Jet.AI and Consensus Core Achieve Key Milestone in Data Center Venture
LAS VEGAS — Jet.AI Inc. ("Jet.AI" or the "Company") (NASDAQ: JTAI) together with Consensus Core Technologies Inc. is excited to announce the successful completion of the second milestone for their ambitious hyperscale data center project in Canada. This collaborative effort is poised to reshape the landscape of GPU infrastructure and cloud services.
Details of the Completed Milestone
With this milestone wrapped up, the joint venture can confirm several significant achievements:
- Jet.AI contributed $1.7 million to the joint initiative.
- The existing acreage's mortgage liens associated with the Midwestern Project have been released.
- A Letter of Intent was executed to acquire an adjacent 350 acres, considerably surpassing initial estimates of 100 acres.
- Consensus Core has contributed 100% equity interest of the Midwestern Project to the joint venture.
- Jet.AI successfully completed the Maritime site inspection.
Comments from Leadership
Mike Winston, Founder and Executive Chairman, shared his thoughts on this milestone: “The energy and natural resources we need are already abundant at our sites. The next milestone is about transforming that advantage into tangible action. We are diligently ensuring there are adequate energy commitments to operate our planned data centers effectively. The progress we are witnessing strengthens our belief in the success of both projects. Wayne Lloyd, CEO of Consensus Core, has proven to be a reliable and intelligent partner, instrumental in turning our vision into reality.”
Future Milestones and Financial Considerations
As part of reaching the second milestone, the joint venture has taken on $1.8 million in unsecured debt and accrued interest from Consensus Core. It is anticipated that the costs associated with achieving the third milestone will be modest, allowing the majority of proceeds from a successful closing to focus on debt repayment.
Upcoming Milestones
The anticipated next steps for both the Midwestern and Maritime projects include:
- Submission by Convergence Compute of a key Transmission Power Load Study application relevant to the Midwest data center.
- Confirmation from a natural gas utility or supplier regarding the provision of sufficient supply to operate the proposed turbines.
- The execution of a letter of intent by Convergence Compute to acquire power from a proposed wind farm for the Maritime data center.
About Jet.AI
Established in 2018 and based in Las Vegas, NV, Jet.AI operates in Software and Aviation sectors while transitioning towards a focused AI data center company. With a proficient leadership team experienced in data center development and AI technologies, Jet.AI aims to create a scalable, high-performance infrastructure to meet the growing computational demands of artificial intelligence. Originating in aviation, their suite of AI-based tools enhances efficiency and optimizes the private jet booking experience using advanced natural language processing technologies.
Frequently Asked Questions
What is the significance of the completed milestone?
The completion of the second milestone marks substantial progress towards establishing a state-of-the-art hyperscale data center, supporting growing AI infrastructure demands.
How does Jet.AI plan to utilize the contributions made?
The contributions will primarily facilitate debt repayment and support the ongoing financing of future milestones in the data center projects.
What advantages does the additional 350 acres provide?
Acquiring the extra acreage allows for expanded infrastructure to enhance computing capabilities and operational efficiency.
What is the anticipated impact of the data center projects?
The data center projects are expected to significantly bolster AI capabilities and provide essential resources for high-performance computing.
Who can I contact for investor relations?
Interested parties can reach out to Jet.AI's investor relations through Gateway Group, Inc. at 949-574-3860 or via email at Jet.AI@gateway-grp.com.
