XMachina AI Group announces signing of an agreement to acquire Project Z Technologies, an entertainment AI company.

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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

 

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. 

 

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