Framework establishes a gated process for potential development services across feasibility, utility coordination, engineering, procurement and construction phases, with each phase subject to separate authorization
NEW YORK, NY, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Singularity Future Technology Ltd (the "Company,” “Singularity,” or “SGLY”), a Nasdaq-listed company, today announced that it has entered into a Master Development Services Framework Agreement (the “Framework Agreement”) with AKD Development Inc. (“AKD”) relating to the potential development of a data center and associated substation and power infrastructure in Florence, South Carolina (the “Project”). The Framework Agreement establishes general terms and a phased process under which AKD may provide certain development services if and when authorized through individually executed work orders (each, a “Work Order”). The Framework Agreement does not obligate Singularity to issue any Work Order or to proceed with the Project beyond initial feasibility work.
Potential Scope of Development Services
Under the Framework Agreement, AKD may be engaged to provide development-management services across certain workstreams, including site due diligence, utility interconnection coordination, substation engineering, procurement support, construction oversight, commissioning support and project closeout. No services are authorized unless and until a separate Work Order is executed for the applicable phase. Singularity is not obligated to engage AKD for all or any portion of the Project, and AKD has no exclusivity.
Five Gated Phases Preserve Owner Control
The Framework Agreement contemplates five development phases: (0) feasibility and due diligence; (1) utility and concept design; (2) design and procurement; (3) construction and enabling works; and (4) testing and closeout. Each phase requires an executed Work Order before any work may begin. Subject to the terms of the Framework Agreement and any applicable Work Order, Singularity may stop, pause, revise or reassign any subsequent phase without liability beyond amounts properly earned under an executed Work Order.
Clear Scope and Risk Allocation
The Framework Agreement also defines the current scope boundaries for AKD’s potential services. Data-center building shell construction, IT and compute-hardware procurement, land acquisition and post-completion facility operations are outside the present scope unless separately authorized through a Work Order. The Framework Agreement includes provisions addressing change-order control, insurance and indemnification, intellectual-property ownership, confidentiality and dispute resolution.
Phase 0 May Begin with Technical and Investment Decision Support
Subject to the execution of an initial Work Order, Phase 0 is expected to include feasibility and due-diligence work, including site-risk evaluation, utility-interconnection feasibility analysis, preliminary cost assessment and go/no-go recommendations. The results of Phase 0 are intended to inform Singularity’s decisions regarding whether to authorize subsequent phases.
“The Framework Agreement provides a structured approach for assessing the feasibility of the Florence project. The initial priority is to conduct a thorough technical assessment and power-infrastructure analysis so that any subsequent investment decisions can be informed by defined deliverables,” said Tie Deng, Senior Project Manager at AKD Development Inc.
Important Project Status
The Framework Agreement establishes general terms and a process for potential development services. It does not, by itself, constitute authorization to commence construction, equipment purchases, utility commitments or other material expenditures, commitment to complete the Project, or a guarantee that any Work Order will be issued. Actual development and any related capital expenditure remain subject to, among other matters, satisfactory due-diligence results, utility approvals, governmental permits, financing arrangements, the execution of applicable Work Orders and approval by Singularity’s board of directors as required.
About Singularity
SGLY is a Nasdaq-listed company pursuing a diversified growth strategy across its existing operations and emerging digital infrastructure opportunities. The Company is actively evaluating and developing opportunities in data centers, AI computing infrastructure and high-performance computing, with a focus on building scalable U.S.-based infrastructure platforms capable of supporting long-term demand for computing capacity.
About AKD Development Inc.
AKD Development Inc. is a full service civil engineering firm providing construction, engineering and project management solutions. The firm focuses on innovative and sustainable solutions and has experience in residential development, transportation infrastructure and data-center projects.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the potential development, scope, scale, phasing and strategic role of the contemplated South Carolina campus; anticipated power capacity, availability and expansion; potential future Work Orders and services; anticipated due-diligence activities and results; development milestones and timing; future AI, data center and high-performance computing capacity and demand; financing availability and capital commitments; customer demand and revenue opportunities; and the Company's broader growth strategy and business diversification.
These forward-looking statements are based on the Company's current expectations, estimates and assumptions and are subject to significant risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied, including but not limited to: the ability of the parties to negotiate and execute definitive agreements on acceptable terms or at all; the preliminary and unverified nature of information concerning the site, including power availability; the ability to obtain utility confirmation of existing power capacity and any expansion; completion of satisfactory legal, technical, environmental, title, utility and financial due diligence; zoning, permitting and land-use approvals; utility interconnection and grid upgrade timelines and costs; the availability and cost of financing; construction costs, labor availability and supply chain conditions; demand for AI computing and data center capacity; competitive conditions; regulatory changes; general economic and market conditions; the Company's ability to manage and integrate new business lines; and other risks and uncertainties described in the Company's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
The forward-looking statements in this press release speak only as of the date hereof. Except as required by applicable law, the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on forward-looking statements.
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