Junee Limited's Subsidiary ASPAC AI Computing Enters Strategic Agreement With PanaAI Technology For Advanced AI Infrastructure; The Total Consideration For The Services Provided By PanaAI Is Expected To Be ~$100M

Benzinga·10/15/2024 12:35:20

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Junee Limited (NASDAQ:JUNE) (the "Company"), today announced that its wholly-owned subsidiary, ASPAC AI Computing Pty Ltd ("ASPAC"), has entered into a customer purchase agreement (the "Agreement") with PanaAI Technology Pty Ltd ("PanaAI"). The Agreement, effective as of October 15 2024, marks a strategic step towards enhancing ASPAC's capabilities in artificial intelligence and advanced computing.

Under the Agreement, PanaAI will supply ASPAC with a comprehensive suite of high-performance computing resources, including state-of-the-art data center infrastructure, Nvidia Networking products, and Nvidia H200 GPU servers, alongside professional services to support the integration and optimization of these technologies. This collaboration is designed to accelerate ASPAC's development and deployment of cutting-edge AI solutions, aligning with the Company's vision to lead in the digital infrastructure sector through technological innovation.

The total consideration for the Services provided by PanaAI is expected to be approximately US$ 100 million, payable in installments over the course of the Agreement. This financial commitment represents a substantial investment in ASPAC's future growth and is part of the broader non-binding memorandum of understanding(MOU) between Junee Limited and PanaAI, announced on August 27, 2024, which outlined plans for up to US$200 million in investments aimed at fostering innovation and expanding market presence through the development of artificial intelligence products and the construction and operation of supercomputing centers for artificial intelligence technology.

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