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GenAI Updates on Delay of Annual Financial Statements

Generative AI Solutions Corp., commonly referred to as GenAI, has recently issued an update regarding its financial status amidst a Management Cease Trade Order (MCTO) that was granted by the British Columbia Securities Commission (BCSC). This announcement is crucial for shareholders and stakeholders as it provides insights into the ongoing processes that the company is navigating.

The MCTO has been imposed on GenAI as a result of delays in filing essential financial documents, specifically the annual audited financial statements for the fiscal year ending January 31, 2025. Along with the annual filings, the company's management discussion and related certifications are also affected, thereby restricting trading activities of key personnel, including the CEO Patrick Gray and CFO Paul Ciullo, until the proper documents are submitted and the order is lifted.

However, it is important to note that this restriction does not impede the ability of general shareholders to trade their securities during this period. GenAI has expressed a commitment to adhere to all pertinent regulations outlined in National Policy 12-203 concerning Management Cease Trade Orders. This reflects the company's intention to maintain transparency and cooperation in fulfilling its obligations.

The delay in filing the required annual documents has occurred due to the necessary quality reviews undertaken by external auditors. These reviews are critical, particularly concerning the proper accounting treatment of certain acquisitions and ensuring their accurate presentation in the financial statements. The company is actively working with these auditors to expedite the review process.

Alongside the annual filings, GenAI also anticipates that its interim financial statements for the three-month period ending April 30, 2025, will be filed at the same time as the annual documents. This integrated approach to filing is aimed at minimizing the impact of delays on stakeholders and ensuring that all financial disclosures are up-to-date and comply with regulatory standards.

To maintain transparency during this time, GenAI has committed to issuing bi-weekly updates on its default status, which will include any substantial changes and notify stakeholders of ongoing efforts to remedy the situation. Also, the updates will highlight any failures to meet provisions stated under NP 12-203, including details about any subsequent defaults that may arise.

Underlining its commitment to accountability, the board of directors, led by Patrick Gray, has expressed determination to resolve this situation efficiently. CEO Gray states, “We are fully committed to providing our shareholders with timely updates regarding our financial reporting status and ensuring compliance with all regulatory requirements.”

In summarizing its business operations, GenAI is a forward-thinking artificial intelligence company, striving to develop a robust AI solution ecosystem through its proprietary MAI Cloud™ platform. The company is dedicated to offering AI-driven tools and services that positively impact various industry sectors and consumers alike. The team's dedication to innovation, encompassing machine learning and data analytics, positions GenAI as a leading force in the AI sector.

While challenges such as these may arise, GenAI remains focused on its mission to deliver transformative AI technologies that enhance productivity and user experience across the board. The future promises potential growth as the company continues to navigate through its current challenges while looking ahead to the next chapters of its development.

For further information, stakeholders can visit GenAI's official website or contact their toll-free line in North America at +1-833-879-7632. The company encourages open communication with its investors as it progresses through this transitional period.