IHT ANNOUNCES BREAKTHROUGH IN UNIGEN DIVERSIFICATION PROJECT INVESTMENT
Phoenix, AZ, Feb. 23, 2026 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE:IHT) On December 16, 2019, InnSuites Hospitality Trust made a $1 Million diversification investment in UniGen Power, Inc. A major breakthrough has occurred in the UniGen Power Inc. quest to successfully raise the next round of financing focused on completing engineering previously reported at 61% complete. This new financing could soon allow UniGen to complete the first two 1000NT new innovation prototypes.
On February 20, 2026, the recently reconstituted UniGen Board elected an all-new management team electing James Wirth (IHT President, CEO, and Chairman) to fill vacant UniGen positions as President, CEO, and Chairman. The UniGen Board also elected Marc Berg (IHT EVP, Secretary/Treasurer, and Vice Chairman) to fill vacant UniGen positions of EVP, Secretary/Treasurer, and Vice Chairman.
The UniGen board has been reduced to three Directors with James Wirth UniGen Chairman, and Marc Berg UniGen Vice Chairman, both with long successful track records in similar positions at InnSuites Hospitality Trust (IHT) which is currently the largest single cash investor in UniGen.
In view of these substantial Director and Management changes, the IHT Board agreed to consider additional new funding to participate in the UniGen current round of financing to complete the engineering of the 1000TA energy efficient clean natural gas-powered electricity generation innovation under development by UniGen.
In the current environment of abundant natural gas, and projected doubling demand for electricity over the next five years due to rapidly expanding data centers, ballooning electric vehicles, and rapidly growing artificial intelligence demands, the projected demand for additional sources of electricity based on efficient, clean, new technology, have increased substantially. All of this adds substantial potential to IHT as it adds potential profitability to both UniGen and IHT.
With new UniGen management, new funds will be raised from existing investors, in the relatively modest next $1.1 million round of UniGen financing to complete the engineering anticipated to move rapidly in view of the substantial engineering work previously reported as completed.
These developments facilitate significantly added IHT clean energy diversification progress, to resume momentum of the UniGen Power Inc., 1000TA efficient natural gas electricity generation new technology innovation diversification investment, which was originally made in December 2019, adversely affected by Covid, as well as subsequent capital shortages, in addition to previous UniGen prior management missteps.
James Wirth, (President, Chairman, and CEO of IHT), has been elected to the additional positions of UniGen President, Chairman of the Board, and CEO of UniGen Power, Inc., focused on regaining UniGen momentum and progress.
It is believed that a new management team with new energy and new development capital holds high possibility to succeed in revitalizing the previous momentum of UniGen, bringing newfound direction with needed new capital to the high risk, but nevertheless high profit potential new technology, innovation of efficiently producing much needed additional electricity through the use of ample relatively economical and clean natural gas.
The first step taken by the IHT board will be focused on completing the engineering work up to the point of testing. As part of a potential additional IHT commitment for additional future capital investment, the IHT Board may consider returning IHT to its previous policy of one annual dividend each February at the beginning of its fiscal year eliminating a second semiannual dividend previously paid in August thereby freeing up additional capital designated for potentially high return future UniGen development investment.
The administrative headquarters of UniGen may be moved to InnSuites Hospitality Center, 1730 E. Northern Ave., Suite 122, Phoenix, AZ, 85020, with UniGen's new phone number: (602) 944-1500.
In addition to the next phase of financing of approximately $1.1 million to complete engineering work, new management is preparing plans for additional phased financing designed for testing and production of the 1000TA new technology. UniGen currently has an order for 30 of the new 1000TA high efficiency units anticipated to assist in filling the predicted gap in future national electricity production capability, and future worldwide electricity demand.
The efficiency of the 1000TA, based on 96-core supercomputer testing, is believed to be more efficient than originally anticipated, and competitive with the initial capital of alternatives. The cost of each 1000TA unit capable of producing approximately one million Watts of electricity is significantly less than the capital expenditures of other reliable electricity production sources, such as coal or nuclear, which is not only far more expensive in upfront capital expenditure, but also time-consuming for approvals and construction, as well as other less clean and/or less steady/reliable sources of electric energy.
New management is tasked with restructuring the existing UniGen capital structure, whereby IHT and investors introduced to UniGen by IHT could potentially expand ownership of the restructured company over time as additional capital is raised, and as favorable results are achieved. Ultimately, publicly traded IHT, originally listed on the New York Stock Exchange in 1971 with 56 uninterrupted annual dividends since that date, could be considered as part of a plan to gain public exposure for this new technology and participation in substantial added cash flow, which could accompany UniGen success. Highlighting this new clean, highly efficient economical source of electricity technology in the public market is anticipated to significantly benefit not only existing and new UniGen investors, but also existing InnSuites Hospitality Trust shareholders, over time.
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
With the exception of historical information, matters discussed in this news release may include "forward-looking statements" within the meaning of the federal securities laws. Continued risks include UniGen ability to complete development and financing capital raising, with high risk, also offering potential high returns, if and when successful. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
602-944-1500
email: [email protected]
INNSUITES HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
