Being AI refocuses on Project Treehouse

Being AI has announced that it is now focused on a single artificial intelligence project, known as Project Treehouse.

The company said it has divested Being Consultants to a purchaser connected to its group chief executive, David McDonald.

Being AI also provided an update on its compliance with NZX listing rules, revealing that it had not met the requirement for a board comprising at least three directors, two of whom must be independent directors.

This was due to the resignation of the company's independent directors in January 2025.

However, the company said this issue has now been resolved with the appointment of new independent directors on March 31, 2025.

Being AI said it has requested the release of its shares from suspension.

It also disclosed that it has been unable to attract and secure investment, leading to limited liquidity.

To address this, it has received a new loan facility of $500,000 from Wilshire Treasury, a major shareholder.

The company is now undertaking a strategic review to determine the best next steps.