XMACHINA AI GROUP INC. ANNOUNCES CLOSING OF $4.2M LETTER OF INTENT
VANCOUVER, BC, CANADA, June 29, 2023, 17:32 GMT /EINPresswire.com
XMachina AI Group Inc., formerly 1210352 B.C. Ltd., (the “Company”) announces that it has signed a non-binding Letter of Intent (“LOI”) to acquire 100% interest in a Canadian-based AI company for approximately $5,000,000 in cash.
“It gives us great pleasure to announce the opportunity to acquire this company”. Commented Claude G. Théoret, CEO of XMachina AI Group Inc. “As we continue to execute on our business thesis, we see this opportunity as an integral piece of XMachina’s success. The patented technology is a key asset in the fast-growing AI infrastructure vertical and serves as an anchor for AI services revenue going forward” continued Claude G. Théoret.
The Company anticipates closing the acquisition on or before October 31, 2023, subject to the negotiation and execution of a binding Share Purchase Agreement based on the due diligence process conducted by the Company.
About the Company
XMachina AI Group Inc. acquires companies that are applying AI and advanced data analytics in innovative ways to solve real-world business problems. The Company then accelerates their growth by injecting capital, top tier talent and by streamlining their corporate processes. Current sectors of interest for the Company include supply chain and logistics, manufacturing, construction, and real estate management. For more information, please visit https://machina-ai.com.
Contacts
XMachina AI Group Inc.
Patrick Brown
Chief Financial Officer & Director
T: 514.564.8880
E: pbrown@machina-ai.com
Cautionary Note Concerning Forward-Looking Information
This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the listing of the Company’s Subordinate Voting Shares on the CSE, the receipt for the preliminary and final non-offering prospectus from the BCSC are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences on or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that planned drilling programs will be delayed, uncertainties relating to the availability and costs of financing needed in the future, activities of the Company may be adversely impacted by the current economic conditions, including the ability of the Company to secure additional financing, the possibility that future development of Company’s products and services results will not be consistent with the Company’s expectations, changes to regulations affecting the Company’s activities, delays in obtaining or failure to obtain required approvals, the other risks disclosed under the heading “Risk Factors” in the preliminary non-offering prospectus.
Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein.
