Kelowna, British Columbia--(Newsfile Corp. - April 16, 2024) - Genesis AI Corp. (CSE: AIG) (OTCQB: AIGFF) (the "Company") is pleased to announce the release of TrueForest, a Carbon offset analysis portal, a tool that allows the user to navigate the complex calculations involved in building a forest carbon offset project.
The carbon offset market is expected to hit $2,850 billion by 2030 (Carbon Offset Market to Hit $2,850.62 Billion, at a CAGR 31.7% by 2030, Says Coherent Market Insights (yahoo.com)). Genesis is aiming to provide simple, high quality Ai automation to a normally expensive and opaque process for companies looking to obtain carbon credits.
The forest carbon tool offers unique value to a project developer or landowner who is wanting to propose a carbon offset project without spending a lot of money, and quickly decide if the project economics work. There are 40+ complex formulas in order to derive a carbon offset, a process that TrueForest Carbon has now automated as an easy-to-use web-based application, with project data stored securely on the cloud. An innovative Project Boundary 2-dimensional graphical map assists with navigation and autofill of project details. The first version is aimed at the compliance carbon market in British Columbia, under the provincial Forest Carbon Offset Protocol, Version 2.
TrueForest is the forest Ai branch of Genesis, releasing products such as wildfire prevention and analysis, commercial forest intelligence and carbon offsets.
CEO Devinder Randhawa says, "We looked at where the pain was in the carbon offset market and decided our first tool would be aimed at supporting indigenous communities in BC who are wanting to understand carbon projects on their land. The cost can be a limiting factor and that's what this tool is aimed at solving."
Project Director Brent Tolmie says, "Our initial targets are indigenous communities across BC that have expressed interest in developing their own carbon projects and require a simplified and efficient tool to assess viability of projects quickly. We are proactively reaching out to these groups to demo our product and help them on the path to navigating the complex world of carbon offsets."
About Genesis AI Corp.
Genesis AI Corp. is pursuing opportunities in the precision geospatial, forestry analytics, and carbon sector through Ai. Woodlands.ai is a generative Ai natural resources model in development, building digital twins of real-world forests.
Digital forests can be manipulated and studied in computer generated worlds, with the influence of deep machine learning, neural networks, and artificial intelligence. Digital forest technology has many applications including carbon offsetting, forest and land management and wildfire protection.
ON BEHALF OF THE BOARD
"Dev Randhawa"
Dev Randhawa, CEO
For further information, please contact:
Investor Relations:
Phone: 1-250-868-6553
info@genesisaicorp.com
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including statements regarding the Private placement and the proposed Debt Settlement and the issuance of Common Shares which are based upon Genesis' current internal expectations, estimates, projections, assumptions and beliefs, and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as "expect", "likely", "may", "will", "should", "intend", "anticipate", "potential", "proposed", "estimate" and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions "may", "would" or "will" happen, or by discussions of strategy. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact. The forward-looking statements are expectations only and are subject to known and unknown, risks, uncertainties and other important factors that could cause actual results of the Company or industry results to differ materially from future results, performance or achievements. Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, Genesis does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise. New factors emerge from time to time, and it is not possible for Genesis to predict all such factors.
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