Algorhythm Appoints New Independent Director

Company Adds 30-Year IBM Executive and Operations Expert to Board

Fort Lauderdale, FL, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. (the “Company”) (NASDAQ: RIME) – a diversified holding company and owner of Azure Holdings, a renewable power plant developer, and SemiCab Holdings, an AI-enabled logistics provider, today formally introduced its newest independent director, Greg Smith.

Mr. Smith is a highly accomplished executive in the technology industry, having spent his entire professional career with IBM. In the later years of his tenure at IBM, Mr. Smith managed multi-country organizations with direct responsibility for an annual budget of $2 billion.

Mr. Smith was recognized for his management acumen early in his career, having been promoted to an engineering management position within three years of joining IBM. Over the ensuing 30 years, Mr. Smith assumed progressively greater managerial roles within the organization, with a focus and area of expertise on business process management, and received both his PMI project management certification and IBM Project Management Executive Certification. Mr. Smith has received various IBM recognitions, including a Global Supply Chain Leadership Award. Mr. Smith received his BS in Aeronautics and a Master of Business Administration from San Jose State University.

“We are pleased to formally welcome Greg to our Board of Directors,” commented Andrew Thompson, our CEO. “Greg brings a tremendous understanding of organizational structure, as well as of creating and managing high-value client relationships. Most importantly, we expect he will help us establish a strong focus on accountability and a results-driven culture across the Algorhythm portfolio of companies.”

“In addition, Greg was a key part of the technology ecosystem that rapidly grew from the 1990s to the 2010s. He has a deep understanding of the macro forces driving the AI data center boom, and we believe his insights will be invaluable as we seek new growth opportunities to deliver power to data center infrastructure sites across the United States using our renewable biomass power plant solutions,” concluded Mr. Thompson.

About Algorhythm Holdings

Algorhythm Holdings, Inc. is a holding company with two primary assets, Azure Holdings and SemiCab Holdings. Azure Holdings, dba Azure Energy (“Azure”), is a developer of renewable biomass power generation infrastructure. Its team, including its co-founders, consists of some of the most experienced biomass power plant experts in the U.S. today. Collectively, this team has designed and built 72 facilities generating 17.5 GW of renewable power to date. Azure was launched in 2025 and has already secured equity participation, which management estimates to have a net present value of over $220 million, in multiple power plants currently under construction in the U.S. Azure has significant fee-based consulting revenues under multi-year contracts and is generating positive EBITDA. For additional information, please go to: http://www.azure-energy.co.

Algorhythm Holdings, Inc. also owns and operates SemiCab, an AI-enabled logistics software provider. Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address common supply-chain problems globally. Its AI-enabled, cloud-based Collaborative Transportation Platform is designed to provide the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners to orchestrate collaboration across manufacturers, retailers, distributors, and their carriers. SemiCab uses AI/ML predictions and advanced predictive optimization models to enable fully loaded round trips. With SemiCab’s AI platform, shippers pay less and carriers make more without having to change a thing. For additional information, please go to: http://www.semicab.com.

Investor Relations Contact

Brendan Hopkins
407-645-5295
investors@algoholdings.com
www.algoholdings.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “seeks,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. Forward-looking statements in this press release include, without limitation, statements regarding Mr. Smith’s expected contributions to the Company, the Company’s growth opportunities, including in supplying power to data center infrastructure, and the estimated value of Azure’s equity participation in power plants under construction. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports to the SEC, including, without limitation, the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent Quarterly Reports on Form 10-Q. You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.