Alset AI closes Lyken.AI acquisition

Executive Summary

• Alset AI Ventures Inc. has completed the acquisition of the remaining 25% stake in Cedarcross International Technologies Inc. (operating as Lyken.AI), achieving 100% ownership of the AI cloud computing platform.
• The transaction was settled via a share exchange, with Alset AI issuing 7 million common shares valued at $0.10 per share, totaling $700,000 in deemed consideration.
• Lyken.AI is scheduled for a full-scale commercial launch this summer, with the company actively pursuing strategic partnerships to expand its ecosystem and meet demand for domestic AI compute capacity.

Key Details

• Transaction Structure: Alset AI acquired the final 25% of issued and outstanding common shares of Cedarcross International Technologies Inc.
• Consideration: 7,000,000 common shares of Alset AI Ventures Inc.
• Deemed Price: $0.10 per consideration share.
• Total Deemed Value: $700,000.
• Fees: No finder's fee was payable in connection with the acquisition.
• Target Company: Cedarcross International Technologies Inc., a British Columbia-based private AI cloud computing company now operating under the brand Lyken.AI.
• Strategic Outcome: Alset AI now holds 100% ownership of Lyken.AI, its flagship Platform-as-a-Service (PaaS) compute platform.
• Future Plans: Lyken.AI targets a full-scale launch this summer, featuring a new corporate website showcasing platform capabilities, ecosystem partnerships, and turnkey infrastructure solutions.
• Business Development: The company reports a strong pipeline of opportunities and is in active discussions with strategic partners to build out the Lyken ecosystem.

Notable Quotes

• "Achieving 100-per-cent ownership of Lyken.AI is a pivotal milestone for Alset AI. This positions us to move aggressively toward Lyken's full-scale commercial launch, with a new corporate website coming this summer. We have been developing a strong pipeline of opportunities and are in active discussions with strategic partners to build out the Lyken ecosystem. This transaction solidifies our ability to scale and meet the accelerating demand for domestic AI compute capacity while driving long-term value for shareholders." — Adam Ingrao, CEO of Alset AI