GENERATIVE AI SOLUTIONS CORP. (formerly Idle Lifestyle Inc.) Announces Change of Name and Effective Date For Share Consolidation and Provides Updated on Potential Transaction
Generative AI Solutions Corp. (formerly Idle Lifestyle Solutions Inc.) announced a name change to reflect a new focus on artificial intelligence and machine learning. This change will take effect on February 13, 2023, along with a share consolidation, converting 30 pre-consolidated shares into 1 post-consolidated share. Approximately 4.7 million Subordinate Shares will be outstanding post-consolidation. The company also provided an update on a potential business transaction in the AI technology sector, continuing negotiations for a definitive agreement. Share trading is halted pending documentation for the proposed transaction.
- Company rebranding to Generative AI Solutions Corp. aligns with strategic focus on AI.
- Post-consolidation capital structure aims to improve stock performance.
- Ongoing negotiations for a business combination in the AI space could enhance growth potential.
- Share trading is currently halted, which may impact liquidity.
- No assurance that the proposed business transaction will be completed.
As a result of the Consolidation, on the Effective Date, a total of approximately 4,733,696 Subordinate Shares will be issued and outstanding, subject to adjustments for rounding, and approximately 815.670 Multiple Voting Shares will be issued and outstanding with approximately 1,228,680 Subordinate Shares reserved for issuance. No fractional Subordinate Shares will be issued, and any post-Consolidation fraction of a Subordinate Share will be rounded to the nearest whole number of Subordinate Shares. The trading symbol remains as "IDLE.X". A new CUSIP number has been issued for the post-Consolidation Subordinate Shares, being 37149M105.
The exercise or conversion price and the number of Subordinate Shares issuable under any of the Company's outstanding convertible instruments will be proportionately adjusted upon the effectiveness of the Consolidation.
Shareholders of record as of the Effective Date who hold Subordinate Shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the transfer agent for the Company,
The Company also is pleased to provide an update on the status of the potential business combination transaction in the artificial intelligence technology space, which was announced in the Company's
In anticipation of the Company entering into the Transaction Agreement in the near-term, and the Proposed Transaction being likely to constitute a fundamental change in accordance with the policies of the CSE, trading in the Subordinate Shares has been halted in accordance with the policies of the CSE and will remain halted until such time as all required documentation in connection with the Proposed Transaction has been filed with and accepted by the CSE and the resumption of trading has been approved.
On Behalf of the Board
CEO & Director
Outside North Amercia: +1-406-879-7632
investors@idle-lifestyle.com
www.idle-lifestyle.com
Forward-Looking Information
This news release contains "forward-looking information" which may include, but is not limited to, information with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Such forward-looking information includes, among other things, information regarding: the Company's plans and strategies; and future contributions by the newly appointed officer and director. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company.
Forward looking information involves known and unknown risks, uncertainties and other risk factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, financing, capitalization and liquidity risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
View original content:SOURCE
FAQ
What is the new name of IDLSF after the rebranding?
When will the name change for IDLSF become effective?
What is the share consolidation ratio for IDLSF?
How many Subordinate Shares will be outstanding after consolidation?
Is there a timeline for the proposed business transaction for IDLSF?
What is the trading status of IDLSF shares currently?
