Generative AI Solutions Corp. is pleased to announce that Global AI Newswire Inc. (Global AI Newswire), of which GenAI holds 70% of the equity interest, has successfully completed beta version testing of its AI newswire service, initially in respect of 50 publicly-traded securities to perform press release analysis using its proprietary AI engine. Global AI Newswire was created with the intention of developing a newswire analysis service for investors that uses AI to perform various functions related to press releases issued by publicly-listed companies (the Newswire Product). The Newswire Product is being developed to send real time press releases to users based on a condensed summarized format using AI to predict key words that are most relevant in the news release, allowing users to more efficiently analyze press releases disseminated by the public companies they follow and to deliver real-time public company information more efficiently to those users.
As disclosed in the Company’s May 5, 2023 news release Global AI Newswire has engaged Metachain Technologies Inc. (Metachain) to perform AI development services with the intention of commercializing the Newswire Product over the next 80 days in accordance with a services agreement entered into between GenAI, Global AI Newswire and Metachain. Metachain is a private company that is focused on developing technologies in AI, blockchain, NFT’s, crypto currency and the metaverse.
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In the May 5 News Release, the Company disclosed various milestones set out in the Services Agreement. Pursuant to the Services Agreement, the achievement of Business Milestone #1 (as described in the May 5 News Release) will result in the issuance of 500,000 GenAI Shares to Metachain. The GenAI Shares will be issued to Metachain on or before May 23, 2023 at CDN$1.16 per share, which was the closing market price of the GenAI Shares on May 11, 2023.
Ryan Selby, CEO of GenAI, comments “I’m pleased to announce the achievement by Global AI Newswire of Business Milestone #1. This progress demonstrates that Metachain is on track with the development of our Global AI Newswire product and increases my confidence that we will have a market-ready deliverable within the next 80 days.”
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