VANCOUVER, BC / ACCESSWIRE / November 21, 2024 / 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, announces the full repayment of its approximately $3.7 million secured loan with interest from portfolio investee company Cedarcross International Technologies Inc. ("Cedarcross").
This repayment, made in accordance with the Company and Cedarcross' Amended Secured Loan Agreement and Repayment and Release Agreement as disclosed in the Company's August 29, 2024 news release. The loan repayment includes the principal loan amount of $3,688,484.49 million and accrued interest totaling $224,815.75. The successful return of this capital and receipt of interest strengthens Alset AI's balance sheet, adding significant liquidity that strategically enhances the Company's ability to pursue new investments.
With the bolstered balance sheet from the loan repayment proceeds and interest, Alset AI gains the financial flexibility needed to actively expand its AI and cloud computing venture portfolio. This repayment not only accelerates the Company's plans to deepen its investments in AI technology and associated sectors but also reinforces the strategic alignment between Alset AI and its portfolio companies.
"This loan repayment strengthens our ability to strategically build an AI venture ecosystem that complements our core cloud computing business," said Adam Ingrao, CEO of Alset AI. "Our goal is to deploy capital into high-potential opportunities that drive strong returns and cash flow generation, reinforcing long-term value for our investors. This transaction underscores the success of our disciplined investment approach, enabling us to reinvest in ventures where we see growth potential."
The completion of this loan repayment further enhances Alset AI's capacity to accelerate its mission of supporting AI technologies and innovative cloud solutions. The Company remains focused on identifying and fostering high-growth investments that align with its vision and investment policy for sustained shareholder value.
In connection with the Repayment and Release Agreement dated August 15, 2024, the Company intends to file discharges, financing change statements, and any other necessary documents to remove registrations under the Personal Property Security Act (British Columbia) and to release any other liens or security interests associated with the previously executed Secured Loan Agreement and General Security Agreement with Cedarcross.
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: 778.223.8853
E: [email protected]
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.
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. Certain statements in this press release contain forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking statements are often identifiable by the use of words such as "anticipates," "expects," "believes," "intends," "plans," "forecasts," "may," "will," "could," "should," or similar expressions. These statements are based on Alset AI Ventures Inc.'s ("Alset AI" or the" Company") current expectations, estimates, and assumptions regarding future events and conditions, including, but not limited to, the anticipated impact of the loan repayment on Alset AI's financial flexibility, the Company's ability to pursue new investments, the Company's strategic plan, the Company's investment objectives, and the expected outcomes of the Company's AI and cloud computing investment strategy. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially include, but are not limited to: changes in the Company's financial or strategic priorities; the availability of suitable investment opportunities; the performance of the Company's portfolio companies, including Cedarcross; fluctuations in market demand for AI and cloud computing technologies; economic, regulatory, and market conditions; and other risks detailed in the Company's filings with Canadian securities regulators. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise, except as required by law. Investors are cautioned not to place undue reliance on forward-looking statements, as actual results may differ materially from those expressed or implied herein.
SOURCE: Alset AI Ventures Inc.