GENAI ANNOUNCES TERMINATION OF SUPPLY AGREEMENT
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF) announced the termination of its GPU supply agreement with a Silicon Valley-based customer. The original agreement, announced on July 13, 2023, involved MAI Cloud Solutions providing approximately 350,000 hours per year of AI compute services using NVIDIA H100 GPUs. The termination, effective November 5, 2024, was mutually agreed upon due to the agreement's insufficient flexibility in the evolving AI market. Both parties plan to establish a new arrangement where the customer will market the equipment to its users for a sales commission, with remaining revenue flowing directly to GenAI.
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF) ha annunciato la terminazione del suo contratto di fornitura di GPU con un cliente della Silicon Valley. L'accordo originale, annunciato il 13 luglio 2023, prevedeva che MAI Cloud Solutions fornisse circa 350.000 ore all'anno di servizi di calcolo AI utilizzando GPU NVIDIA H100. La terminazione, efficace dal 5 novembre 2024, è stata concordata da entrambe le parti a causa della scarsa flessibilità dell'accordo nel mercato AI in evoluzione. Entrambe le parti prevedono di stabilire un nuovo accordo in cui il cliente commercializzerà l'attrezzatura ai suoi utenti per una commissione sulle vendite, con i ricavi rimanenti che fluiranno direttamente a GenAI.
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF) anunció la terminación de su acuerdo de suministro de GPU con un cliente de Silicon Valley. El acuerdo original, anunciado el 13 de julio de 2023, implicaba que MAI Cloud Solutions proporcionara aproximadamente 350,000 horas al año de servicios de computación AI utilizando GPUs NVIDIA H100. La terminación, efectiva a partir del 5 de noviembre de 2024, fue acordada mutuamente debido a la insuficiente flexibilidad del acuerdo en el mercado de la AI en evolución. Ambas partes planean establecer un nuevo arreglo donde el cliente comercializará el equipo a sus usuarios por una comisión de ventas, y los ingresos restantes fluirán directamente a GenAI.
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF)는 실리콘밸리 고객과의 GPU 공급 계약 종료를 발표했습니다. 2023년 7월 13일 발표된 원래 계약은 MAI Cloud Solutions가 NVIDIA H100 GPU를 사용하여 연간 약 350,000시간의 AI 컴퓨팅 서비스를 제공하는 것이 었습니다. 계약 해지는 2024년 11월 5일부터 유효하며, 발전하는 AI 시장에서 계약의 유연성이 부족하다는 이유로 상호 합의에 의해 이루어졌습니다. 양측은 고객이 사용자에게 장비를 판매하는 커미션의 형태로 마케팅할 새로운 계약을 체결할 계획이며, 나머지 수익은 GenAI에 직접 흐르게 됩니다.
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF) a annoncé la résiliation de son contrat de fourniture de GPU avec un client basé à Silicon Valley. Le contrat original, annoncé le 13 juillet 2023, prévoyait que MAI Cloud Solutions fournisse environ 350 000 heures par an de services de calcul IA utilisant les GPU NVIDIA H100. La résiliation, effective au 5 novembre 2024, a été convenue mutuellement en raison du manque de flexibilité de l'accord dans un marché de l'IA en évolution. Les deux parties prévoient d'établir un nouvel arrangement où le client commercialisera l'équipement auprès de ses utilisateurs pour une commission sur les ventes, les revenus restants étant reversés directement à GenAI.
Generative AI Solutions Corp (CSE: AICO, OTCQB: AICOF) hat die Beendigung seines GPU-Liefervertrags mit einem Kunden aus dem Silicon Valley bekannt gegeben. Der ursprüngliche Vertrag, der am 13. Juli 2023 bekannt gegeben wurde, umfasste, dass MAI Cloud Solutions etwa 350.000 Stunden pro Jahr an AI-Computing-Diensten mit NVIDIA H100 GPUs bereitstellt. Die Beendigung, die am 5. November 2024 wirksam wird, wurde einvernehmlich aufgrund der unzureichenden Flexibilität des Vertrags im sich entwickelnden AI-Markt vereinbart. Beide Parteien planen, eine neue Vereinbarung zu treffen, bei der der Kunde die Ausrüstung an seine Nutzer gegen eine Verkaufsprovision vermarktet, wobei die verbleibenden Einnahmen direkt an GenAI fließen.
- Company plans to transition to a potentially more profitable sales commission model
- Maintains business relationship with Silicon Valley customer through planned new agreement
- Early termination of major supply agreement affecting 350,000 hours of annual AI compute services
- Loss of guaranteed revenue stream from original supply contract
The Company previously announced in its July 13, 2023 press release that 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 NVIDIA H100 graphics processing units (the "Equipment"), subject to the terms and conditions of the Supply Agreement.
On November 5, 2024, the Company and the Customer agreed to jointly terminate the Supply Agreement (the "Termination"). The Termination was the result of the Supply Agreement being insufficiently flexible for the commercial requirements of the developing AI market, and the Customer and the Company expect to enter into a new agreement whereby the Customer will market the Equipment to its users for a sales commission, with the remaining revenue paid directly to the Company. The Company and the Customer had originally expected the Supply Agreement to remain in force for a longer term however the Supply Agreement was entered into during the infancy period of generative AI technology, and with the changing landscape of AI equipment supply and commercialization, the Company and the Customer are able to more efficiently market the Equipment under a new arrangement.
On Behalf of the Board of Directors,
Ryan Selby
CEO, Director, and Chairman of the Board of Directors
Generative AI Solutions Corp.
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info@genai-solutions.com
www.genai-solutions.com
ABOUT GENERATIVE AI SOLUTIONS CORP.
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.
For more information on GenAI, please visit www.genai-solutions.com.
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SOURCE GENERATIVE AI SOLUTIONS CORP.
FAQ
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