VANCOUVER, BC, CANADA, January 31, 2025 /EINPresswire.com/ -- XMachina AI Group Inc., formerly 1210352 B.C. Ltd., (the “Company” or “XMachina”) wishes to provide the following update to its shareholders and stakeholders.
The Company’s initial vision of being a
publicly traded acquirer of private AI companies was met with great enthusiasm. With your support, we were able to commence operations and quickly identify over a thousand potential targets. After meeting with over a hundred of them, we signed LOIs to acquire two of promising AI companies.By this time, however, the markets had soured and despite contacting hundreds of investors (accredited investors, investment banks and family offices) in North America, Europe and Australia, the Company was unable to raise the capital required to acquire the identified targets.
The management team cut major expenses in 2023, including their salaries, to keep operations going. The Company continues to operate its AI consulting division with the prospect of potentially growing this area of expertise.
The Company is under a cease trade order (CTO) due to unfiled March 31, 2024 audit and the subsequent quarterly reports. The filings were not done because the company does not have sufficient funds to complete its audits. Accordingly, until the filings are brought up to date, the company cannot raise equity capital.
Given the present situation, the management team no longer believes that it can execute on the original vision and is now looking at alternative ways of listing the Company that would maximize shareholder value. This will also include a change of management and a possible reorganization of its share capital.
Once a clear path to listing on an exchange has been identified, management will submit it to the Board of Directors for approval. Further updates will be forthcoming once the board has approved the plan.
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 entertainment, supply-chain and logistics, manufacturing and mining. For more information, please visit: https://machina-ai.com
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