Alset AI Ventures Acquires Majority Stake in Cedarcross Technologies

Alset AI Ventures Inc. has announced the acquisition of a 26% stake in Cedarcross Technologies, bringing its total ownership to 75%. This strategic move aligns with Alset's goal of advancing its AI cloud infrastructure capabilities. Cedarcross Technologies focuses on making AI high-performance computing (HPC) accessible to small and medium enterprises through leasing and distribution of AI hardware.

Through partnerships with companies like Earthmade Computer Corp and Ceti AI, Cedarcross Technologies is positioned to expand its market reach. These collaborations enable the distribution of Nvidia GPU servers, meeting evolving demands in the AI sector.

The acquisition involves issuing 22,763,664 common shares of Alset AI in exchange for Cedarcross shares valued at approximately $1.7 million. The deal is expected to close by December 16, 2024, pending regulatory approval.