GLOBAL AI NEWSWIRE ACHIEVES FIRST AI NEWSWIRE BUSINESS MILESTONE
VANCOUVER, BC, May 15, 2023 /CNW/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (FSE: 99L.F) (OTC: AICOF) 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 (the "May 5 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 (the "Services Agreement"). Metachain is a private company that is focused on developing technologies in AI, blockchain, NFT's, crypto currency and the metaverse.
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."
On Behalf of the Board,
Ryan Selby
CEO, Director, and Chairman of the Board
Generative AI Solutions Corp.
Toll-free North America: +1-833-879-7632
Outside North America: +1-406-879-7632
[email protected]
www.genai-solutions.com
GenAI is a pioneering artificial intelligence company focused on developing transformative AI-powered tools for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of artificial intelligence to create transformative tools that benefit businesses and consumers across various industries. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI-based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our expertise in machine learning, natural language processing, and data analytics, we build versatile, high-performance tools that redefine efficiency, productivity, and user experience.
For more information on GenAI, please visit www.genai-solutions.com.
This news release contains "forward-looking information" which may include, but is not limited to, information with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, such as: the Company's expectations with respect to the development of the Newswire Product and the timing thereof; the ability of the Company to achieve remaining Business Milestones; the ability of the Company to commercialize the Newswire Product; the Company's ability to close other strategic acquisitions; the Company's ability to produce artificial intelligence tools and solutions; the ability of the Company to drive growth and profitability for consumers and businesses; and the opportunities for artificial intelligence in healthcare, finance, manufacturing, and logistics industries. Such forward-looking information is often, but not always, identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company.
Forward looking information involves known and unknown risks, uncertainties and other risk factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include risks related to the inability of Global AI Newswire to develop the Newswire Product on the expected timeline or at all, increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks, regulatory risks, financing, risks related to the regulation and oversight of artificial intelligence, capitalization and liquidity risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE GENERATIVE AI SOLUTIONS CORP.
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