Breaking AI/ Tech Stock News: Alset Capital Inc. (TSXV: $KSUM.V; OTC:
$ALSCF) Announces $26 Million H100 Server
Contract by Investee Company Cedarcross; @AlsetAI
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News
Release Highlights:
Alset
investee, Cedarcross signs $26 million Nvidia H100 GPU server contract.
Cedarcross
achieves approx. $28 million cumulative revenue year to date with its
high-performance computing ("HPC") server distribution business
vertical alone.
Nvidia's
H100 GPU Servers are used in "Transformational AI Training", offering
up to "7x higher performance for High Performance Computing
applications."1
VANCOUVER, BC / May 16, 2024 / (Investorideas.com
Newswire) Alset Capital Inc. (TSXV:KSUM) (OTC:ALSCF)
(FSE:1R60, WKN:A3ESVQ) ("Alset" or the
"Company") is pleased to announce that its investee company,
Cedarcross International Technologies Inc. ("Cedarcross"), has signed
an agreement with an arm's length counterparty to distribute 64 Nvidia H100 HGX
8GPU servers, which generates $26 million in revenue for Cedarcross.
This
news is paid advertisement/ news disseminated on behalf of/issued on behalf of Alset Capital Inc.
Read this news, featuring KSUM in full at https://www.investorideas.com/news/2024/technology/05161KSUM-H100-Server-Contract.asp
Following
Cedarcross' initial distribution agreement announced on April 22, 2024, this
agreement marks a significant advancement in Cedarcross' distribution
capabilities within the high-performance computing (HPC) server market.
Cedarcross has now secured cumulative revenue year to date of approximately $28
million through its HPC server distribution business vertical alone. These
agreements underscore the robust demand and strategic market positioning of
Cedarcross in the HPC landscape. Leveraging key industry partnerships,
including with Earthmade Computer Corp., an authorized distributor of Super
Micro Computer, Inc. (NASDAQ:SMCI), Cedarcross continues to demonstrate its
ability to secure competitive pricing and expedited lead times for highly
sought-after Nvidia H100 GPU servers.
"This
deal represents a significant milestone for Cedarcross," said Morgan Good,
CEO of Alset."It substantially increases their revenue, and highlights
their strong partnerships, which provide access to high-performance computing
Nvidia GPU servers for both in-house use and third parties. Additionally, this
distribution vertical enhances their existing compute leasing business unit,
fostering diversity in their offerings and deeper market penetration."
The
estimated gross margin from this agreement will be approximately $2.3 million.
The
Company also announces that further to the Company's news release of May 14,
2024, the Company has increased it's the consideration payable pursuant to its
extended engagement with Omni8 Communications Inc. DBA Omni8 Global
("OMNI8 Global") (the "OMNI8 Extended Term") to assist
Alset to develop a corporate marketing strategy and provide marketing and
public relations advisory services, help coordinate marketing, news flow and
events, making introductions to OMNI8 Global's network of media contacts,
internet and social media marketers and other such providers, as well asto
assist with various other public relations efforts. Alset shall pay OMNI8
Global an additional $180,000 for the OMNI8 Extended Term, which shall run for
a period of two months and shall commence on the later of May 8, 2024 and the
date the OMNI8 Extended Term is accepted for filing by the TSX Venture
Exchange. OMNI8 Global is a British Columbia based company and is headed by
Ryan Johnson.
As
of the date hereof, to the Company's knowledge, OMNI8 Global (including its
directors and officers) does not own any securities of the Company and has an
arm's length relationship with the Company. The Company will not issue any
securities to OMNI8 Global as compensation for its marketing services. For more
information on the Company's engagement of OMNI8 Global, please refer to its
news release of March 27, 2024 and May 14, 2024.
All
amounts in Canadian Dollars unless otherwise specified.
(1)
Nvidia.com
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
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 of
the OMNI8 Extended Term. 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.
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