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McapMediaWire -- UAMultimedia, Inc. (OTC: UAMM ), a technology holding company andsolution provider in the areas of blockchain, digital asset, Web3, andelectric vehicle, is pleased to announce its signing of a Letter ofIntent to acquire a minority stake in Pascal Studio, an ArtificialIntelligence (AI) technology company.
Pascal Studio ( https://pascal.studio ) leverages the power of AI and advanced graph technologies with aunique user interface to help deliver fast time to value andunparalleled predictive insights. Its platform, currently focused onsupply chain management, is built to integrate all of its clients’data from within and across the supply chain and financial operations.At the core of the platform is an advanced Machine Learning model withdecision assistant that provides early warning and optimizes executionthrough exception-based management.
Pascal currently has a multi-billion dollar companyas a major client. In addition, it is in discussions with and expectsto secure another large international company as a client in the nearfuture.
Under theterms of the agreement, UA has the rights to acquire 30% of PascalCommon shares with 15% priced at early stage valuation and 15% pricedat the current valuation.
The Company plans to finance the acquisition viatwo year convertible notes. It has received a verbal commitment for apartial amount and expects to secure the total amount in the next fewmonths.
Pendingfavorable outcomes, Minh Chau, Pascal’s CEO, will also join UAMultimedia’s management team to assist with business development.Discussions are on-going to identify and conceptualize AI applicationsfor other vertical markets.
Due to the recent downturn in the crypto sector,the Company has put further development of its own products on hold.It will continue to offer development of blockchain and digital assetapplications as a service. In addition, the Company will leveragePascal’s expertise to provide AI and software technicalservices.
“Recent introduction of ChatGPT by OpenAI and StableDiffusion by Stability AI has revealed the huge potential ofartificial intelligence and how it could disrupt the way people liveand work in the near future,” commented Michael Lajtay, CEO of UAMultimedia. “We are a firm believer in AI technology and have beenin discussion with Pascal to collaborate and expand our respectivebusinesses as well as to collectively build a global technologycompany via mergers and acquisitions.”
About UA Multimedia, Inc.
UAMultimedia, Inc. is a technology company and solution provider with afocus in blockchain, digital asset, Web3, electric vehicle, and AI. Itis also a holding company seeking to acquire domestic and foreignentities who are in the same space.
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This release contains forward-looking statements within themeaning of Section 27a of the Securities Act of 1933, as amended andsection 21e of the Securities and Exchange Act of 1934, as amended.Those statements include the intent, belief or current expectations ofthe Company and its management team. Some or all of the events orresults anticipated by these forward-looking statements may not occur.Prospective investors are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risksand uncertainties, and that actual results may differ materially fromthose projected in the forward-looking statements as a result ofvarious factors. Accomplishing the strategy described herein issignificantly dependent upon numerous factors, many that are not inmanagement's control. UA Multimedia, Inc. does not undertake anyduty nor does it intend to update the results of these forward-lookingstatements.
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