AVAX One Selects ASCENT Consulting as Owner’s Engineer To Advance Behind-the-Meter Critical Power Facility in Alberta

Project Progresses from Conceptual Design to Detailed Engineering in Alberta’s C$60+ Billion AI/HPC Power Opportunity

WEST PALM BEACH, FL, May 06, 2026 (GLOBE NEWSWIRE) -- AVAX One Technology Ltd. (Nasdaq: AVX) (“AVAX One” or the “Company”) today announced that ASCENT Consulting Ltd. (“ASCENT”) has been selected to lead engineering and design on the Company’s 10 MW critical power facility under development in Alberta, Canada.

As previously announced, AVAX One is building a 10 MW behind-the-meter facility in Alberta to support critical AI and high-performance computing infrastructure. The facility will feature natural-gas-fired generation with battery energy storage integration in an Uptime Institute Tier 3 configuration. Previous updates on this project include:

• Initiating the development of its first 10 MW Tier 3-ready AI/HPC powered land site in Alberta;
• Signing the front-end engineering and design (FEED) proposal with BlueFlare Energy Solutions Inc; and
• Confirming the fully behind-the-meter natural-gas generation model.
  
  

Building on this momentum, AVAX One, in consultation with BlueFlare, has now selected ASCENT to serve as Owner’s Engineer. As a result, the project is now advancing from conceptual design into detailed engineering and AESO-ready deliverables.

Founded in 1994 and headquartered in Calgary, ASCENT is a privately owned, multi-disciplinary engineering, procurement, and design firm registered across Alberta, British Columbia, Saskatchewan, the Northwest Territories, and Nunavut. The firm has delivered more than 3,500 projects over its three decades of operation, including the design and engineering of a 30 MW natural-gas-powered data facility in Fox Creek, Alberta, with in-house medium-voltage electrical design and AESO intake application support.

Under the initial engagement, ASCENT will lead the foundational engineering and design products that anchor the project, including the Design Basis Memorandum, project schedule, plot plan, preliminary 3D model, electrical equipment power distribution block diagram, and system architecture and communication drawings. This work establishes the engineering basis for the facility’s natural-gas-fired generation, battery energy storage integration, and Uptime Institute Tier 3 critical power configuration.

“Engaging ASCENT reflects our commitment to partnering with best-in-class Alberta-based engineering firms as we advance our critical infrastructure platform and build upon our April announcements with BlueFlare Energy Solutions,” said Jolie Kahn, Chief Executive Officer of AVAX One. “Alberta is on the edge of one of the most significant power infrastructure buildouts in North America, and behind-the-meter generation is central to how that demand will be served. By moving this project from conceptual design into engineering, we are making tangible progress inserting AVAX One into the C$60-billion-plus opportunity that is now developing across Alberta.”

The project remains on schedule for end-client deployment readiness in Q1 2027 and complements AVAX One’s existing Bitcoin mining operations in the province (approximately 300 PH/s).

About AVAX One Technology Ltd.

AVAX One Technology Ltd. (NASDAQ: AVX) is a digital infrastructure company accelerating the transition to an onchain financial economy. The Company builds power-first, modular data centers in energy-advantaged regions — leveraging behind-the-meter generation and microgrid design to deliver reliable, cost-efficient compute capacity for AI and high-performance computing (HPC) workloads. The Company's powered land model eliminates grid dependency and delivers pre-energized, Tier 3-ready sites on accelerated timelines unavailable through traditional utility-connected development. In addition, the Company continues to mine Bitcoin in Alberta and Ohio, operating at a hashrate of approximately 300 PH/s. Alongside AVAX One's physical infrastructure, the Company maintains a strategic Avalanche digital asset treasury, accumulating AVAX and generating onchain yield through native staking and ecosystem participation. Together, these three pillars give public market investors unique exposure to both the digital infrastructure layer and the onchain economy. For more information, please visit www.avax-one.com.

About ASCENT Consulting Ltd.

ASCENT Consulting Ltd. is a Calgary-based engineering, procurement, and design firm founded in 1994. ASCENT serves clients across Western Canada with multi-disciplinary expertise spanning gas processing, oil processing, pipelines, power generation, carbon capture, and emerging energy sectors. The firm is COR certified and registered with ComplyWorks and ISN. More information is available at www.ascnltd.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. These forward-looking statements address various matters including statements relating to the anticipated benefits and timing of the completion of the proposed offering and related transactions, the intended use of proceeds from the PIPE offering, expectations regarding future capital raising activity, the assets to be held by the Company, expectations regarding adoption of the Avalanche network, the expected future market, price and liquidity of the digital assets the Company acquires, the macro and political conditions surrounding digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other entities in similar business strategies, technological and market trends, future financial condition and performance, the expected financial impacts of the proposed transactions described herein, and the timing of the closing of the PIPE offering. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the proposed transactions described herein may not be completed in a timely manner or at all; failure to realize the anticipated benefits of the transactions and the proposed AVAX strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's operations and business, including the highly volatile nature of the price of AVAX and other cryptocurrencies; the risk that the price of the Company's securities may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company's filings with the SEC. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The statements made in this press release are not intended to be projections of the Company's future results nor an offer of a future securities transaction by the Company. Any offering in the future will be made through compliance with all applicable regulations and the filing of appropriate documents with the SEC, as required under those regulations.

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
AVX@elevate-ir.com

Media Contact

Ethan Lyle
Prospero
avax-one@prospero.agency

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