ExaWizards Inc. announced that Board of Directors resolved to transfer the rights and obligations of generative AI Products business to a newly established company "Exa Enterprise AI Inc.", which will be wholly owned subsidiary, through a corporate separation (the "Corporate Separation"), effective as of October 2, 2023 (planned). Since the Corporate Separation is a simplified incorporation-type company split in which the Company is the sole beneficiary, certain disclosure items and details are omitted from this announcement. This newly established company will grant the Company a foundation to plan, develop, and sell products that utilize the Company's generative AI more quickly and flexibly, laying the groundwork to expand the AI Products business over the medium to long-term.