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News Release Highlights:
- Alset investee, Cedarcross signs $26 million Nvidia H100 GPU server contract.
- Cedarcross achieves approx. $28 million cumulative revenue year to date with its high-performance computing ("HPC") server distribution business vertical alone.
- Nvidia's H100 GPU Servers are used in "Transformational AI Training", offering up to "7x higher performance for High Performance Computing applications."1
VANCOUVER, BC / ACCESSWIRE / May 16, 2024 / Alset Capital Inc. (TSXV:KSUM)(OTC PINK:ALSCF)(FSE:1R60, WKN:A3ESVQ) ("Alset" or the "Company") is pleased to announce that its investee company, Cedarcross International Technologies Inc. ("Cedarcross"), has signed an agreement with an arm's length counterparty to distribute 64 Nvidia H100 HGX 8GPU servers, which generates $26 million in revenue for Cedarcross.
Following Cedarcross' initial distribution agreement announced on April 22, 2024, this agreement marks a significant advancement in Cedarcross' distribution capabilities within the high-performance computing (HPC) server market. Cedarcross has now secured cumulative revenue year to date of approximately $28 million through its HPC server distribution business vertical alone. These agreements underscore the robust demand and strategic market positioning of Cedarcross in the HPC landscape. Leveraging key industry partnerships, including with Earthmade Computer Corp., an authorized distributor of Super Micro Computer, Inc. (NASDAQ:SMCI), Cedarcross continues to demonstrate its ability to secure competitive pricing and expedited lead times for highly sought-after Nvidia H100 GPU servers.
"This deal represents a significant milestone for Cedarcross," said Morgan Good, CEO of Alset. "It substantially increases their revenue, and highlights their strong partnerships, which provide access to high-performance computing Nvidia GPU servers for both in-house use and third parties. Additionally, this distribution vertical enhances their existing compute leasing business unit, fostering diversity in their offerings and deeper market penetration."
The estimated gross margin from this agreement will be approximately $2.3 million.
The Company also announces that further to the Company's news release of May 14, 2024, the Company has increased it's the consideration payable pursuant to its extended engagement with Omni8 Communications Inc. DBA Omni8 Global ("OMNI8 Global") (the "OMNI8 Extended Term") to assist Alset to develop a corporate marketing strategy and provide marketing and public relations advisory services, help coordinate marketing, news flow and events, making introductions to OMNI8 Global's network of media contacts, internet and social media marketers and other such providers, as well asto assist with various other public relations efforts. Alset shall pay OMNI8 Global an additional $180,000 for the OMNI8 Extended Term, which shall run for a period of two months and shall commence on the later of May 8, 2024 and the date the OMNI8 Extended Term is accepted for filing by the TSX Venture Exchange. OMNI8 Global is a British Columbia based company and is headed by Ryan Johnson.
As of the date hereof, to the Company's knowledge, OMNI8 Global (including its directors and officers) does not own any securities of the Company and has an arm's length relationship with the Company. The Company will not issue any securities to OMNI8 Global as compensation for its marketing services. For more information on the Company's engagement of OMNI8 Global, please refer to its news release of March 27, 2024 and May 14, 2024.
All amounts in Canadian Dollars unless otherwise specified.
(1) Nvidia.com
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 of the OMNI8 Extended Term. 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.
View the original press release on accesswire.com
