Kelowna, British Columbia–(Newsfile Corp. – November 22, 2023) – Genesis Ai Corp. (CSE: AIG) (OTCQB: AIGFF) (the "Company") is pleased to announce that effective November 18, 2023 it has entered into an Option Agreement to obtain the sole, immediate, exclusive and irrevocable six-month option to acquire 100% of the issued and outstanding shares of AI GeoIntelligence.
AI GeoIntelligence is a Denver-based firm specializing in the use of artificial intelligence to extract actionable insights from forest data obtained by remote sensing technologies.
AI GeoIntelligence will provide Genesis AI with access to its operations and significant pipeline of opportunities in the mining, carbon and geospatial analysis projects in Australia. Operations include the means of gathering, processing, and analyzing data, providing tree and plant speciation information, biomass for calculating carbon sink, tree health, and fuel loading. These digital twins are expected to drive advancements in early wildfire detection, rapid response, and sustainable land management, ultimately protecting lives, ecosystems and our planet.
"We are pleased to announce the signing of an option to acquire AI GeoIntelligence," said Devinder Randhawa, CEO of Genesis Ai, "as it will allow us to harness the best in the power of AI with the most advanced remote sensing technologies and techniques, providing Genesis Ai with an unparalleled capability. This represents executing on one of our strategic initiatives to expand beyond North America and into other high value markets that can benefit from our services."
"We're excited to deepen our partnership with Genesis Ai," said Christopher. D. Payne, CEO of AI GeoIntelligence, "Digital forests can provide vital intelligence to help protect and improve biological assets through improved carbon offsetting, forest management and wildfire mitigation."
Option Specifics
Genisis Ai Corp. will pay AI GeoIntelligence (3) USD $50,000 payments over the next 6 months in order to secure the option with payments as follows:
Payments. To maintain the Option in full force, the Optionee shall pay, on or before the dates stipulated below:
Payments may be accelerated at any time. Payments may be stopped after the first payment, however, in such event, this Option Agreement terminates.
Option Exercise. If the Optionee has duly made all three Payments to the Optionor in accordance with the provisions of section 5, the Optionee shall have the right but not the obligation to purchase 100% of the shares of Optionor on the basis of the following formula:
One (1) times the Optionor's share of expected revenue in any contract(s) if signed within 6 months of the Effective date, with such payment capped at US$5 million, and with such payment made as to 10% in cash and 90% in common shares of Optionee priced at a 10% discount to the closing price of the shares on the CSE as of the Effective date.
In the event there are no contracts signed within 6 months of the Effective date, and the Option is exercised, then the purchase price is US$1 million with payments being made as to 10% in cash and 90% in common shares of Optionee priced as per above formula.
If the Option has been exercised, and in the event a contract(s) is signed after 6 months and before 12 months of the Effective date, then a second payment of 0.5 times the Optionor's share of expected revenue shall be paid with such payment being made as to 10% in cash and 90% in common shares of Optionor priced at a 10% discount to the closing averages of the previous 10 day trades.
About Genesis AI Corp.
Genesis AI is a proprietary generative AI model in development, building digital twins for real-world natural resources applications. Digital twins can be manipulated and studied in computer generated worlds, with the influence of deep machine learning and neural networks, providing disruptive real-world problem solving. Genesis AI Corp. is pursuing opportunities in the precision geospatial, forestry analytics, mining exploration, carbon sector through AI. The company is also developing tools to help predict forest fire behavior, speed up response times when it most counts, and build more resilient forests through effective management. To learn more, visit https://www.genesisaicorp.com/.
About AI GeoIntelligence
Founded by a team of experts with deep experience in remote sensing, AI GeoIntelligence is at the forefront of utilizing artificial intelligence to extract actionable insights from data gathered by state-of-the-art remote sensing tools such as airborne LIDAR and Hyperspectral Imagery. LIDAR is a proven technology for obtaining three-dimensional geospatial information. The company uses spectral signatures to classify tree species and other vegetation types with unprecedented accuracy. Its AI-based analytic models can reliably and cost-effectively provide critical forest information at different scales-from the individual tree to the overall landscape. To learn more, visit https://aigeointelligence.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dev Randhawa"
President and Director
For further information, please contact:
Jamie Bannerman
Phone : 1-250-868-6553
info@genesisaicorp.com
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking statements.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188340
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