American Marconi Wireless News - Alset AI Closes 100% Ownership in Cedarcross Technologies (DBA Lyken.AI)

Lyken.AI is targeting a full-scale launch this summer, anchored by a brand-new corporate website that will showcase the platform's capabilities, ecosystem partnerships, and turnkey infrastructure solutions.

Achieving 100% ownership of Lyken.AI is a pivotal milestone for Alset AI," said Adam Ingrao, CEO of Alset AI. "This positions us to move aggressively toward Lyken's full-scale commercial launch, with a new corporate website coming this summer. We have been developing a strong pipeline of opportunities and are in active discussions with strategic partners to build out the Lyken ecosystem. This transaction solidifies our ability to scale and meet the accelerating demand for domestic AI compute capacity while driving long-term value for shareholders."

Transaction Details

Pursuant to the terms of the share exchange agreement, Alset AI issued 7,000,000 common shares in the capital of the Company (each, a "Consideration Share") as directed by the remaining shareholder of Cedarcross in exchange for the final 25% of the issued and outstanding shares of Cedarcross at a deemed price of $0.10 per Consideration Share, for a total deemed consideration of $700,000 CAD. No finder's fee was payable in connection with the acquisition.

About Alset AI Ventures Inc.

Alset AI is a pioneering AI and cloud computing investment firm, committed to nurturing high- potential technology companies. Through a combination of capital, strategic advisory, and cloud computing alliances, Alset AI is shaping the future of artificial intelligence and building an AI-focused venture capital platform poised for substantial growth.

For further information about Alset AI Ventures Inc., please contact:

Investor Relations
Adam Ingrao
Chief Executive Officer
T: 236.312.6744
E: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note regarding Forward Looking Statements

This press release may contain certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") regarding the Company and Lyken.AI, including statements regarding Lyken.AI's planned platform launch this summer; the rollout of a new website showcasing Lyken.AI's capabilities, ecosystem partnerships, and turnkey infrastructure solutions; and the Company's intention to support Lyken.AI's launch, collaborate with strategic partners to expand the Lyken.AI ecosystem, and advance its overall strategic direction and business plans. Forward-looking statements normally contain words like "will", "intend", "anticipate", "could", "should", "may", "might", "expect", "estimate", "forecast", "plan", "potential", "project", "assume", "contemplate", "believe", "shall", "scheduled", and similar terms. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release.Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions, and other factors that management currently believes are relevant, reasonable, and appropriate in the circumstances. Although management believes that the forward-looking statements herein are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Alset AI's business. Additional material risks and uncertainties applicable to the forward-looking statements herein include, without limitation, the impact of general economic conditions, and unforeseen events and developments. This list is not exhaustive of the factors that may affect the Company's forward-looking statements. Many of these factors are beyond the control of Alset AI. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as at the date hereof, and Alset AI undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by applicable securities laws. Risks and uncertainties about the Company's business are more fully discussed under the heading "Risks and Uncertainties" in its most recent Management's Discussion and Analysis and other disclosure documents available on SEDAR+ at www.sedarplus.ca.

SOURCE: Alset AI Ventures Inc.

View the original press release on ACCESS Newswire

T.Ward--AMWN