GENAI ANNOUNCES RECEIPT OF FIRST PAYMENT UNDER MAI CLOUD SUPPLY AGREEMENT
VANCOUVER, BC, Nov. 21, 2023 /PRNewswire/ – Generative AI Solutions Corp. (“GenAI” or the “Company”) (CSE: AICO) (OTCQB: AICOF) is pleased to announce that its wholly-owned subsidiary, MAI Cloud Solutions Inc. (“MAI Cloud“), has received the first payment in the amount of approximately $143,000 (the “Payment“) in connection with the announcement of the delivery of artificial intelligence (“AI“) compute equipment to an arm’s length third-party customer headquartered in Silicon Valley (the “Customer“) pursuant to a supply agreement dated July 12th, 2023 between MAI Cloud and the Customer (the “Supply Agreement“) and the commencement of the related services thereunder. Pursuant to the Supply Agreement, MAI Cloud has agreed to, among other things, provide the Customer with access to approximately 350,000 hours per year of AI compute services (the “Services“) using H100 graphics processing units for a proposed term of up to seven years (the “Term“). The Payment constitutes payment of a deposit for 10% of the first year’s Services, plus the fees for Services provided under the Supply Agreement for the first month of the Term.