Alset AI Provides Corporate and Operational Update

Alset AI Ventures Inc. announced that its portfolio company, Cedarcross, will repay CAD$3.7 million plus interest on a secured loan. This bolsters Alset AI's balance sheet, increasing its capacity for new AI investments.

Cedarcross also secured an agreement to sell 13 Nvidia H100 HGX 8GPU servers to Ceti AI for approximately CAD$5.8 million. Additionally, Cedarcross finalized a two-year AI compute leasing agreement.

Cedarcross has amended its HPC leasing agreement with Infocube, resulting in a monthly leasing fee of CAD$34,721 and a one-time disruption fee of CAD$353,381. This agreement will last until August 2026.

Furthermore, Alset AI has revised its loan agreement with Cedarcross, reducing interest from 15% to 7.5% per annum. Cedarcross will redirect funds from the sale of servers to repay this loan.

Alset AI announced the resignation of CFO Anu Thomas and changes to its audit committee. The company plans to appoint a new CFO in September 2024.