THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
Company's common shares available for trading on U.S exchange
VANCOUVER, BC / ACCESSWIRE / May 2, 2024 / Alset Capital Inc. (TSXV:KSUM)(OTC:ALSCF)(FSE:1R60, WKN:A3ESVQ)("Alset" or the "Company") is pleased to announce that its common shares have commenced trading on the OTC Pink Market (the "OTC") under the symbol "ALSCF" effective April 26, 2024. The Company has also received The Depository Trust Company (the "DTC") eligibility in the United States, thus allowing the Company's stock to be more easily traded by and accessible to US institutional and retail investors. The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol KSUM.
"Listing Alset on the OTC market and making our shares DTC eligible marks another milestone toward enabling more investors to be part of our ongoing progress. With both DTC eligibility and listing on the OTC, trading of Alset's shares will be easier and made possible to a wider investor audience in the United States," said Morgan Good, CEO of Alset. "After completing our fully subscribed C$6 million financing in March, closing significant cloud compute leasing and high-performance computing distribution contracts with cumulative revenue expectations of C$7.8M to date, and continuing to scale our business leveraging multiple unique relationships and partnerships with notable US-based strategic partners, we feel confident about our ability to generate value for our shareholders and improve stock liquidity. This listing enables us to deepen and widen awareness of the unfolding Alset story among both institutional and retail investors in the US."
The OTC Pink Market allows early-stage and developing companies the benefit of being publicly traded in the United States. The Company expects that listing on the OTC Pink Market and DTC eligibility will provide greater visibility and convenience of trading for U.S. investors, resulting in enhanced U.S. trading liquidity and greater reach.
The common shares are also eligible for electronic clearing and settlement in the United States through the DTC. DTC eligibility is expected to simplify the process of trading and to enhance liquidity of the Shares in the United States. DTC is a subsidiary of the Depository Trust & Clearing Corp., a US company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be DTC eligible. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
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 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 anticipates significant revenue growth.
For further information about Alset Capital Inc., please contact:
Morgan Good, CEO and Director
T: 604.715.4751
E: [email protected]
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 perceived benefits to the Company and investors stemming from the OTC listing and DTC eligibility.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.