GenAI's Subsidiary MAI Cloud Receives Initial AI Equipment Payment

VANCOUVER, BC - In a significant development for Generative AI Solutions Corp. (GenAI), the company's wholly-owned subsidiary, MAI Cloud Solutions Inc. (MAI Cloud), has successfully obtained the first payment in the sum of approximately $143,000. This transaction is linked to the supply of artificial intelligence (AI) compute equipment to an established third-party customer based in Silicon Valley. This marks a crucial milestone under the supply agreement formulated on July 12th, 2023. Furthermore, it signifies the initiation of services according to the said agreement.

Details of the Supply Agreement

Under the terms of the Supply Agreement, MAI Cloud is committed to providing roughly 350,000 hours of AI compute services annually. These services utilize H100 graphics processing units and are expected to last up to seven years, a span referred to as the Term. The initial payment is a preliminary deposit equalling 10% of the first year's services as well as fees for the services provided in the first month of the Term.

Expansion and Future Prospects

The recent transaction is not the only advancement for GenAI as it is also forging ahead with plans to broaden its compute offerings. This expansion is in alignment with a memorandum of understanding (MOU) announced previously on August 25th, 2023. According to the MOU, GenAI is slated to procure and supply roughly 17 million additional hours of AI compute time per year to another third party, totaling approximately 85 million compute hours over five years.

GenAI's CEO, Ryan Selby, expressed that receipt of the first payment for services under the Supply Agreement is a positive signal for the company's revenue stream, which is anticipated to exceed $850,000 annually. Selby also noted that the expansion and various pursuits to boost revenues and profitability are expected to elevate the value for shareholders. The emphasis is on the growth of MAI Cloud and the burgeoning operations of AI compute time services, coupled with the variety of AI-powered solutions in development.

About Generative AI Solutions Corp.

Generative AI Solutions Corp., known as GenAI, is at the forefront of developing a vertically integrated AI solutions business. Its proprietary MAI Cloud™ platform is instrumental in creating and commercializing a wide range of AI-powered tools for diverse industries. GenAI's commitment to leveraging AI is aimed at devising products and solutions that revolutionize productivity, efficiency, and user experience across varied sectors.

Forward-Looking Statements

This publication contains forward-looking statements that involve estimates and assumptions which could change. These statements are not guarantees of future performance and are subject to risks and uncertainties. Investors are advised not to put undue reliance on these forecasts. Forward-looking statements presented here are based on current knowledge and subject to factors that could cause actual results to vary. Potential investors should exercise caution regarding any future-oriented financial information.

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