SINGAPORE, Oct. 29,
2024 /PRNewswire/ -- Junee Limited (NASDAQ: JUNE)
(the "Company"), today announced its strategic focus on developing
and operating artificial intelligence (AI) computing centers. To
support this initiative, the Company plans to raise up to
US$40 million through a financing
round, with the funds earmarked for the establishment of an AI
supercomputing center in Australia
and to bolster its working capital.
The planned financing of up to US$40
million will be used primarily for two key purposes:
1. Establishment of an AI supercomputing center in
Australia: The funds will support
the construction and operation of a state-of-the-art AI
supercomputing center, which is expected to consist of 511 AI
servers equipped with up to 4,088 NVIDIA H200 or higher level GPUs.
The total investment in this project could reach up to US$200 million, with the project being
implemented in phases.
2. Working Capital: A portion of the funds will be
allocated to enhance the company's working capital, providing
financial flexibility and support for ongoing operations.
"We are excited to embark on this new chapter, where we will
leverage our expertise and resources to build a robust AI computing
infrastructure," said Yu Chun Kit,
Director of Junee Limited. "The planned financing will provide us
with the necessary capital to establish a world-class AI
supercomputing center in Australia
and support our broader business objectives. We are confident that
this strategic focus will drive significant growth and value for
our stakeholders."
Junee Limited is committed to becoming a leading player in the
AI computing sector, driven by the increasing demand for advanced
computing capabilities. To accelerate its entry into the AI
computing market, Junee Limited has entered into a non-binding
memorandum of understanding with PanaAI Technology Pty Ltd
("PanaAI"), an NVIDIA Cloud Partner based in Australia on August 27,
2024. By investing in cutting-edge technology and forming
strategic partnerships, the company expects to capture a
significant share of the market and contribute to the advancement
of AI technology.
Historical Events:
On August 27, 2024, the Company
announced that it entered into a non-binding memorandum of
understanding with PanaAI. PanaAI is an AI computing services and
operations company that is a NVIDIA Cloud Partner in Australia and member of the NVIDIA Ecosystem
in Australia. Both parties agreed
to collaborate on the development of AI products and explore the
construction of AI supercomputing centers in Australia, potentially involving up to
US$200 million in investment,
including 511 AI servers with up to 4,088 NVIDIA H200 or higher
level GPUs.
On September 18, 2024, the Company
announced that its wholly-owned subsidiary, ASPAC AI Computing Pty
Ltd ("ASPAC") entered into a service contract with PanaAI for the
design, integration, and deployment of an artificial intelligence
superfactory (AISF).
On October 15, 2024, the Company
announced that ASPAC entered into a customer purchase agreement
with PanaAI for the procurement of hardware and software services
from PanaAI. Pursuant to the customer purchase agreement, PanaAI
will provide ASPAC with data center infrastructure, NVIDIA
Networking products, NVIDIA H200 GPU servers, and professional
services. As consideration for the services, ASPAC shall pay PanaAI
in installments totaling approximately US$100 million. The customer purchase agreement
and services are part of the Company's non-binding memorandum of
understanding with PanaAI for up to US$200
million of investment announced on August 27, 2024.
About Junee Limited:
Junee Limited (NASDAQ: JUNE) with its wholly owned subsidiary
ASPAC AI Computing Pty Ltd ("ASPAC"), is an innovative technology
company specializing in supercomputing infrastructure, and
dedicated to advancing artificial intelligence and high-performance
computing (HPC). As the global demand for GPU-accelerated cloud
computing and large-scale computational resources surges, the
Company stands at the forefront of continuously driving
technological innovation and invest in infrastructure to provide
robust computing power to industry users, startups, government
agencies, and research institutions.
Its mission is to become a leading provider of high-performance
AI computing solutions. The Company is currently undergoing
construction of a supercomputer facility in the Southern
Hemisphere, which is designed to empower rapid advancements in
cutting-edge technologies such as Large Language Models (LLMs),
Vision-Language Models (VLMs), autonomous driving, robotics,
bio-genomics, climate science, environmental studies, disaster
management, and energy development.
Through its advanced computing resources, the Company aims to
help industries meet the technological challenges of the future,
driving global innovation and collaboration.
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from those indicated by such forward-looking statements
due to various factors. Investors are advised to refer to the
documents filed by Junee Limited with the Securities and Exchange
Commission, including the most recent Form 20-F, for a discussion
of these risks and uncertainties.
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SOURCE Junee Limited
