Genesis Signs LOI to Perform Wildfire Analysis in Harrison Hot Springs, BC

Rhea-AI Summary

Genesis AI Corp. signs a Letter of Intent to provide wildfire mitigation risk assessments for a development in Cogburn Creek, BC. The project involves using on-site and remotely acquired data to analyze wildfire risks and costs for protection techniques. The company aims to create a training model for future projects and expand its services across North America.

Kelowna, British Columbia--(Newsfile Corp. - April 9, 2024) - Genesis AI Corp. (CSE: AIG) (OTCQB: AIGFF) (the "Company")  is pleased to announce the signing of a Letter of Intent to provide wildfire mitigation risk assessments at Cogburn Creek, BC for a proposed 300 unit development and existing recreational operation.

The first phase of analysis will commence next week, using a mix of on site acquired data from drone based LiDAR and multispectral imaging and remotely acquired satellite data from AIRBUS (GEOINT - Airbus U.S. Space & Defense, Inc. (airbusus.com)). The expected outcome of the analysis is a detailed report that outlines the risk of wildfire, the probable path the wildfire will take, and the cost to perform "FireSmart" protection techniques to build resilience against wildfire. The project involves the collection of 900 hectares (2,224 acres) of high-resolution data that will be used as an ai training model for other projects.

Since the site is adjacent to a well-known, busy forestry recreation site (Cogburn Beach) maintained by the Province of British Columbia - Ministry of Forests, the analysis will be provided to demonstrate the cost of creating a non-combustable zone, thinning and pruning of existing forest, and removal of coarse woody debris on the forest floor.

CEO Devinder Randhawa says, "we are pleased to be moving ahead with our first wildfire project, using this as a template for other communities across North America. As a long-term resident of Kelowna, I have witnessed firsthand the devastation caused by the wildfires last year and in 2003. We are working to help communities quantify the cost of resilience and giving actionable intelligence to those affected."

Project Director Brent Tolmie says, "we will be reaching out to every high-risk community across British Columbia to start with, demonstrating our unique service that not only provides analysis of the risk, but also quantifies the cost of treating areas. Our mid term plan is to work to crowd source risk information and develop a contractor portal where we not only define cost but also help communities get this work done."

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About Genesis AI Corp.

Genesis AI Corp. is pursuing opportunities in the precision geospatial, forestry analytics, and carbon sector through AI. Woodlands.ai is a generative AI natural resources model in development, building digital twins of real-world forests.
   Digital forests can be manipulated and studied in computer generated worlds, with the influence of deep machine learning, neural networks, and artificial intelligence. Digital forest technology has many applications including carbon offsetting, forest and land management and wildfire protection.

ON BEHALF OF THE BOARD

"Dev Randhawa"
Dev Randhawa, CEO

For further information, please contact:

Jamie Bannerman - Director.
Phone: 1-250-868-6553
info@genesisaicorp.com

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including statements regarding the Private placement and the proposed Debt Settlement and the issuance of Common Shares which are based upon Genesis' current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-Looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-Looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. The forward-looking statements are expectations only and are subject to known and unknown, risks, uncertainties and other important factors that could cause actual results of the Company or industry results to differ materially from future results, performance or achievements. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Genesis does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. New factors emerge from time to time, and it is not possible for Genesis to predict all such factors.

When considering these forward-looking statements, readers should keep in mind the risk factors and other cautionary statements as set out in the materials we file with applicable Canadian securities regulatory authorities on SEDAR at www.sedarplus.ca including our Management's Discussion and Analysis for the year ended June 30, 2022. These risk factors and other factors could cause actual events or results to differ materially from those described in any forward-looking information.

The CSE does not accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204783

FAQ

What is the purpose of the Letter of Intent signed by Genesis AI Corp.?

The purpose is to provide wildfire mitigation risk assessments for a proposed 300 unit development and existing recreational operation at Cogburn Creek, BC.

How will the analysis be conducted for the project?

The analysis will involve a mix of on-site acquired data from drone-based LiDAR and multispectral imaging, as well as remotely acquired satellite data from AIRBUS.

What is the expected outcome of the analysis?

The expected outcome is a detailed report outlining the risk of wildfire, the probable path the wildfire will take, and the cost to perform 'FireSmart' protection techniques.

What is the CEO, Devinder Randhawa, aiming to achieve with this project?

Devinder Randhawa aims to use this project as a template for other communities across North America to help quantify the cost of resilience and provide actionable intelligence to those affected by wildfires.

What is the mid-term plan of Genesis AI Corp. regarding high-risk communities in British Columbia?

The mid-term plan is to reach out to every high-risk community in British Columbia, demonstrate their unique service, and develop a contractor portal to define costs and assist communities in getting the necessary work done.