UGRO: urban-gro, Inc. (Nasdaq: UGRO) Locks Full Five-Franchise Lineup for Lanka Premier League Season 6; New Ownership Named for Kandy Royals, SC Jaffna Kings, and Colombo Kaps Ahead of July–August 2026 Tournament

Season 6 franchise lineup finalized with Sri Lanka Cricket and The IPG Group; Kandy Royals LLC, U.S.-based investors, set to take ownership of the Kandy Royals franchise, Sports Commune FZC to own SC Jaffna Kings, Witness Sports Alliance LLC to lead Colombo Kaps, Desilva Holdings to own Dambulla Sixers, and Gallant Sports and Media LLC to own Galle Gallants; UGRO positioned across LPL media, sponsorship, and activation economics through subsidiary Innovative Production Group FZ, LLC

LAFAYETTE, Colo., May 18, 2026 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), operating through Flash Sports & Media, Inc., today noted public announcements regarding the finalization of the franchise lineup for Lanka Premier League (“LPL”) Season 6, including confirmation of new ownership groups for three of the league’s franchises. The sixth edition is scheduled for July and August 2026, owned by Sri Lanka Cricket (“SLC”) and conducted in partnership with Innovative Production Group FZ, LLC (“IPG”). The Company participates through its subsidiary IPG under existing commercial arrangements and does not own, operate, or control the league or any franchise.

Season 6 — Franchise Lineup

Public announcements have confirmed five franchises for LPL Season 6, including new ownership groups for the Kandy, Jaffna, and Colombo franchises:

New Franchise Ownership

Kandy franchise. The Kandy franchise is expected to be owned by Sandhya Ajjarapu and Kavya Ajjarapu, U.S.-based investors, subject to league approval and customary conditions. Sandhya Ajjarapu is a U.S.-based investor and entrepreneur with interests across healthcare, biotechnology, pharmaceuticals, information technology, media, and emerging industries. Based in Florida, she holds equity positions in several publicly traded companies listed on U.S. exchanges. Over the past decade, she has built her investment portfolio alongside her husband, Suren Ajjarapu, an experienced entrepreneur and corporate executive with a strong track record in leading public and private companies. She has also served in leadership roles within privately held companies and remains actively committed to philanthropy, supporting charitable initiatives in both the United States and India, particularly in the areas of community health and education. Kavya Ajjarapu is a U.S.-based investor who joins as co-owner of the Kandy franchise. Together, the Ajjarapus bring long-term capital, governance experience from public-company shareholding, and a commitment to building sport as a vehicle for community impact. The ownership group currently owns an existing basketball franchise and is now acquiring the Kandy franchise in the Lanka Premier League.

Jaffna Kings. As publicly reported, the SC Jaffna Kings franchise will come under the ownership of Sports Commune FZC, led by Manjot Kalra and Mayank Goel, ahead of LPL Season 6. The franchise will participate within the league ecosystem operated via IPG platform under urban-gro, Inc. and Flash Sports & Media, Inc.

Colombo Kaps. As publicly reported, the Colombo Kaps franchise is now under the leadership of Witness Sports Alliance LLC, led by Saranyan Palaniswamy and K.C. Shyam Kangayan, ahead of LPL Season 6. The franchise will participate within the league ecosystem operated via the Innovative Production Group FZ, LLC platform under urban-gro, Inc. and Flash Sports & Media, Inc.

Dambulla Sixers. The Dambulla Sixers franchise is owned by Desilva Holdings, led by Priyanga De Silva. Priyanga De Silva is a U.S.-based business leader, investor, and Director at Desilva Holdings, where he plays an active role in guiding the group’s strategic direction and overseeing its broader business interests. With a strong foundation in business leadership and investment, he has been involved in supporting and developing ventures across multiple sectors, with a focus on sustainable growth, operational discipline, and long-term value creation. Since 2024, he has served as an owner of the Dambulla Sixers in the Lanka Premier League, contributing to the franchise’s strategic development, commercial growth, and long-term sporting vision, with a strong emphasis on professionalism and sustainability.

Galle Gallants. The Galle Gallants franchise is owned by Gallant Sports and Media LLC, led by Kiran Mantripragada and Uday Kiran Namballa. Kiran Mantripragada serves as lead Owner and Principal, driving the overall strategy with a focus on cricketing operations, commercial growth, and building media partnerships. Uday Kiran Namballa partners as co-owner, supporting the venture’s strategic and operational direction. Together, they established Gallant Sports and Media LLC as a dedicated entity for sports team ownership and related media activities, with a commitment to long-term value creation through disciplined operations, talent development, and sustainable commercial models.

Strategic Context for UGRO

Following its combination with Flash Sports & Media, Inc. and the integration of IPG, the Company participates in the LPL as a sports, media, and experiential platform, with exposure to the tournament’s media, sponsorship, and on-ground activations through its contractual arrangements with the league. LPL Season 6 represents the first full season under the Company’s current operating structure following the IPG integration. The identity of any franchise owner is determined by the league and the relevant franchise, and not by the Company. Actual revenues will depend on the specific terms of the Company’s contractual arrangements and on overall tournament outcomes, and may differ materially from any industry-level references included in this release.

Industry Context (Third-Party Data)

For general reference only, third-party reports describe T20 cricket as a high-engagement global format with an estimated fan base of approximately 2.5 billion across South Asia, Southeast Asia, the Caribbean, the United Kingdom, and other markets. IPL media rights, for a mature comparable league, have been reported at over USD 6 billion for a five-year cycle. Industry estimates have referenced local economic impact for prior LPL seasons in the USD 25–30 million range. These figures relate to the broader industry or other leagues and are not a projection of the Company’s financial results, revenues, or economic impact from LPL Season 6, and should not be relied on as such.

Independent Media Coverage

Newswire, a Sri Lankan news outlet, reported on 15 May 2026 that the Jaffna Kings franchise will come under the ownership of Sports Commune, led by Manjot Kalra and Mayank Goel, ahead of Lanka Premier League Season 6, and noted that the franchise will participate within the league ecosystem operated via the Innovative Production Group FZ, LLC platform under urban-gro, Inc. and Flash Sports & Media, Inc. The full Newswire article is available at https://www.newswire.lk/2026/05/15/new-owners-announced-for-jaffna-kings-ahead-of-lpl-season-6/.

Disclaimer

The Company does not own, operate, or control the Lanka Premier League, its franchises, any franchise ownership group, or any governing body. References to franchise ownership, including the Kandy Royals, Jaffna Kings, and Colombo Kaps, reflect announcements made by the relevant franchises, ownership groups, the league, or third-party media, and are provided solely for general context. The Company’s involvement is limited to its contractual rights and services through Innovative Production Group FZ, LLC and related commercial arrangements. References to league operations, franchise ownership, player participation, market size, or economic impact are based on third-party information or industry estimates. The Company’s actual revenues, if any, will depend on its contractual arrangements and may differ materially from industry metrics referenced herein. Nothing in this press release constitutes an offer to sell, or a solicitation of an offer to buy, any securities.

About urban-gro, Inc.

Following its combination with Flash Sports & Media, Inc. (“Flash”) and the integration of Innovative Production Group FZ, LLC, urban-gro, Inc. is a diversified sports, media, and experiential marketing platform focused on the creation, production, and monetization of live events, original content, and branded fan experiences. The Company operates across multiple sports and entertainment verticals, leveraging proprietary intellectual property, strategic partnerships, and experiential activations to engage audiences and deliver value for brands, sponsors, and media partners.

About Lanka Premier League

The Lanka Premier League is a professional T20 cricket tournament bringing together Sri Lankan and international players. The league is owned by Sri Lanka Cricket and operated in partnership with The IPG Group, its official event rights holder. Season 6 is scheduled to take place during July and August 2026. For additional information, visit: https://srilankacricket.lk

About Twenty20 Cricket

Twenty20 (T20) is a format of cricket in which each team plays a maximum of 20 overs. Introduced by the England and Wales Cricket Board in 2003, T20 matches are typically completed in approximately three and a half hours. For more information, visit: http://www.t20worldcup.com

Investor Relations Contact

Investors@flashsm.com

Company Websites

https://flashsportsandmedia.com

https://www.theipggroup.com

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations, beliefs, or intentions relating to its participation in the Lanka Premier League, the anticipated benefits of its business combination with Flash Sports & Media, Inc., the development and commercialization of sports and media platforms, potential sponsorship, media rights and commercial opportunities, anticipated market size and growth, projected economic impact of the Lanka Premier League, and the Company’s ability to generate revenues from its activities. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “may,” “will,” “could,” “seek,” “estimate,” “potential,” or similar expressions.

These forward-looking statements are based on current expectations, estimates, and assumptions and involve known and unknown risks and uncertainties that could cause actual results and outcomes to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, without limitation: the Company’s limited role and lack of control over the operations, scheduling, governance, ownership, and commercial activities of the Lanka Premier League and its franchises; the Company’s reliance on third-party partners, including Innovative Production Group FZ, LLC and other counterparties, to perform under contractual arrangements; uncertainties regarding the participation, availability, or continued involvement of franchise owners, players, ambassadors, or other talent referenced in this press release; the possibility that anticipated sponsorships, media rights arrangements, or other commercial opportunities may not materialize or may be delayed; the extent to which the Company is able to generate revenues, if any, from its involvement in the Lanka Premier League; risks relating to the integration of Flash Sports & Media, Inc. and the Company’s ability to realize anticipated synergies; the Company’s ability to develop, monetize, and scale its sports, media, and experiential business lines; the timing and success of expansion into new markets; the Company’s ability to establish or maintain strategic relationships and commercial arrangements; the extent to which industry developments referenced in this press release translate into opportunities for the Company; general economic, market, and industry conditions; competitive dynamics within the sports and media sectors; international, geopolitical, and regulatory risks associated with global sporting events; and the Company’s ability to maintain compliance with applicable listing standards of The Nasdaq Stock Market LLC.

In addition, certain market, industry, and economic data referenced in this press release are based on third-party sources and estimates that the Company believes to be reliable, but the Company has not independently verified such information and makes no representation as to its accuracy or completeness. References to franchise ownership and related individuals are based on third-party announcements and media reports that the Company has not independently verified.

Additional factors that could cause actual results to differ materially from those described in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as other filings with the Securities and Exchange Commission, which are available at www.sec.gov.

Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Source: urban-gro, Inc. (Nasdaq: UGRO)