VANCOUVER, BC, Nov. 7, 2023 /CNW/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (OTCQB: AICOF) is pleased to announce that further to the Company's previous announcement in its July 13, 2023 press release, its wholly owned subsidiary, MAI Cloud Solutions Inc. ("MAI Cloud"), had entered into a purchase agreement dated July 12, 2023 (the "Supply Agreement") with an arm's length third-party customer headquartered in Silicon Valley (the "Customer"), pursuant to which, among other things, MAI Cloud agreed to provide the Customer with access to approximately 350,000 hours per year of artificial intelligence ("AI") compute services (the "Services") using H100 graphics processing units (the "Equipment") for a period of up to seven years subject to the terms and conditions of the Supply Agreement.
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The Equipment has now been installed at the hosting facility and was tested and validated by the Customer. All of the Equipment went online and became fully operational with full functionality available to the Customer at midnight on November 6, 2023. MAI Cloud has issued to the Customer an invoice in the amount of approximately $143,000, inclusive of a deposit of 10% of the first year's services in the amount of approximately $88,500 and an advance for services to be delivered in the month of November 2023 in the amount of approximately $54,500.
"The delivery of the Equipment is a pivotal step towards building a large-scale compute services business, and the Company intends to significantly increase its AI compute services to a greater number of users with more equipment coming online soon," said Ryan Selby, the Company's CEO. "We look forward to working with the AI community to bring to them a source of robust AI compute infrastructure, while delivering value to our shareholders as we grow."
GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud? platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI-based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud? platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience.
Trading in the securities of the Company should be considered highly speculative.
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (the "forward-looking statements"), within the meaning of applicable Canadian securities legislation, including statements relating to the completion of the Supply Agreement, the corresponding receipt of the revenue from the Customer; continued revenue from the sale of the Services, and the ability of the company to grow its AI compute line of business. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur.
While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, receipt of payments in accordance with the Supply Agreement, market acceptance and demand of the Company's technology and related products, the effects of general economic conditions, changing foreign exchange rates and actions by government and regulatory authorities, the future of the market for Company's programs and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.
