GENAI Closes Acquisition of AI Compute Business and Repricing of Conversion Price of Convertible Debentures

Generative AI Solutions is pleased to announce that it closed its previously announced acquisition of AI compute business, Pulse AI Compute Solutions

As announced in the Company’s news release, GenAI entered into a share purchase agreement dated with Minework Technologies Pte Ltd. (“Minework”), pursuant to which, subject to the satisfaction of certain conditions to closing, GenAI’s wholly-owned subsidiary, MAI Cloud Solutions Inc. (“MAI Cloud”), agreed to purchase all of the issued and outstanding shares (the “Purchased Shares”) in the authorized share structure of Pulse AI, which were held by Minework (the “Transaction”).

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MAI Cloud acquired the Purchased Shares from Minework for an aggregate purchase price of in the authorized share structure of GenAI (the “GenAI Shares”) at a deemed price per share of $0.92 per GenAI Share (the “GenAI Share Price”), being the closing price of the GenAI Shares on the Canadian Securities Exchange (the “CSE”) on June 13, 2023. The Consideration Shares issued by GenAI to Minework in full satisfaction of the Purchase Price are subject to a contractual restriction whereby Minework may not trade any such Consideration Shares for a period of 12 months following the date of the Closing (the “Closing Date”).

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The Company also announces that it has amended (the “Amendment”) the conversion price of the convertible debenture (the “Convertible Debenture”) issued in connection with the Company’s acquisition of Global AI B****** Corp. (“Global AI B******”), which was previously disclosed in the Company’s news releases dated May 2, 2023 and May 10, 2023. Pursuant to the Amendment, the Convertible Debenture, which has a principal amount of US$500,000 and bears an interest rate of 5% per year, is now convertible to GenAI Shares at a price of $0.79 per GenAI Share. Global AI B****** was acquired on May 10, 2023, and has a primary asset of a 10% ownership interest in Remitz, Inc. (“Remitz”). Remitz is a company that was formed in 2022 with the primary purpose of servicing the healthcare space by providing a AI-powered b****** and receivable management service to large healthcare providers. The software utilized by Remitz was initially created during the Covid-19 pandemic to streamline the b****** process between Americans obtaining Covid-19 testing and insurance providers paying for these tests. During the time that the software was used for billings related to Covid-19 testing, it was utilized in billings of over $100 million, with over 1 million claims successfully collected (based on unaudited numbers provided by Remitz at the time of the closing). In 2023, Remitz acquired and upgraded the software and is now utilizing it to facilitate the collection of denied medical insurance claims for large health care providers. In addition, Remitz is seeking to expand the use of its software by utilizing sales channel partners to implement the software into additional healthcare providers. The software utilizes artificial intelligence and is integrated with existing healthcare systems, including 600,000 healthcare providers, 50,000 healthcare clinics, and over 4,200 hospitals. With access to the medical records of more than 270 million patients, in-depth reporting tools, and detailed demographic information, Remitz believes that its AI-powered software has a strong competitive advantage in collecting on denied claims.

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