Genai Completes Acquisition Of Medical Ai Billing Company And Enters Into Marketing Agreement

Generative AI Solutions Corp. ("GenAI" or the "Company") (CSE: AICO) (‎FSE: 99L.F) (OTC: AICOF) is pleased to announce that it today has entered into a definitive agreement to acquire, and has completed the acquisition of, all of the outstanding securities of Global AI Billing Corp. ("Global AI Billing") for 7.5 million common shares of GenAI ("GenAI Shares") and the assumption by GenAI of US$1.25 million in existing liabilities of Global AI Billing (the "Transaction"), based on the terms of the previously announced non-binding letter of intent that was signed on April 24, 2023 and announced on April 25, 2023. Global AI Billing's primary assets include the ownership of 10% in Remitz, Inc, ("Remitz"), a medical billing provider that has developed proprietary artificial intelligence technology ("AI Billing") to efficiently collect outstanding receivables on behalf of medical organizations in the United States. To date the AI Billing system used in Remitz has billed over US$100 million at an estimated 40% Gross Margin and has serviced providers in respect of more than one million patients.