Alset AI Ventures Inc - ALSCF STOCK NEWS

Alset AI Ventures has appointed Jonathan Yan CPA, CA as its new Chief Financial Officer, effective November 1, 2024. The announcement was made on December 4, 2024, for the company which trades on multiple exchanges including TSX Venture Exchange, OTC Markets, and Frankfurt Stock Exchange.

Alset AI Ventures announces the full repayment of a secured loan from portfolio company Cedarcross International Technologies. The repayment includes the principal amount of $3.7 million plus accrued interest of $224,815.75. This transaction significantly strengthens Alset AI's balance sheet, providing enhanced liquidity for new investments in AI technology and cloud computing ventures. The company plans to use the returned capital to expand its AI venture portfolio and pursue strategic growth opportunities in alignment with its investment policy.

Alset AI Ventures has appointed Adam Ingrao as its new Chief Executive Officer, effective November 18, 2024. Ingrao brings extensive leadership experience from companies including Reebok, Ralph Lauren, NFL, and Dorel Industries. Most recently, he served as President & CEO of Microcel , leading to its successful strategic sale in July 2024. Former Interim CEO Zelong (Roger) He will transition to the role of Chief Investment Officer while maintaining his position as Director. The company focuses on advancing innovation through strategic investment and cloud computing solutions.

Alset AI Ventures has appointed Julie McClure as its new President, effective November 7, 2024. In her role, McClure will lead the company's AI-focused investment strategy, drawing from her Wall Street and venture capital experience. Her responsibilities include overseeing strategic initiatives, branding, narrative development, and market positioning for both Alset and its portfolio companies. She will also spearhead commercialization strategies and work with the executive team to enhance market presence and long-term growth.

Alset AI Ventures has appointed Cole Stevens as Head of Corporate Development, effective November 1, 2024. Stevens, who will maintain his role as President of AllAccess Capital Markets, brings over a decade of experience in capital markets, corporate finance, business development, and communications. In his new position at Alset AI, Stevens will oversee corporate strategy development and execution, identify growth opportunities, and establish strategic partnerships to strengthen the company's position in the AI sector.

Alset AI Ventures has announced significant changes in its leadership and audit committee. Effective September 20, 2024, Morgan Good has resigned as CEO and Director, and Jeremy Hanson has resigned as Director. Zelong (Roger) He has been appointed as Interim CEO, and Jack Huang has joined as an independent Director. Mr. Huang will also chair the restructured audit committee, which now includes He and Leighton Bocking. The company has granted 4,250,000 stock options to directors and consultants, each exercisable at $0.06 per share, vesting immediately and expiring in three years.

Alset AI Ventures Inc. (TSXV:KSUM, OTC:ALSCF) has provided a corporate and operational update. Key highlights include:

1. Alset AI to receive CAD$3.7 million plus interest from portfolio company Cedarcross.

2. Cedarcross secures agreement to sell 13 Nvidia H100 HGX 8GPU servers to Ceti AI for CAD$5,828,665.

3. Cedarcross finalizes amended two-year AI compute leasing agreement with Infocube HK Company.

4. Alset AI amends secured loan agreement with Cedarcross, reducing interest rate from 15% to 7.5%.

5. Management changes include CFO resignation and planned appointment of a new CFO in September 2024.

6. Audit Committee composition changes with new appointments.

Alset Capital Inc. has announced a corporate name change to Alset AI Ventures Inc., effective August 23, 2024. The company's trading symbol on the TSX Venture Exchange will change to GPUS, while symbols on OTC Markets and Frankfurt Stock Exchange remain unchanged. This rebranding reflects Alset's intensified focus on the AI sector.

Concurrently, Alset has updated its Investment Policy to primarily target the technology industry, emphasizing artificial intelligence. The company aims to build a portfolio of emerging companies advancing full-stack AI solutions, including AI services, software, GPU hardware, and data centers. Alset will invest in both early-stage startups and established ventures, providing financial and strategic guidance.

Alset Capital announced that its investee company, Cedarcross, signed a contract with Ceti AI to distribute three Nvidia H100 GPU servers worth $1.37 million. The contract includes an option for Ceti AI to purchase an additional 200 servers for $91.7 million by September 30, 2024. Cedarcross has achieved approximately $29.7 million in revenue year-to-date from its high-performance computing (HPC) server distribution business, underlining its strong market positioning. The initial order's estimated gross margin is $176,000, potentially rising to $11.78 million if the full option is exercised. Cedarcross has received a 10% downpayment and the remaining payments are scheduled. The transaction supports Cedarcross's compute leasing business and highlights its strategic partnerships in the HPC market.