Phoenix, AZ, June 18, 2026 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) InnSuites Hospitality Trust continues to explore diversification opportunities and opportunities to increase Equity, potentially including a reverse merger which is of high interest.
IHT recently amended the previously filed 10-K for the Fiscal Year ended January 31, 2026, initially filed with the Securities and Exchange Commission (the "SEC") on May 18, 2026 (the "Original Filing"). The Amendment updates the Audit Opinion Letter Date from May 15, 2026, to May 18, 2026. Additionally, the classification of the Mortgage Note Payable in the Original Filing prematurely treated the entire Mortgage Note as due in the next twelve months, which was incorrect. The Form 10-K/A Amendment corrected the date of the Audit Opinion Letter, and amended the Current/Non-Current Mortgage Note Payable Classification, which matures in December of 2029. Except as described above, no other changes were made to the Original Filing. Accordingly, the Amendment should be read in conjunction with the Original Filing and the Registrant's other filings with the SEC subsequent to the filing of the Original Filing.
Combined Revenue for both hotels was approximately $2.9 million for the First Four Fiscal Months of Fiscal 2027, a new combined record level.
With the continued growing demand for electricity from data centers plus the influx of electric cars, as well as projected growing needs for artificial intelligence, increased demand for electricity over the next five years is projected to approximately double, which bodes well for the IHT investment in UniGen Power, Inc. This product is a potentially power industry disruptive relatively clean energy cost effective electric generation innovation, and even though it is high risk, it offers IHT substantial high upside potential.
On February 20, 2026, James Wirth was elected Chairman, CEO, and President of UniGen, while Marc Berg was elected as Vice Chairman, EVP, and Secretary/Treasurer of UniGen, with plans to rejuvenate the UniGen progress to benefit all the UniGen debt and equity holders, including IHT. Target date for the first two prototype engines to be ready for testing is in less than two years.
IHT management believes that due to real estate held on the books of IHT at book values significantly below current market value, due to clean energy diversification high profit potential ahead, IBC independent hotel services prospects, a potential reverse merger possibility, and improving hospitality profitability before non-cash depreciation and other non-cash items, the IHT future looks bright.
Our most recent dividend at the start of the current Fiscal Year 2027 extended IHT's uninterrupted, continuous annual dividends to 56 years, since 1971, when IHT was first listed on the NYSE.
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. All statements regarding IHT's review and exploration of a potential reverse merger, strategic, operational, and structural alternative diversification investments, increasing equity, and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT's actual results and future actions to differ materially from those described in forward-looking statements include economic effects of international conflicts as well as tariffs, the uncertain outcome, impact, effects and results of IHT's success in finding qualified purchasers for its hospitality real estate, or a reverse merger partner, the success of additional financing increasing equity, and timing of the UniGen clean energy and other potential diversification innovations, the continuation of annual dividends in the year(s) ahead, collections of receivables, and other risks discussed in IHT's SEC filings. 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: mberg@innsuites.com
INNSUITES HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
