Genius Group Release Additional Details of FatBrain AI Transaction

SINGAPORE, March 18, 2024 (GLOBE NEWSWIRE) -- Genius Group Limited (NYSE American: GNS) (“Genius Group” or the “Company”), a leading entrepreneur edtech and education group, released today additional details on their recently announced transaction to form an AI-powered Education and Acceleration group to power Sovereign AI ecosystems of tomorrow for entrepreneurs, enterprises, governments and students through AI education and enablement:

• Deal Structure: The transaction was the purchase of selected FatBrain AI assets and liabilities by Genius Group in an all-share transaction, through the purchase of the stock of a FatBrain subsidiary which is held by Genius as a wholly owned subsidiary, and no merger into Genius has taken place.
  
  
• Post-Transaction Revenue, Profit: Following the transaction, Genius Group’s 2023 pro forma revenue is expected to grow approximately 150%, with 2023 pro forma revenue guidance growing to an estimated $76 million to $80 million. Genius Group’s 2023 pro forma net profit is expected to grow approximately 150%, with 2023 pro forma net profit guidance growing to an estimated $7 million to $9 million (all financials currently in the Company’s 2023 audit process).
  
  
• Post-Transaction Balance Sheet: Following the transaction, Genius Group’s 2023 pro forma total assets is expected to grow approximately 40%, with 2023 pro forma total assets guidance growing to an estimated $110 million to $115 million. Genius Group’s 2023 pro forma net profit is expected to grow approximately 50%, with 2023 pro forma total liabilities guidance growing to an estimated $60 million to $65 million (all financials currently in the Company’s 2023 audit process)
  
  
• Post-Transaction Structure: The Post-structure leaves Genius Group Ltd as the parent company with the FatBrain assets existing in a wholly owned subsidiary of the parent company, which will continue to trade on NYSE American under the ticker NYSEAmerican:GNS as a Singapore-based company with its consolidated financials compliant with IFRS Standards.
  
  
• Post-Transaction Leadership: Genius Group has an exeuctive executive team and Board of Directors as follows. Peter Ritz, FatBrain’s AI’s CEO, will join the Genius Group Board as Executive Director and Michael Moe, FatBrain AI’s Chairman, will join the Genius Group Board as Non-Executive Chairman. The Current Genius Group of Roger James Hamilton (CEO), Suraj Naik (Executive Director) and Richard Berman, Eric Pulier and Salim Ismail (Non-Executive Directors) remain on the Board. The split of the Board is: 2 members (29%) FatBrain AI representation. 5 members (71%) Genius Group representation.