Kelowna, British Columbia--(Newsfile Corp. - December 20, 2023) - Genesis Ai Corp. (CSE: AIG) (OTCQB: AIGFF) (the "Company") is pleased to provide progress on the development of our Ai mining exploration tool (GeoHarmony) and the development of our commercial forestry tool. (True Forest)
GeoHarmony - Ai Powered Mining Exploration Tool
Genesis Ai Corp has now coined the name GeoHarmony for our mining module and is moving into the sales cycle, based on the progress of development. The team has made progress in acquiring large data sets and laying the framework for our geological tools, including a wireframe for the dashboard and certain generative Ai tools to cleanse the data. Genesis is advancing contracts with several groups in the mining exploration sector, including gold, lithium and uranium, and we expect to move to the definitive agreement stage in early Q1 2024.
GeoHarmony will feature three tiers of service, running in a cloud-based environment with full customer support. GH-Lite, GH-Explore, and GH-Pro offer three unique levels of access in order to suit the needs and budgets of exploration and mining companies.
"With mineral exploration and deposit appraisal expenditures totaling over $4.1 billion in 2022 in Canada and over $11 billion worldwide, we expect GeoHarmony will bring game changing cost savings to the mining exploration community" says Project Director Brent Tolmie.
Genesis CEO Dev Randhawa says "I'm pleased with the progress the development team is making and I'm looking forward to moving into the post revenue phase in early 2024. Layering on sales and marketing is part of our goal for the first few quarters of the new year."
True Forest - Ai Powered Commercial Forestry Inventory Tool
Genesis Ai Corp has now coined the name True Forest for our forestry module and the team has made progress in acquiring granular data sets, laying the framework for assessing forests to bring them into a digital environment. Commercial discussions with several forest owners/managers have commenced and are expected to move to the definitive agreement stage in Q1 2024.
True Forest is specifically designed to use Ai and Machine Learning to create a more accurate inventory of forests than what is conventionally available. Using a combination of remote sensing, conventional datasets, and forest inventory field work, True Forest is creating an accurate model of the forest for commercial owners. True Forest has collected millions of parameters to build the training model that will help to power the SaaS product. This includes extensive boots on the ground inventory work using the internally released Tree Survey and Inventory app and extensive remote sensing drone flights.
"Currently industry spends hundreds of millions of dollars across North America for highly inaccurate models that rely on outdated datasets and historical assumptions" says Project Director Brent Tolmie. "Our goal is to provide a more accurate model with advanced user tools for half the cost. Accuracy is key and that will allow us to model many types of scenarios to the forest, to increase lumber production and carbon yield."
The product is intended for use by several segments of the forest industry including forest owners, forest products companies, and asset managers where understanding the value of their inventory is key. True Forest will be able to provide real time market pricing of the entire forest base, including API integration into sawmill order files.
CEO Dev Randhawa says "this represents a full circle journey for me, being brought up in a family where my father supported us through his work in a sawmill. Doing a better job in the forest is something I intend to pass on to my kids and all future generations."
About Genesis Ai Corp.
Genesis Ai is a proprietary generative Ai (artificial intelligence) model in development, building digital twins for real-world natural resources applications. Digital twins can be manipulated and studied in computer generated worlds, with the influence of deep machine learning and neural networks, providing disruptive real-world problem solving. Genesis Ai Corp. is pursuing opportunities in the precision geospatial, forestry analytics, and carbon sector through Ai.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dev Randhawa" President and Director
For further information, please contact: [email protected] Phone: 1-778-484-8028
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
The CSE does not accept responsibility for the adequacy or accuracy of this release.
