Transaction Structured at 100 Million EVTV Shares Reflects Significant Growth Since Original $480 Million LOI, Following Six Months of Operational Collaboration, Customer Deposits, and Initial Hardware Deliveries

NEWPORT BEACH, Calif., May 20, 2026 /PRNewswire/ -- AZIO AI Corp. ("AZIO AI" or the "Company"), a developer of next-generation artificial intelligence infrastructure and power-integrated data center solutions, today announced the execution of a definitive merger agreement with EVTV as part of EVTV's strategic transformation into an artificial intelligence infrastructure and compute platform focused on domestic AI deployment, data center operations, and long-term compute capacity expansion.

The execution of the definitive merger agreement follows approximately six months of operational collaboration, infrastructure deployment activities, technical integration efforts, and transaction development work between the parties, during which both organizations continued advancing AI infrastructure operations designed to support growing domestic demand for compute capacity and power availability across the United States.

The transaction represents a significant strategic transformation for EVTV as the Company positions itself within one of the fastest-growing segments of the global technology market, including artificial intelligence infrastructure, compute deployment, domestic data center expansion, and power-supported AI operations.

The definitive merger agreement follows the parties' previously announced Letter of Intent ("LOI"), originally structured at a $480 million valuation. Since execution of the original LOI framework, EVTV and AZIO AI have continued operating collaboratively while advancing deployment operations, infrastructure planning, customer engagement activities, and long-term AI compute expansion efforts.

Since the original $480 million valuation established under the parties' previously announced LOI, AZIO AI and AZIO Corp's AI infrastructure division have continued demonstrating operational advancement across multiple deployment and commercial development activities, including the receipt of deposits associated with an initial infrastructure order valued at approximately $118 million and the successful delivery of the first eight server racks under that program.

In parallel, AZIO AI has continued advancing its infrastructure pipeline through execution of a memorandum of understanding relating to next-generation B200-based AI infrastructure opportunities, reflecting ongoing engagement with prospective high-performance compute customers and continued expansion of the Company's broader AI infrastructure strategy.

Management believes these developments, alongside continued infrastructure deployment activities and expanding commercial discussions, provide increasing visibility into potential future revenue opportunities and reinforce confidence in the combined platform's long-term AI infrastructure and compute expansion strategy.