According to Valuetronics, Trio AI was a joint venture set up to provide GPU and AI-related value-added cloud services in Hong Kong.
Valuetronics had acquired GPUs and related ancillary hardware and then lease to Trio AI.
However, Trio AI has yet to gain "sufficient commercial traction" despite a new venture partner and additional capital committed.
"In addition, certain rental amounts owing from Trio AI to the Group under the equipment leasing arrangements have remained outstanding beyond their contractual due date," says Valuetronics, which expects to report on or before May 28.
See also: SGX cuts loose Scientific Beta for 23 mil euros
As at 9.43 am, Valuetronics Holdings shares changed hands at 96.5 cents, down 18.22%.
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