MAI Cloud, a Subsidiary of GenAI, Acquires AI Compute Business
Generative AI Solutions Corp. has entered into a share purchase agreement with Minework Technologies Pte Ltd. for the acquisition of all issued and outstanding shares in the authorized share structure of Pulse AI Compute Solutions
Generative AI Solutions Corp. has entered into a share purchase agreement with Minework Technologies Pte Ltd. for the acquisition of all issued and outstanding shares in the authorized share structure of Pulse AI Compute Solutions
MAI Cloud, a Subsidiary of GenAI, Acquires AI Compute Business
Generative AI Solutions Corp. has announced that its subsidiary, MAI Cloud Solutions Inc., will purchase all of the issued and outstanding shares in Pulse AI Compute Solutions Inc. from Minework Technologies Pte Ltd for an aggregate purchase price of $1.5 million. The completion of the transaction is subject to certain conditions being met.
MAI Cloud will pay the Purchase Price to Minework through the issuance of 1,630,435 common shares in GenAI at a deemed price per share of $0.92 per GenAI Share. These Consideration Shares will be subject to a contractual restriction whereby Minework may not trade any such Consideration Shares for a period of 12 months following the Closing Date.
In addition to the Purchase Price, GenAI will pay Minework further amounts upon Pulse AI or GenAI entering into an agreement to provide services or products to certain customers and for each committed revenue generated by Pulse AI following the Closing Date.
The CEO of GenAI, Ryan Selby, states that the acquisition of Pulse AI is expected to provide MAI Cloud with at least one customer for its MAI Cloud™ service and has the potential to drive sustained revenue growth for the platform. He also notes that Pulse AI will be used as a vehicle to acquire H100 Graphics Processing Units from NVIDIA.
The closing date for this transaction is expected to occur on or about June 19, 2023. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.
Generative AI Solutions Corp is focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™ database with tools and solutions applicable across multiple industries. Its mission is to harness the power of AI to create transformative products and services that benefit businesses and consumers alike.
