Generative AI Solutions Corp. (“GenAI” or the “Company”) (CSE: AICO) (FSE: 99L.F) (OTC: AICOF) is pleased to announce that it has incorporated a new company called Global AI Newswire Inc. (“Global AI Newswire“) of which the Company owns 70% of the outstanding common shares. Global AI Newswire was created with the intention of developing a newswire service for investors that uses artificial intelligence (“AI“) to perform various functions related to press releases issued by companies listed on a public stock exchange (the “Newswire Product“). The Newswire Product is being developed to send real time press releases to users based on a condensed summarized format using artificial intelligence 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.
Global AI Newswire has engaged Metachain Technologies Inc. (“Metachain“) to perform the artificial intelligence development services with the goal of commercializing the Newswire Product over the next 90 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 artificial intelligence, blockchain, NFT’s, crypto currency and the metaverse.
In addition to an hourly fee to be determined by the parties, acting reasonably, upon the commencement of services, a one-time signing bonus of 250,000 shares of GenAI (“GenAI Shares“) at CDN$0.95 per share will be issued to Metachain pursuant to the Services Agreement. Additionally, in the event that Metachain achieves certain business milestones as listed below, GenAI will issue additional GenAI Shares to Metachain within 5 business days after the applicable business milestone is met as follows:
(a) Business Milestone #1 – 500,000 GenAI Shares when Global AI Newswire successfully completes a beta version of a newswire service using artificial intelligence including a website with login credentials and a minimum of 50 stock symbols to perform press release analysis using artificial intelligence;
(b) Business Milestone #2 – 500,000 GenAI Shares when Global AI Newswire successfully launches the press release service that lists all stock symbols for all companies listed on public stock exchanges in Canada and the United States;
(c) Business Milestone #3 – 500,000 GenAI Shares when Global AI Newswire successfully achieves a user base of 10,000 users; and
(d) Business Milestone #4 – 500,000 GenAI Shares when Global AI Newswire successfully achieves a user base of 100,000 users.
The share price for the above-listed shares will be based on the closing market price on the day immediately prior to the applicable business milestone being achieved.
Ryan Selby, CEO of GenAI, comments “I’m pleased to announce the incorporation of Global AI Newswire as a 70% owned subsidiary of GenAI, and the engagement of Metachain through Global AI Newswire as the lead developers for our upcoming Newswire Product. I am confident that Metachain has the required skills and expertise to develop an innovative and useful product, and I anticipate that we will have a market-ready deliverable within the next 90 days. This AI-driven solution has the potential to enable faster, more efficient decision-making for investors, businesses, and media professionals alike.
The launch of our Newswire Product will mark the third product in our suite of artificial intelligence offerings, including Classmate and Remitz. For more information on our AI products, visit our website at www.genai-solutions.com.”
