GENAI SUBSIDIARY ENTERS FRAMEWORK SERVICES AGREEMENT

Rhea-AI Summary

Generative AI Solutions Corp. announces a framework services agreement with a Cloud, GPU, and AI Infrastructure services provider through its subsidiary, MAI Cloud Solutions Inc. The Provider will deploy GPU infrastructure as a service to MAI Cloud for five years, with potential revenue from reselling compute time on the GPUs.

VANCOUVER, BC, March 13, 2024 /PRNewswire/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (OTCQB: AICOF) is pleased to announce that its wholly-owned subsidiary, MAI Cloud Solutions Inc. ("MAI Cloud"), has entered into a framework services agreement dated March 7, 2024 (the "Services Agreement") with a Cloud, GPU ("Graphics Processing Unit") and AI Infrastructure services provider (the "Provider"), pursuant to which, the Provider has agreed to, among other things, provide the deployment of GPU infrastructure as a service (the "Service") to MAI Cloud for a period of five years (the "Initial Term"), subject to the terms and conditions of the Services Agreement.

Pursuant to the Services Agreement, the Provider is expected to complete the deployment of the full GPU infrastructure in several stages, over a period of 36 months from the date of the Services Agreement (the "Effective Date") and will deliver AI Infrastructure as service to MAI Cloud for a period of 60 months from each stage services activation date. MAI Cloud retains the right to extend the Initial Term for successive two year periods ("Extension Periods") and to unilaterally terminate the Services Agreement during the Initial Term or any Extension Periods upon 120 days' written notice to the Provider. The Service Agreement may also be terminated by the Provider or MAI Cloud upon 30 days' written notice, in event of default or breach of contractual obligations in the Services Agreement by either party.

Entering into the Services Agreement is a step forward in GenAI's engagement in diversified AI operations, and GenAI anticipates reselling a significant portion of the compute time on the GPUs provided under the Services Agreement to third parties at market rates, creating a diversified revenue stream for GenAI to complement its existing business lines. The actual revenue to be realized by GenAI in respect of the Services Agreement is subject to the value, manner and type of resale arrangement in respect of the Services to be provided by GenAI to third parties.

On Behalf of the Board of Directors,‎
Ryan Selby

CEO, Director, and Chairman of the Board of Directors

Generative AI Solutions Corp.
Toll-free North America: +1-833-879-7632‎
Outside North America: +1-406-879-7632
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.

Trading in the securities of the Company should be considered highly speculative.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Forward-looking information in this news release are based on certain assumptions and expected future events. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 

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SOURCE GENERATIVE AI SOLUTIONS CORP.

FAQ

What agreement did Generative AI Solutions Corp. enter into?

Generative AI Solutions Corp. entered into a framework services agreement with a Cloud, GPU, and AI Infrastructure services provider through its subsidiary, MAI Cloud Solutions Inc.

What services will the Provider offer to MAI Cloud?

The Provider will provide the deployment of GPU infrastructure as a service to MAI Cloud for a period of five years.

How long is the Initial Term of the Services Agreement?

The Initial Term of the Services Agreement is for a period of five years.

Can MAI Cloud extend the Initial Term of the Services Agreement?

MAI Cloud retains the right to extend the Initial Term for successive two-year periods.

What potential revenue stream does GenAI anticipate from the Services Agreement?

GenAI anticipates reselling a significant portion of the compute time on the GPUs provided under the Services Agreement to third parties at market rates, creating a diversified revenue stream.