XMACHINA AI GROUP ANNOUNCES SIGNING OF AN AGREMENT TO ACQUIRE PROJECT Z TECHNOLOGIES, AN ENTERTAINMENT AI COMPANY
VANCOUVER, BC, CANADA, June 16, 2023, 17:32 GMT /EINPresswire.com
AI Group Inc., formerly 1210352 B.C. Ltd., (the “Company” or “XMachina AI”) announces that it has signed a Share Purchase Agreement (“SPA”) to acquire Project Z Technologies Inc. (“Project Z”), a Vancouver-based entertainment AI technology company.
Project Z has developed a commercialized version of AI-powered technology for audience sentiment analytics that records an audience’s reaction to filmed entertainment by evaluating facial expressions. The feedback derived from test audiences is utilized to further refine the film product to enhance market acceptance and profitability. “We are thrilled to have the opportunity to acquire and work with Project Z to expand services in the Entertainment AI sector. The combined talents of the Project Z team and the depth of AI expertise in XMachina AI will be a powerful complement to redefine film development on a global basis”, commented Claude G. Théoret, CEO of XMachina AI.
The final acquisition price and consideration are pending due diligence and agreement between the parties with closing expected to complete by October 1, 2023, subject to standard corporate and regulatory approvals.
“We are excited to be joining forces with XMachina AI. The combination of our technology, deep entertainment industry connections, and our collective AI talents are what we have been looking for as an entry strategy to jump into the public markets”, commented Timothy Marlowe, Oscar-winning executive producer and President/founder of Project Z Technologies Inc. “Our current sales and distribution channels are deep within the entertainment communities and studios throughout the industry allowing us access to the most dynamic filmed product being produced today,” added Mr. Marlowe.”
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
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