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Generative AI Solutions Corp. reports developments tied to its artificial intelligence solutions business, including the MAI Cloud™ platform and AI-powered tools for business and consumer uses. Company updates describe work on generative model development, machine learning, natural language processing, data analytics, and applications for sectors such as healthcare, logistics, shipping, and finance.
Recent news also covers public-company matters for the CSE- and OTCQB-traded issuer, including management changes, warrant-related capital actions, financial reporting delays, a management cease trade order, auditor resignation, and audit-report reliability issues involving prior consolidated financial statements.
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Generative AI Solutions Corp. (CSE: AICO, OTC: AICOF) announced a non-binding letter of intent on April 24, 2023, to acquire Global AI Billing Corp. for 7.5 million common shares of GenAI and the assumption of US$1.25 million in existing liabilities. Global AI Billing holds a 10% stake in Remitz, a medical billing provider leveraging AI technology to enhance collections in the healthcare sector. The acquisition aligns with GenAI's strategy to boost operational efficiencies and reduce costs through AI assets.
The total share value for the acquisition is estimated at CDN$0.72 per share. A portion of the existing liability, US$500,000, will be converted into a debenture at 5% interest, secure against Remitz's ownership interest. Successful completion of the deal could position GenAI favorably within the growing AI-driven healthcare billing market.