Business
Alset AI Enters into Definitive Agreement to Acquire Remaining Interest in Cedarcross Technologies (DBA Lyken.AI)
VANCOUVER, BC / ACCESS Newswire / June 27, 2025 /Alset AI Ventures Inc. (TSXV:GPUS)(OTC PINK:GPUSF)(FSE:1R60)(WKN:A3ESVQ)("Alset AI" or the "Company") an artificial intelligence ("AI") venture company advancing innovation through strategic investment ...
About this update from Alset Ai Ventures Inc
[{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / June 27, 2025 / Alset AI Ventures Inc. (TSXV:GPUS)(OTC PINK:GPUSF)(FSE:1R60)(WKN:A3ESVQ)("Alset AI" or the "Company") an artificial intelligence ("AI") venture company advancing innovation through strategic investment and cloud computing solutions pleased to announce, that it has entered into a definitive share exchange agreement (the "Share Exchange Agreement") to acquire the remaining 25% of the issued and outstanding common shares in the capital of in Cedarcross International Technologies Inc. ("Cedarcross"), a BC-based private AI cloud computing company now operating under the brand Lyken.AI ("Lyken"). Upon closing of the acquisition, Alset AI will hold 100% ownership of the flagship Platform-as-a-Service ("PaaS") compute platform.","length":849,"tagName":"p"},{"type":"text","content":""Completing this investment into Lyken.AI will be a major milestone for Alset," said Adam Ingrao, CEO of Alset AI. "We will be positioned to help accelerate the commercial launch of Lyken.AI's PaaS strategy, deepen integration with our partners, and invest to help scale Lyken rapidly to meet the increasing demand for domestic AI compute capacity. This transaction supports our goal to monetize infrastructure through value-added services and strategic alliances."","length":489,"tagName":"p"},{"type":"text","content":"Transaction DetailsPursuant to the terms of the Share Exchange Agreement, Alset will issue 7,000,000 common shares in the capital of the Company (each, a "Consideration Share") to the remaining shareholder of Cedarcross Technologies in exchange for approximately an additional 25% of the issued and outstanding shares of Cedarcross Technologies at a deemed price of $0.10 per Consideration Share for total deemed consideration of $700,000 CAD (the "Purchase Price"). No finder's fee is payable in connection with the acquisition. The acquisition is an arm's length transaction. The Acquisition is subject to approval of the TSX Venture Exchange.","length":674,"tagName":"p"},{"type":"text","content":"This transaction follows Alset AI's initial acquisition of a majority interest in Cedarcross on February 26, 2025 and its subsequent rebranding to Lyken.AI to better reflect the Company&#...