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VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Alset AI Ventures Inc. (TSXV:GPUS)(OTC:ALSCF)(FSE:1R60, WKN:A3ESVQ) ("Alset AI" or the "Company") an artificial intelligence (AI) venture company advancing innovation through strategic investment and cloud computing solutions, is issuing this news release to advise its shareholders that the Company has been subject to a continuous disclosure review by the British Columbia Securities Commission. In connection therewith, the Company has filed a material change report and an amended and restated management's discussion and analysis ("MD&A") for the six (6) months period ended March 31, 2024, to clarify its disclosure.
Amended and Restated Management's Discussion and Analysis
The Company has amended and restated its interim management's discussion and analysis for the six (6) months period ended March 31, 2024, to include the following:
Factors that have caused period-to-period variations for the annual period ended September 30, 2023;
A comparison in tabular form of disclosure previously made about the Company's intended use of proceeds (other than working capital) from financings, including an explanation of variations, if any, on the Company's ability to achieve its business objectives and milestones;
Discussion of the Company's business and its significant investments;
Further discussion about the Company's debt settlements;
Discussion of significant consulting and management fees, investor relations expenses and professional fees and the business activities related to these expenses;
Factors that have caused variations over the eight (8) quarters necessary to understand general trends that have developed;
Disclosure of expenditures not yet committed but required to maintain the Company's capacity, to meet the Company's panned growth or to fund development activities and sources of financing that the Company has arranged but not yet used;
Disclosure of related persons or entities in connection with the Company's related party transactions and the disclosure of the business purpose in relation thereof;
Accounting policy note for the Company's investments in Cedarcross International Technologies Inc. and Vertex AI Ventures Inc.; and
Forward-looking information, future-oriented financial information and financial outlook pertaining to the revenue and gross margin projects of certain agreements
Additional subsequent events for material transactions occurring since March 31, 2024 to the date of the MD&A.
Addition of Selected Annual Information.
Expanded description on the changes to the Quarterly Results.
Expanded information and details on significant investments made by the Company.
Expanded disclosure and explanations to quarterly financial variances within the Results of Operations for the comparative quarters and periods.
Additional disclosure on the use of proceeds of financing.
Additional disclosures on capital resources.
Expanded disclosures on related party transactions.
Expanded disclosures on risk factors affecting the company and its significant investments.
The amended and restated MD&A has been filed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca.
Material Change Report
The Company has also filed a material change report dated June 18, 2024, in connection with its acquisition of an aggregate of 210,000 common shares in the capital of Cedarcross International Technologies Inc. (the "Cedarcross Shares") at a price of $1.00 per Cedarcross Share (the "Cedarcross Acquisition"). The Cedarcross Acquisition closed on August 4, 2023, and resulted in the Company holding 49.0% of all issued and outstanding Cedarcross Shares following the Cedarcross Acquisition. In consideration for the Cedarcross Shares, the Company paid aggregate cash consideration in the amount of $210,000.
The material change report has been filed under the Company's issuer profile on SEDAR+ at www.sedarplus.ca.
On behalf of Alset AI Ventures Inc.
"Adam Ingrao"
Adam Ingrao
Chief Executive Officer
About Alset AI Ventures Inc.
Alset AI is a pioneering AI and cloud computing investment firm, committed to nurturing high-potential technology companies. Through a combination of capital, strategic advisory, and cloud computing alliances, Alset AI is shaping the future of artificial intelligence and building an AI-focused venture capital platform poised for substantial growth.
For further information about Alset AI Ventures Inc., please contact:
Adam Ingrao, Chief Executive Officer
T: 1-236-312-6744
E: ir@alsetai.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements in this release relate to, among other things, the Company's expectations regarding its continuous disclosure review by the British Columbia Securities Commission, the anticipated impact of amendments to its management's discussion and analysis ("MD&A"), and potential future regulatory compliance matters. These forward-looking statements are based on management's current expectations, estimates, projections, assumptions, and beliefs, including, but not limited to, assumptions regarding regulatory requirements, the Company's ability to meet its continuous disclosure obligations, and prevailing market and business conditions. Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. Such risks and uncertainties include, but are not limited to, regulatory risks related to the Company's continuous disclosure review, potential delays or changes in financial reporting obligations, and general business, economic, and competitive uncertainties. Readers are cautioned that the forward-looking statements contained in this news release should not be unduly relied upon. Except as required by applicable securities laws, the Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are provided in reliance on safe harbor provisions of applicable securities laws and should be read with the cautionary statements and risk factors disclosed in the Company's continuous disclosure filings available on SEDAR+ at www.sedarplus.ca.
SOURCE: Alset AI Ventures Inc.
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