I am writing to you today from Vancouver, British Columbia, Canada. A PR Newswire release was issued by Generative AI Solutions Corporation on January 21, 2023. GENAI (CSE: AICO) (OTCQB: AICOF) ("GenAI" or the "Company") is pleased to announce that its wholly-owned subsidiary, MAI Cloud Solutions Inc., has completed a planned acquisition.. It has been announced that (MAI Cloud") has received the first payment of approximately $143,000 (the "Payment") in connection with the announcement of the delivery of artificial intelligence ("AI") compute equipment to a third-party arm's length customer based in Silicon Valley (the "Customer") pursuant to a supply agreement signed by MAI Cloud and the Customer dated July 12, 2023 (the "Supply Agreement"), and the commencement of the related services under this agreement.. As part of the Supply Agreement, MAI Cloud has agreed, among other things, to provide approximately 350,000 hours of artificial intelligence computation services per year (the "Services") using H100 graphics processing units for a period of up to seven years (the "Term"), including access to the AI compute services.. As part of the Payment, 10% of the first year's Services will be paid as a deposit, plus fees for Services provided under the Supply Agreement for the first month of the Term, in addition to the deposit.
As part of the Payment, 10% of the first year's Services will be paid as a deposit, plus fees for Services provided under the Supply Agreement for the first month of the Term, in addition to the deposit.

Source prnewswire