update forward-looking information except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Alset AI Ventures Inc.
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