Breaking AI Stock News: Alset Capital Inc. (TSXV: $KSUM.V) Announces C$5.5 Million Two-Year AI Compute Leasing Agreement Signed by Investee Company Cedarcross Technologies; @AlsetAI

Breaking AI Stock News: Alset Capital Inc. (TSXV: $KSUM.V) Announces C$5.5 Million Two-Year AI Compute Leasing Agreement Signed by Investee Company Cedarcross Technologies; @AlsetAI

 

VANCOUVER, BC - April 25, 2024 (Investorideas.com Newswire) Alset Capital Inc. (TSXV:KSUM) (FSE:1R60, WKN:A3ESVQ) ("Alset" or the "Company") is pleased to announce that its 49% owned investee company, Cedarcross International Technologies Inc. ("Cedarcross Technologies"), has entered into a two-year AI Computing leasing agreement (the "Agreement"), with an arm's length counterparty. The Agreement is expected to generate approximately CAD$5.5 million in total revenue, with aggregate gross margin of approximately CAD$4.4 million over the contract's duration.

 

Read this news, featuring KSUM in full at https://www.investorideas.com/news/2024/technology/04251KSUM-AI-Compute-Leasing-Agreement.asp

 

Under the terms of the Agreement, Cedarcross Technologies will provide approximately 700,000 compute hours annually, totaling 1.4 million AI compute hours over the contract's duration. This agreement, with an esteemed arm's length third-party enterprise client, underscores Cedarcross Technologies growing influence and capabilities in the realm of AI infrastructure.

 

The Agreement outlines a structured monthly payment plan, with Cedarcross Technologies expecting to receive approximately CAD$223k monthly.

 

Cedarcross Technologies to Address Surging Demand for AI Computing Capacity

Cedarcross Technologies' mission to democratize access to high-performance AI computing is propelled by the overwhelming global demand for compute power, as highlighted in a recent interview with Sam Altman, CEO of OpenAI. Altman emphasized the critical role of computing power, suggesting that "compute" will be the "currency of the future." He stressed the need for substantial investments to increase computing capabilities, comparing the market for computing chips to that of mobile phones and predicting a significant difference in demand.¹ Cedarcross Technologies, aligned with this vision, is strategically positioned to address this escalating demand by providing access to the world's fastest AI servers, leveraging Nvidia's H100 HGX GPUs.

 

Furthermore, Cedarcross Technologies' initiatives are in sync with the Canadian Government's recent announcement of a $2.4 Billion AI Budget, with a substantial portion allocated to funding computing capabilities and technical infrastructure.² This significant investment underscores the critical importance of AI computing in driving technological innovation and economic growth.

 

Through a strategic partnership with a major North American data center provider boasting over 40 facilities, Cedarcross Technologies' ensures seamless connectivity and reliability, supported by fiber optic connectivity, UPS backup, and localized computing capabilities. By leasing compute power to enterprise clients, Cedarcross Technologies' facilitates AI workload training, driving revenue and scalability while meeting market demand for computing power.

 

^{1 TradingView}

^{2 Securing Canada's AI Advantage}

 

On behalf of Alset Capital Inc.

"Morgan Good"

Morgan Good
Chief Executive Officer

 

About Alset Capital Inc.

Alset Capital Inc. is an investment issuer that is focused on investment in diversified industries such as technology, healthcare, industrial, special situations, operating businesses through both debt and equity using cash resources or shares in its capital. The Company is led by an experienced, entrepreneurial group of executives having a diverse industry and capital markets background.

 

Alset Capital Inc.'s investment portfolio comprises 49% ownership of Cedarcross International Technologies Inc. and 49% ownership of Vertex AI Ventures Inc.

 

About Cedarcross International Technologies Inc.

Cedarcross Technologies is an Artificial Intelligence cloud computing provider, with a vision of becoming one of Canada's largest AI compute providers. The Company is dedicated to democratizing access to cutting-edge AI computing, offering access to the world's fastest AI servers powered by Nvidia's H100 HGX 8GPU Servers. Focused on leasing compute resources to enterprise clients, Cedarcross Technologies anticipates significant revenue growth.

 

For further information about Alset Capital Inc., please contact:

Morgan Good, CEO and Director
T: 604.715.4751
E: morgan@alsetai.com

 

Cautionary Note regarding Forward Looking Statements

Certain statements in this press release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the consummation of the transactions contemplated by the Agreement, the Nvidia H100 HGX 8GPU servers' revenue generation, growth of the global cloud AI market and the review and acceptance of the TSX Venture Exchange. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

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.

 

SOURCE: Alset Capital Inc.

 

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. Disclosure: Alset Capital Inc. is a paid featured AI stock on Investorideas.com effective April 20, 2024, More info https://www.investorideas.com/About/News/Clientspecifics.asp

More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/

Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp

 

  Get more tech stocks investor ideas- news, articles, podcasts and stock directories