Business
Alset AI Provides Corporate and Operational Update
News Release Highlights: Alset AI is poised to receive CAD$3.7 million plus interest from ...
About this update from Alset Ai Ventures Inc
[{"type":"text","content":"Alset AI Provides Corporate and Operational UpdateNews Release Highlights:Alset AI is poised to receive CAD$3.7 million plus interest from its portfolio company, Cedarcross, in repayment of a secured loan, strengthening Alset's balance sheet and enhancing its capacity to pursue additional artificial intelligence investments.Alset AI's portfolio company Cedarcross secures an agreement to sell thirteen (13) Nvidia H100 HGX 8GPU servers to Ceti AI for an aggregate purchase price of approximately CAD$5,828,665.Alset AI's portfolio company, Cedarcross, finalizes an amended two-year AI compute leasing agreement. VANCOUVER, BC / ACCESSWIRE / August 29, 2024 / Alset AI Ventures Inc.(TSXV:KSUM)(OTC:ALSCF)(FSE:1R60, WKN:A3ESVQ)(\"Alset AI\" or the \"Company\") is pleased to provide its shareholders with a corporate and operational update.Portfolio Company Business UpdatesAI Server Sale and Partial Exercise of Previously Announced OptionThe Company is pleased to announce that its portfolio company, Cedarcross International Technologies Inc. (\"Cedarcross\"), has entered into an agreement with an arm's length counterparty, Big Energy Investments Inc., DBA Ceti AI (\"Ceti AI\"), dated August 15, 2024, to sell thirteen (13) Nvidia H100 HGX 8GPU servers (the \"Devices\")for an aggregate purchase price of USD$4,254,500 (approximately CAD$5,828,665)(the \"Purchase Agreement\").Eight (8) of the thirteen (13) Devices being sold are derived from Cedarcross' existing inventory of 10 Devices. The purchase price allocated to the sale of these existing Devices is USD$2,579,500 (approximately CAD$3,533,915) plus applicable taxes. Payments for these Devices will be made in various installments between August 15, 2024 and November 15, 2024. Pursuant to the terms of the Purchase Agreement, Ceti AI will acquire five (5) additional Devices, all of which will be sourced from the original equipment manufacturer and subsequently sold to Ceti AI (the \"Sourced Servers\"). Further to the Company's news release dated June 13, 2024, the Sourced Servers constitute partial exercise of Ceti AI's option to acquire up to 200 Nvidia H100 HGX 8GPU servers. The purchase price allocated to the same of the Sourced Servers is USD$1,675,000 (approximately CAD$2,294,750).On August 17, 2024, Cedarcross and Ceti AI entered into an addendum agreement (the \"Addendum Agreement\") p...