VANCOUVER, BC, July 19, 2023 /PRNewswire/ - Generative AI Solutions Corp. ("GenAI" or the "Company") (OTCQB: AICOF) announces that the Company is not aware of any material undisclosed information and at the request of OTC Markets Group ("OTC Markets") wishes to make the following statements regarding recent unsolicited news and marketing activities concerning its common shares trading on the OTCQB market.
On July 17, 2023, the OTC Market sent the Company a copy of emails sent from each of Wealth Research Group, Portfolio Wealth Global and CrushTheStreet to their respective subscribers between July 15, 2023 and July 17, 2023 (collectively, the "Emails") and requested comment from the Company. The Company notes that the Emails coincided with higher than average trading volume in the Company's common shares and believes that activity can fairly be attributed to several factors, namely news releases issued by the Company containing material information which were pre-cleared for dissemination by the Investment Industry Regulatory Organization of Canada, including announcements during the previous week respecting the approval of the Company to join NVIDIA's Inception Program, the Company's purchase of certain AI computing technologies, and a significant client agreement. While there was an increase in trading volume, there was not a significant increase in the trading price of the Company's securities on the OTC Market or elsewhere. The Company is not aware of any false or misleading content contained within the content distributed by those listed above.
As previously disclosed in the Company's news release dated May 2, 2023, the Company has engaged third-party marketing firm Gold Standard Media LLC and it's affiliates (Future Money Trends LLC, Wealth Research Group LLC and Portfolio Wealth Global LLC) (collectively, "Gold Standard") to provide investor relations, public relations services, marketing or other related services (the "Marketing Services"). It was intended that the Marketing Services would begin in the third quarter of 2023, however the Company requested the engagement of the Gold Standard to deliver certain limited Marketing Services in the United States (but not to Canadian residents or those residents otherwise outside of the United States) starting on approximately July 13, 2023. Gold Standard is owned and operated by Kenneth Ameduri and is arm's length to the Company. The Company will provide Gold Standard with publicly available source information for their disclosure, the Company will be involved in reviewing the materials for accuracy prior to their dissemination and is working with its legal counsel and other advisors to develop a marketing and communication policy to ensure that best practices are followed in respect of any marketing activity.
The Emails were created as part of the Marketing Services in connection with the Company's engagement with Gold Standard. The Company was aware that the Emails were intended to be sent on or about July 17, 2023, but had not had the opportunity to review the Emails with their legal counsel and were not aware that the content would be considered promotional by the OTC Market. Neither the Company nor its officers or directors were involved in the creation or the distribution of the Emails, nor did the Company provide any editorial or other comments in respect of the Emails. Statements made in the Emails are not materially false and/or misleading. The factual information provided in the Emails, which was extracted from the Company's public disclosures, website and press releases, is accurate, however, any opinions expressed by the authors of the Emails are theirs alone as the Company did not edit or have control over those opinions.
The Company is not aware of any directors, officers or any third-party service providers (in connection with the Emails) that have sold or purchased the Company's securities within the past 90 days, other than those transactions related to the reverse takeover transaction by Ultron Capital Corp. of the Company (which was then Idle Lifestyle Inc.) which closed on April 17, 2023.
After inquiry of management, other than as disclosed herein, the Company confirms that none of its officers, directors or its controlling shareholders (i.e., shareholders owning 10% or more of the Company's securities) have, directly or indirectly, authorized or been involved in any way with the creation or distribution of promotional materials related to the Company and its securities, with the exception of engaging Gold Standard.
The Company has not in the last 30 days issued shares, or convertible instruments allowing conversion to equity securities, at prices constituting, at the time of issuance of such shares or convertible instruments, a discount to the then current market price.
On Behalf of the Board,
Ryan Selby
CEO, Director, and Chairman of the Board
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.
Trading in the securities of the Company should be considered highly speculative.
FORWARD-LOOKING 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.
Forward-looking information in this news release are based on certain assumptions and expected future events. 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 further 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.
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SOURCE GENERATIVE AI SOLUTIONS CORP.
