GENAI ANNOUNCES CHANGE OF MANAGEMENT AND APPOINTMENT OF PATRICK GRAY AS CEO

Rhea-AI Summary

Generative AI Solutions Corp. (CSE: AICO, OTCQB: AICOF) has announced the appointment of Patrick Gray as Chief Executive Officer and director, effective January 6, 2025. Gray, who served as Chief Operating Officer since December 2023, replaces Ryan Selby, who has resigned from his positions as officer and director.

Gray brings significant expertise as President and Founder of an IT service provider specializing in software development, AI and Data Analytics, and legal technology services. The company will convert $145,000 of accrued unpaid fees to common shares and issue 4,000,000 common shares to Selby at $0.09 per share as part of his resignation terms. These shares will be subject to a four-month hold period.

Positive

• New CEO brings extensive IT, AI, and Data Analytics expertise
• Smooth transition with new CEO previously serving as COO
• Clear settlement terms with departing CEO, avoiding potential disputes

Negative

• Significant share issuance of 4,000,000 shares causing dilution
• $145,000 in unpaid fees to former CEO indicates cash flow concerns

VANCOUVER, BC, Jan. 6, 2025 /PRNewswire/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (OTCQB: AICOF) announces that Mr. Patrick Gray has been appointed Chief Executive Officer and a director of the Company, effective January 6, 2025.

Mr. Ryan Selby, the former CEO of the Company, has resigned as an officer and director concurrently with Mr. Gray's appointment. The Company sincerely thanks Mr. Selby for his contributions and wishes him the greatest success in his further endeavors.

"Mr. Gray is the right leader to move the Company through the next stages of its growth, and I am pleased he is in a position to take over and continue to steer the Company through its next strategic phase," said Mr. Selby.

Mr. Gray was the Chief Operating Officer of the Company from December 2023 until his appointment as CEO. Mr. Gray is the President and Founder of an IT service provider that specializes in software development, AI and Data Analytics, software implementation services, public sector automation platforms, and legal technology services. The company has extensive expertise in utilizing Artificial Intelligence (AI) and Machine Learning (ML) in expert services to enhance document and data management capabilities.

"I am looking forward to moving into the Chief Executive seat, taking advantage of market conditions to grow the Company's business and using my industry knowledge and contacts to diversify the Company's holdings and business lines to drive shareholder value" said Mr. Gray.

In connection with Mr. Selby's resignation from the Company, the board of directors has agreed to convert to common shares of the Company (the "Accrual Shares") $145,000 of accrued but unpaid fees owing to Mr. Selby in connection with his service as CEO (the "Accrual Payment"), and to further issue to Mr. Selby 4,000,000 common shares (the "Termination Shares") as a term of his resignation in accordance with his management services agreement. The Accrual Shares and the Termination Shares will be issued at a deemed price of $0.09 per common share, and will be subject to a four month hold. Mr. Selby will not be entitled to receive any Accrual Shares unless and until he ceases to be an insider of the Company.

On Behalf of the Board of Directors,‎

Patrick Gray

CEO, Director, and Chairman of the Board of Directors

Generative AI Solutions Corp.
Toll-free North America: +1-833-879-7632‎
Outside North America: +1-406-879-7632
info@genai-solutions.com
www.genai-solutions.com

ABOUT GENERATIVE AI SOLUTIONS CORP.

GenAI is a pioneering artificial intelligence company focused on developing a vertically integrated AI solutions business through its proprietary MAI Cloud™ platform, with the development and commercialization of AI-powered tools and solutions for businesses and consumers across multiple industries. At GenAI, our mission is to harness the power of AI to create transformative products and services that benefit business and consumers across various sectors. Our team of talented AI professionals and engineers are dedicated to developing state-of-the-art AI-based solutions that have broad applicability and can be seamlessly integrated into diverse workflows. By leveraging our MAI Cloud™ platform and our expertise in machine learning, natural language processing, and data analytics, we build versatile high-performance tools that redefine efficiency, productivity, and user experience.

For more information on GenAI, please visit www.genai-solutions.com.

Forward-Looking Information and Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward looking terminology 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 may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".

Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company's ability to continue as a going concern; the Company's ability to continue to develop revenue generating applications; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company; and Company's ability to continue to meet the requirements of listing of the CSE.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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SOURCE GENERATIVE AI SOLUTIONS CORP.

FAQ

Who is the new CEO of Generative AI Solutions (AICOF) and when was he appointed?

Patrick Gray was appointed as CEO of Generative AI Solutions Corp. on January 6, 2025. He previously served as the company's Chief Operating Officer since December 2023.

What compensation is former AICOF CEO Ryan Selby receiving upon resignation?

Ryan Selby will receive $145,000 worth of common shares for unpaid fees and 4,000,000 additional common shares at $0.09 per share as part of his resignation terms.

What is Patrick Gray's background before joining AICOF?

Patrick Gray is the President and Founder of an IT service provider specializing in software development, AI and Data Analytics, software implementation services, and legal technology services.

What are the terms of the share issuance to former AICOF CEO Ryan Selby?

The shares will be issued at $0.09 per common share and will be subject to a four-month hold period. Selby cannot receive the Accrual Shares until he ceases to be an insider of the company.