# EDGAR Filing Document

**Accession Number:** 0001174891
**File Stem:** 0001493152-26-022148
**Filing Date:** 2026-5
**Character Count:** 30642
**Document Hash:** 3b046652ce370f8a1199adb1bfdc2e86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022148.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001493152-26-022148

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260414

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CalEthos, Inc.
- **CENTRAL INDEX KEY:** 0001174891
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50331
- **FILM NUMBER:** 26961002

**BUSINESS ADDRESS:**
- **STREET 1:** THREE SUGAR CREEK CENTER
- **STREET 2:** SUITE 100
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478
- **BUSINESS PHONE:** 713-929-3863

**MAIL ADDRESS:**
- **STREET 1:** THREE SUGAR CREEK CENTER
- **STREET 2:** SUITE 100
- **CITY:** SUGAR LAND
- **STATE:** TX
- **ZIP:** 77478

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RealSource Residential, Inc
- **DATE OF NAME CHANGE:** 20130814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UPSTREAM BIOSCIENCES INC.
- **DATE OF NAME CHANGE:** 20090422

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORCE ENERGY CORP.
- **DATE OF NAME CHANGE:** 20090415

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**(Amendment No. __)**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report: April 14, 2026

---

| |
|:---|
| **CalEthos, Inc.** |
| (Exact name of registrant as specified in its charter) |

---

<u>Nevada</u> <u>000-50331</u> <u>98-0371433</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

<u>11753 Willard Avenue Tustin, CA</u> <u>92782</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (714) 352-5315

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement.**

As previously reported, CalEthos, Inc. ("we," "us," or "our company") is in the early stages of developing and implementing our innovative Physical Infrastructure-as-a-Service (PIaaS) Platform for the data center industry that will integrate behind-the-meter onsite natural gas power plants with pre-permitted, construction-ready data center building sites that include all utilities and fiber connectivity. We plan to provide this turnkey solution to hyperscalers, neocloud, colocation providers and data center developers seeking to deploy new capacity faster than with traditional grid interconnection.

On April 14, 2026, we entered into a letter agreement dated April 14, 2026 (the "<u>Letter Agreement</u>") with a top-tier natural gas marketing company (the "<u>Supplier</u>") that set out the terms pursuant to which the Supplier will sell and deliver us a certain quantity of natural gas, and we will purchase and receive such natural gas, to provide fuel for our proposed data center power plant to be located on the Northwest Pipeline. Pursuant to the Letter Agreement, we and the Supplier agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Reservation Fee</u>. Pursuant to the Letter Agreement, we were required to pay to the Supplier by May
 14, 2026, a reservation fee in the amount of $3,832,500 (the " <u>Reservation Fee</u> ").
 We paid the Reservation Fee to the Supplier in full on May 8, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>NAESB Base Contract and Fuel Management Services Agreement</u>. We and the Supplier mutually agree
 to negotiate, execute and deliver to each other by May 14, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) A
 Base Contract for Sale and Purchase of Natural Gas, as published by the North American Energy
 Standards Board, Inc. (" <u>NAESB</u> "), Copyright 2006, September 5, 2006 version,
 with such other terms and Special Provisions as are mutually agreed by the Supplier and us
 (the " <u>NAESB Base Contract</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A
 Fuel Management Services Agreement pursuant to which the Supplier will provide certain fuel
 management services to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Natural Gas Sale and Purchase Transaction</u>. We and the Supplier agreed to the terms of a natural
 gas purchase and sale transaction (the " <u>Transaction Confirmation</u> "). We
 and the Supplier further agreed that the only terms of the Transaction Confirmation that
 had not been determined as of the date of the Letter Agreement are the Delivery Point(s)
 and the Delivery Period (as such terms are described in the Transaction Confirmation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Finalization of the Delivery Period/Delivery Point(s)</u>. Pursuant to the Letter Agreement, we are to
 notify the Supplier in writing of the date that we desire to be the start date of the Delivery
 Period (the " <u>Start Date</u> "), and the identification of the proposed Delivery
 Point(s), each as to be set forth in the final version of the Transaction Confirmation (the
 " <u>Start Date Notice</u> "). We are required to deliver the Start Date Notice
 to the Supplier by April 30, 2028 (the " <u>Start Date Notice Deadline</u> ").
 The Start Date shall be the first day of a calendar month, and shall be a date that is (i)
 at least 30 days after we deliver the Start Date Notice to the Supplier, and (ii) prior to
 July 31, 2029. If we experiences any delay beyond our reasonable control, the Supplier will
 agree to extend the Start Date Notice Deadline of April 30, 2028 by up to eight (8) additional
 months (to December 31, 2028), and the actual Start Date deadline of July 31, 2029 by up
 to eight (8) additional months (to March 31, 2030), without requiring us to pay an additional
 Reservation Fee, post an additional Initial Letter of Credit (as defined below), or increase
 the Initial Letter of Credit. Once we deliver the Start Date Notice to the Supplier, the
 Supplier is required to prepare a final version of the Transaction Confirmation which shall
 contain a Delivery Period which commences on the Start Date requested by us in the Start
 Date Notice, and which continues for a period of three years. The final version of the Transaction
 Confirmation (the " <u>Finalized Transaction Confirmation</u> ") will include the
 agreed upon Delivery Period and Delivery Point(s) agreed upon by the Supplier and us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant
 to the Letter Agreement, we are required to deliver to the Supplier by May 14, 2026 a standby
 irrevocable letter of credit (the " <u>Initial Letter of Credit</u> ") in a form
 acceptable to the Supplier in its sole discretion, based on the form attached as an exhibit
 to the Letter Agreement, and from an issuing bank that is a commercial bank with offices
 in the U.S. and having a minimum rating of A by Standard & Poor's Ratings Group
 (" <u>S&P</u> ") or A2 by Moody's Investors Service, Inc. (" <u>Moody's</u> ").
 The Initial Letter of Credit shall have the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 stated term that the Initial Letter of Credit shall remain in effect shall commence on the
 date of delivery of the Initial Letter of Credit and extend through the Start Date (as determined
 pursuant to Section 4). If the Start Date is not known as of the time the Initial Letter
 of Credit is delivered, the Initial Letter of Credit shall contain terms that allow the Initial
 Letter of Credit to be extended to the Start Date (once it becomes known), and we will cause
 the term of the Initial Letter of Credit to be extended to the Start Date, including any
 extension of the Start Date as permitted in the Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Initial Letter of Credit shall have a stated maximum drawable amount of $6,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Supplier will be entitled to draw on the Initial Letter of Credit up to its stated maximum
 drawable amount upon the occurrence of either (A) our failure to deliver to the Supplier
 the Start Date Notice by the Start Date Notice Deadline, as such Start Date Notice Deadline
 may be extended as provided in the Letter Agreement, or (B) the occurrence of a Default with
 respect to with respect to any of our obligations to be performed prior to the Start Date
 (as discussed below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By
 the date that is ten days prior to the Start Date as set forth in the Finalized Transaction
 Confirmation, we are required to deliver to the Supplier a standby irrevocable letter of
 credit (the " <u>Delivery Period Letter of Credit</u> ") in a form acceptable to
 the Supplier in its sole discretion, based on the form attached as an exhibit to the Letter
 Agreement, and from an issuing bank that is a commercial bank with offices in the U.S. and
 having a minimum rating of A by S&P or A2 by Moody's. The Delivery Period Letter
 of Credit will have the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 stated term that the Delivery Period Letter of Credit will remain in effect will commence
 on the Start Date and extend through the last day of the Delivery Period (each as determined
 pursuant to the Letter Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Delivery Period Letter of Credit will have an initial stated maximum drawable amount of $50,000,000,
 subject to reduction as discussed in subsection (iv) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Supplier will be entitled to draw on the Delivery Period Letter of Credit up to its stated
 maximum drawable amount upon the occurrence of a Default by us, as described below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) We
 will be entitled to either (A) reduce the stated maximum drawable amount of the Delivery
 Period Letter of Credit, or (B) replace the Delivery Period Letter of Credit with a new letter
 of credit in the same form as the Delivery Period Letter of Credit, but with a reduced maximum
 drawable amount, in either case, upon our agreement with the Supplier. The Supplier is required
 to agree to such reduction of the maximum drawable amount of the Delivery Period Letter of
 Credit in a manner that is commensurate with a reduction of the mark-to-market exposure that
 the Supplier has under the natural gas purchase and sale transaction that is memorialized
 in the Finalized Transaction Confirmation. We may request such reduction no more than four
 times (i.e., on a quarter-year basis) during each 12-month period during the Delivery Period
 that will be set forth in the Finalized Transaction Confirmation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon
 receipt of the Delivery Period Letter of Credit, the Supplier is required return to us the
 Initial Letter of Credit.

In recognition of the significant costs and expenses that we and the Supplier will incur under the Letter Agreement prior to the Gas Transaction Effective Date, we and the Supplier agreed to the following Events of Default under the Letter Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In
 the event the Supplier fails to perform any of its obligations set forth in the Letter Agreement
 by any applicable deadline set forth therein, such occurrence will be deemed to be a " <u>Default</u> "
 with respect to the Supplier under the Letter Agreement. Upon our delivery of written notice
 to the Supplier that such a Default has occurred under the Letter Agreement, we may elect
 either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Within
 ten days after the Supplier's receipt of such notice from us designating a Default
 by the Supplier, the Supplier will return to us the Reservation Fee and any letter(s) of
 credit provided by us and then held by the Supplier, being either the Initial Letter of Credit
 or the Delivery Period Letter of Credit, or both, as the case may be, and pay liquidated
 damages to us in the amount of $6,000,000.00 (" <u>Liquidated Damages</u> "). Upon
 such return of the Reservation Fee and the applicable letter(s) of credit, and payment of
 such Liquidated Damages to us, neither party shall have any continuing liability or obligation
 to the other party under the Letter Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) we
 may require, by judicial proceeding, if necessary, the specific performance of the Letter
 Agreement by the Supplier as the appropriate remedy for such Default. The Supplier shall
 also be responsible for all losses and damages (including the costs of any such judicial
 proceeding) incurred by us resulting from such Default until such time as such losses and
 damages have ceased as the result of the specific performance of the Letter Agreement by
 the Supplier pursuant to order of the court or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event (i) we fail to perform (whether due to our own action or inaction, the failure
 of any bank to cooperate in issuing any letter of credit that we are required to deliver
 under the Letter Agreement, or otherwise) any of our obligations set forth in the Letter
 Agreement by any applicable deadline set forth therein, such occurrence will be deemed to
 be a " <u>Default</u> " with respect to us under the Letter Agreement. Upon delivery
 by the Supplier of written notice to us that such a Default has occurred under the Letter
 Agreement, the Supplier shall have the right to (i) retain the Reservation Fee free of any
 claim of right by us whatsoever; and (ii) exercise any and all rights set forth in either
 the Initial Letter of Credit or the Delivery Period Letter of Credit, as the case may be,
 to draw up to $6,000,000.00 in any such letter of credit, and retain such drawn amount free
 of any claim of right by us whatsoever, and then return the letter of credit to us.

Pursuant to the Letter Agreement, with respect to the period from the first day of the Delivery Period (i.e., the Start Date) as set forth in the Finalized Transaction Confirmation through the remainder of such Delivery Period, the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 terms and conditions contained in the Finalized Transaction Confirmation and the NAESB Base
 Contract will control with respect to any default or event of default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Delivery Period Letter of Credit then held by the Supplier will be deemed to be Adequate
 Assurance of Performance (as such term is defined in the NAESB Base Contract), that has been
 delivered by us to the Supplier pursuant to the terms of the NAESB Base Contract.

**Item 7.01 Regulation FD Disclosure.**

On May 11, 2026, we issued a press release announcing the matters discussed in Item 1.01 above.

A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference. The exhibit furnished under Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such a filing.

**Cautionary Note Regarding Forward-Looking Statements**

The information in this Current Report on Form 8-K, including Exhibit 99.1, may contain "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Certain statements furnished pursuant to this Current Report on Form 8-K and the accompanying Exhibit 99.1 that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "could," "continue," "anticipate" "optimistic," "forecast" "intend," "estimate," "preliminary," "project," "seek," "plan," "looks to," "on condition," "target," "potential," "guidance," "outlook" or "trend," or other comparable terminology, or by a general discussion of strategy or goals or other future events, circumstances, or effects. Such statements include, but are not limited to, statements about our plans, objectives, expectations, intentions, estimates and strategies for the future, and other statements that are not historical facts. These forward-looking statements are based on our current objectives, beliefs and expectations, and they are subject to significant risks and uncertainties that may cause actual results and financial position and timing of certain events to differ materially from the information in the forward-looking statements. There may be many factors of which we are not currently aware that may affect matters discussed in the forward-looking statements and may also cause actual results to differ materially from those discussed. These factors include, but are not limited to, our ability to raise capital to fund our data center campus development, including our planned on-site gas-fired power plant; our ability to hire and contract the necessary resources to complete our development efforts; our ability to build an adequate supply chain for required construction materials and equipment; our ability to complete construction of our data center campus, to meet customer requirements and to build an adequate operating organization to support customers when our data center campus is completed; the demand for data center space in the U.S. and worldwide; the impact of the current supply chain challenges that may impact our construction schedule; the demand for our proposed wholesale-colocation services; economic conditions in the U.S. and worldwide, and our ability to recruit and retain management, technical, and sales personnel. The forward-looking statements contained in this report are made as of the date of this report, and we do not assume any obligation to publicly update or supplement any forward-looking statement to reflect actual results, changes in assumptions or changes in other factors affecting these forward-looking statements other than as required by law. Any forward-looking statements speak only as of the date hereof or as of the dates indicated in the statement. Further information relating to factors that may impact our results and forward-looking statements are disclosed in our filings with the SEC.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

The following exhibits are filed with this Current Report on Form 8-K:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 99.1 | [Press release dated May 11, 2026 titled "CalEthos, Inc. and its subsidiary, TerraVolt Infrastructure, Inc., sign a Natural Gas Supply Agreement for TerraVolt's planned AI Data Center Infrastructure Development."](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CALETHOS, INC.** | **CALETHOS, INC.** |
| Date: May 11, 2026 | By: | */s/ Joel D. Stone* |
|  |  | Joel D. Stone<br> Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**CalEthos, Inc. and its subsidiary, TerraVolt Infrastructure, Inc., sign a Natural Gas Supply Agreement for TerraVolt's planned AI Data Center Infrastructure Development**

**Tustin, CA – May 11, 2026** – **CalEthos, Inc. (OTCQB:GEDC)**, and its subsidiary **TerraVolt Infrastructure, Inc.** ("TerraVolt" or, collectively with CalEthos, Inc., the "Company"), today announced the execution of an agreement with a top-tier natural gas marketing company for the **FIRM** supply to the Company of natural gas for TerraVolt's planned behind-the-meter onsite power plant. Under the terms of the agreement, the natural gas supplier will provide the Company with **55,000 MMBTU per day** of natural gas. This supply of contracted natural gas ensures the Company will be able to provide a stable, reliable energy source for TerraVolt's master-planned data center campus development, which is to be located in Southeast Idaho on the Northwest Natural Gas Pipeline.

Joel Stone, Chairman and CEO of the Company, stated "*this agreement will provide fuel for the initial phase of our campus development, which is currently planned for 200MW to 240MW of power for data center customers, without impacting the local grid or increasing the cost of power to the local rate payers*." In addition, Mr. Stone noted that "*the Company's planned data center campus aligns with President Trump's recent March 4, 2026 initiative, **the Ratepayer Protection Pledge,** which requires technology companies to pay for the power infrastructure needed to support their expanding data centers".* 

 

TerraVolt's solution for the data center industry is an innovative **Physical Infrastructure-as-a-Service ("PIaaS") Platform** that integrates behind-the-meter, onsite natural gas power plants with pre-permitted, construction-ready data center building sites that include all required utilities and fiber connectivity. TerraVolt plans to provide its turnkey solution to hyperscalers, neoclouds, and data center developers seeking to deploy new capacity faster than with traditional grid interconnection.

The Company's gas supply agreement also includes comprehensive **fuel management services** to be provided by the fuel supplier, which will allow TerraVolt to better manage customer needs and power plant fluctuations. This should help ensure the Company has maximum cost-effectiveness and operational reliability as data center buildings are completed and commence operation on the Company's data center campus.

Mr. Stone noted, *"With grid-served power becoming less predictable in terms of both cost and availability, the data center industry is seeking alternative power solutions that accelerate deployment timelines while meeting the critical demands for reliability, sustainability, and cost-effectiveness"*.

**About TerraVolt Infrastructure, Inc.**

CalEthos' TerraVolt subsidiary is a land development company that was formed to serve as a foundational provider in the digital infrastructure supply chain, specializing in land banking and infrastructure development for the data center industry. It intends to acquire large parcels of land and develop them into onsite-powered, master-planned data center campuses. It is targeting undeveloped land in geographic areas where critical data center development resources are available—land, energy sources, and fiber. TerraVolt intends to create value through upfront investment and de-risking of the development process for data center companies looking for construction-ready building sites, including hyperscalers, neoclouds, and data center developers.

**Media Contact:** Michael Campbell at mc@terravoltinfra.com

**Forward-Looking Statements**

Certain statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates".

Data center development risks in the power and data center industry are constantly evolving as the AI industry continues to grow. The Company faces emerging risks from:

● Emerging
 federal and state regulations aimed at protecting ratepayers, which could significantly increase
 the cost data center companies of doing business. In early 2026, several legislative proposals
 were introduced at both the federal and state levels to address the surge in demand for more
 AI data centers.

● The
 recent shift by data center developers to strategically rely on "Bring Your Own Power"
 (BYOP) and onsite power generation entails nascent operational risks and greater capital
 intensity. While BYOP offers a faster "time-to-power," it introduces several
 critical risks:

○  ***Capital Intensity*** : Average construction costs for onsite-powered facilities have risen significantly, contributing to a global infrastructure investment "supercycle" projected to reach $3 trillion by 2030.

○  ***Technology Risk*** : Deploying large-scale microgrids utilizing natural gas turbines, reciprocating engines (Recips), and Battery Energy Storage Systems (BESS) involve complex engineering and integration risks that may lead to operational downtime or higher-than-expected maintenance costs.

○  ***Supply Chain Volatility*** : The reliability of onsite power depends on a steady supply of natural gas. Any disruption to pipeline infrastructure or significant volatility in gas pricing could materially impact operating margins.

○  ***Increasing Delivery Times*** : Natural gas turbines and recips are experiencing delivery times of 18 to 30 months. While faster than larger utility-scale turbines, lead times for industrial-grade natural gas turbines (from GE, Siemens and Mitsubishi) have roughly doubled since 2021.

○  ***Increasing Demand for Natural Gas*** : In early 2026, the gas power generation equipment market experienced a robust upward cycle driven by a global shift away from coal, the need to stabilize grids that are reliant on intermittent renewables, onsite power generation, and a massive surge in electricity demand from AI and data centers.

○  ***Increasing Demand for Equipment is Lengthening Lead Times*** : Due to market demand, support infrastructure (transformers & switchgear), like generation equipment, and other components, such as electrical generation and distribution systems, are also experiencing lead times of 18 to 30 months.

Moreover, forward-looking statements in this release include, but are not limited to, the Company's ability to raise capital to fund its development of a Physical Infrastructure-as-a-Service Platform; the Company's ability to complete construction of its planned power plants, cooling systems, water/sewer treatment plants and shovel-ready data center building sites; the demand for data center power in the U.S. and worldwide; the impact of supply chain challenges; and the Company's ability to recruit and retain management and technical personnel. Further information relating to factors that may impact the Company's results are disclosed in the Company's filings with the SEC. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.