GENAI Completes Acquisition of Medical AI B****** Company and Enters Into Marketing Agreement

Generative AI Solutions Corp. is pleased to announce that it today has entered into a definitive agreement to acquire, and has completed the acquisition of, all of the outstanding securities of Global AI B****** Corp. (“Global AI B******”) for 7.5 million common shares of GenAI (“GenAI Shares”) and the assumption by GenAI of US$1.25 million in existing liabilities of Global AI B****** (the “Transaction”), based on the terms of the previously announced non-binding letter of intent that was signed on April 24, 2023 and announced on April 25, 2023. Global AI B******’s primary assets include the ownership of 10% in Remitz, Inc, (“Remitz”), a medical b****** provider that has developed proprietary artificial intelligence technology (“AI B******”) to efficiently collect outstanding receivables on behalf of medical organizations in the United States. To date the AI B****** system used in Remitz has billed over US$100 million at an estimated 40% Gross Margin and has serviced providers in respect of more than one million patients.

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Ryan Selby, CEO of GenAI, comments “The completion of this acquisition gives us a stake hold position in a company that has utilized AI technologies to assist collections in the medical industry in the United States. This acquisition is consistent with our goal is to develop and acquire strategic artificial intelligence assets that are used, among other things, to streamline operations for increased efficiencies and reduced costs. We are well equipped to not only assist such strategic acquisitions with additional development resources, but also develop artificial intelligence technologies internally using our team of AI experts.”

The Completed Transaction

The Transaction was completed substantively in a manner and subject to the terms set out in the previously announced non-binding Letter of Intent which was signed on April 24, 2023 and announced on April 25, 2023. Consistent with the non-binding Letter of Intent, GenAI acquired all of the securities of Global AI B****** in exchange for an aggregate of 7,500,000 GenAI Shares at a value of CDN$0.72 per share and the assumption of US$1.25 million in existing liabilities of Global AI B******, of which US$500,000 was reorganized as a convertible debenture of GenAI (the “Convertible Debenture”) on Closing.

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The Convertible Debenture bears 5% interest per year and is convertible into GenAI Shares at an exercise price of CDN$0.72 (the “Conversion Price”). Subject to applicable securities laws and the policies of the CSE, in the event a financing is completed by GenAI within 6 months of the Closing and the purchase price of securities in such financing is lower than the Conversion Price, the Conversion Price will be reduced to such purchase price. The Debenture has a term of 12 months and is secured against Global AI B******’s ownership interest in Remitz. The Company may also elect to satisfy the Convertible Debenture in full without payment by transferring from Global AI B****** 6.7% of the shares of Remitz of the 10% position it holds, to the holder of the Debenture.

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