Breaking AI Stock News: Alset Capital Inc. (TSXV: $KSUM.V) Investee Company Cedarcross Technologies Announces Nvidia AI Server Agreement, and Signs C$2.3 Million First H100 Server Distribution Transaction; @AlsetAI
News Release Highlights:
Cedarcross Technologies, Alset investee company, has entered into a distribution agreement with Earthmade Computer, an Authorized Distributor of Super Micro Computer, to provide AI companies with access to Nvidia H100 servers
Cedarcross Technologies achieves significant milestone closing its first distribution transaction with Ceti AI for total revenue consideration of CAD$2.3 million
VANCOUVER, BC - April 22, 2024 (Investorideas.com Newswire) Alset Capital Inc. (TSXV:KSUM)(FSE:1R60, WKN:A3ESVQ)("Alset" or the "Company") is pleased to announce that its investee company, Cedarcross International Technologies Inc. ("Cedarcross Technologies"), has signed a Distribution Agreement (the "Agreement"), in addition to the Supply Agreement announced on April 4th, with CoinDigger DBA Earthmade Computer Corp. ("Earthmade"). This Agreement, in addition to the elements of the Supply Agreement, now also enables Cedarcross Technologies to distribute Nvidia GPU High-Performance Computing (HPC) servers, and to receive assistance from Earthmade in obtaining hardware allocation from Super Micro Computer, Inc. (NASDAQ:SMCI) for the distribution of Nvidia GPU servers. Alset has also entered into a HPC server purchase agreement with Big Energy Investments Inc., DBA Ceti AI ("Ceti AI"). The Agreement involves the sale of five (5) Nvidia H100 HGX 8GPU servers that shall be sourced by Cedarcross Technologies prior to the sale. Such sale will generate Cedarcross Technologies approximately CAD$2.3M in gross revenue plus applicable taxes. Cedarcross Technologies intends to leverage this opportunity to purchase its first H100 servers from Super Micro and/or other server manufacturers, via Earthmade.
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Super Micro Computer, Inc., a global technology leader committed to delivering first-to-market innovation for Enterprise, Cloud, AI, Metaverse, and 5G Telco/Edge IT Infrastructure. Super Micro Computer, Inc. is renowned for delivering one of the broadest selections of Nvidia-Certified systems providing the most performance and efficiency from small enterprises to massive, unified AI training clusters with the new Nvidia H100 and H200 Tensor Core GPUs.
Securing this distribution agreement allows for the distribution of Nvidia GPU HPC servers from Super Micro Computer, Inc. (NASDAQ:SMCI), and other server manufacturers. This partnership opens up an additional business vertical for Cedarcross Technologies in addition to its compute leasing business vertical. Cedarcross Technologies aims to demonstrate the valuable relationships such as this to obtain HPC hardware at competitive prices and expedited lead times. The Server Purchase Agreement is a testament to the demand in the market for Cedarcross Technologies to service this market, and Cedarcross Technologies aims to identity similar transactions in the future.
"'This transaction with Ceti AI represents a significant milestone for Cedarcross Technologies," said Morgan Good, CEO of Alset. "It not only enhances their revenue streams, but also reinforces their market position as a leader in supplying high-performance computing GPU servers. Alset is committed to supporting Cedarcross Technologies as it continues to expand and excel on its business model."
Agreement Payment Terms
The total contract value for the HPC servers is CAD$2.3 million + GST, with the following terms:
Ceti AI will pay a deposit of CAD$140K + GST within two (2) business days from the execution date of the Agreement (the "Effective Date").
An additional CAD$1.01M + GST will be paid within fourteen (14) days from the Effective Date; and
The balance of CAD$1.15M + GST is due seven (7) days after the servers are received and accepted by Ceti AI, scheduled for no earlier than May 17th, 2024.
The aggregate return for Cedarcross Technologies is expected to be up to CAD$240K subject to ordinary course chargebacks, closing costs including shipping and other associated expenses.
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 Technologies 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 Technologies anticipates significant revenue growth.
For further information about Alset Capital Inc., please contact:
Morgan Good, CEO and Director
T: 604.715.4751
E: morgan@alsetai.com
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 consummation of the transactions contemplated by the Agreement, the Nvidia H100 HGX 8GPU servers' revenue generation, growth of the global cloud AI market and the review and acceptance of the TSX Venture Exchange. 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.
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