VANCOUVER, BC, Oct. 21, 2022 (GLOBE NEWSWIRE) — Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leading provider of real-time data analytics through artificial intelligence to drive operational efficiency and profitability, provides business-to-market update. Following a review by the British Columbia Securities Commission (“BCSC”), we are issuing the following press release to update our disclosure regarding certain programs and contract negotiations.
The Company wishes to provide an update on its pilot programs, as well as its Letter of Intent (“LOI”) with All Net LLC and its partnership with Empower Clinics.
The Company is engaged in pilot programs with various customers on an ongoing basis. These pilot programs are generally undertaken by the Company without consideration in order to demonstrate the value of FOBI’s products to customers. While not all of these pilot programs are revenue generating at this time, they are important to the Company as some may be significant agreements from a revenue perspective and others may be benefits to the Company that are opportunities non-quantifiable trade. These opportunities include gathering valuable information that enables the Company to identify vertical solutions and product opportunities, develop additional features and functionality for its technology and services, thereby adding value to the company’s product catalog. FOBI. Information gained from pilot programs also helps the company develop strategies it employs when marketing its products to potential customers. In addition, pilot programs allow the Company to test new products.
The Company carried out two pilot programs with TELUS Corporation (“TELUS”), allowing FOBI to present its product line. Upon completion of these pilot programs, the company was approved by TELUS to transition from the Telus market to a full supply partner. The Supply Agreement provides TELUS with wholesale pricing for FOBI’s products and allows TELUS to resell FOBI’s products, through its extensive sales network, under TELUS’ products and services. Since signing the supply partnership, TELUS has begun to successfully sell FOBI products to TELUS customers, which has resulted in TELUS securing revenue-generating commercial contracts. The length of these contracts vary and revenue is generated from, but not limited to, platform fees and active wallet pass fees which vary by client. TELUS continues to work on several new public and private sector opportunities for FOBI products and services.
The company previously announced a letter of intent for a project with All Net LLC (“All Net”) where FOBI will provide a custom technology stack that will power the AllNet Resort and Arena project to be built in Las Vegas. The company had worked actively with the President and CEO of All Net, as well as his information technology team, to define the project requirements and deliverables. The project is now officially launched and is currently under construction. AllNet and FOBI have reached commercial terms under a master services agreement. FOBI will be responsible for delivering its digital mobile wallet technology, creating a personalized and fully interoperable operational and interactive customer experience. FOBI will also provide its real-time Big Data capabilities, which will provide advanced operational analytical insights.
The company previously announced initial pilot discovery and implementation programs with BDG Sports for Covid-19 testing, which were successfully executed as single-event pilots. Following the success of these pilot programs, the Company worked with BDG Sports on revenue-generating project opportunities. The Company has generated revenue through these programs in the form of event license fees and active wallet pass fees. Some recent revenue-generating projects with BDG Sports include groups such as MGM, PGA, Korn Ferry Tour, NCAA Basketball event, RevelXP, Stratosphere Casino.
FOBI continues to work on a pilot program with Senor Frogs in Las Vegas. The company worked closely with this key group to add additional features and functionality to applicable FOBI products. The Company is currently in discussions with Senor Frogs to reach an agreement between the parties on the final commercial terms of its engagement. During the pilot program, the company identified potential revenue opportunities such as monthly SaaS fees and vendor-funded marketing and engagement programs.
Following the Company’s announcement of its partnership with Empower Clinics, the Company has finalized commercial terms and entered into a service and reseller agreement dated October 12, 2021. Through the Company’s partnership with Empower, FOBI has achieved non-material revenue including, but not limited to, custom development, configuration, and wallet pass fees. The Company continues to work with Empower to identify new sales opportunities.
FOBI ran a pilot program with Maplin, which has since expired. Due to the ongoing restructuring of Maplin’s business and the resulting issues and challenges as a result of Covid-19, the company and Maplin have been unable to reach terms of services and value that make sense to both organizations. Notwithstanding the above, this project has enabled the Company to discover new value in its cloud middle wear and FOBI solutions to enable better customer physical and online data connectivity, data segmentation and monetization. The company has benefited from the Maplin pilot program by leveraging its findings to enter into revenue-generating commercial deals with digital payment, point-of-sale and e-commerce companies Square, Lightspeed and Shopify.
The Company previously announced a pilot program with Pharmassist. With the emergence of Covid-19 and the related closure in the UK, the company faced challenges moving the pilot forward given limited store opening hours and capacity. Due to these difficulties and the need to prioritize opportunities with higher potential, the Company and Pharmassist were unable to agree on a definitive agreement. The company plans to revisit this opportunity in the future once restrictions related to the Covid-19 pandemic in the UK are lifted.
This press release is available on the FOBI website, For Shareholder Discussion and Management Engagement.
To download the Fobi Investor Experience Wallet Pass for enhanced access to investor information on Fobi, please visit the download page.
FOBI is a leading data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement to drive increased profits. FOBI’s in-house IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premises platforms, creating highly scalable solutions for our global customers. FOBI partners with many publicly traded companies to provide revenue-enhancing technology solutions and operates globally across retail, telecommunications, sports and entertainment, gaming, casinos, hotels and tourism.
For more information please contact:
|Fobi AI Inc.||Fobi website: www.fobi.ai|
|Rob Anson, CEO||Facebook: @Fobiinc|
|T: +1 877-754-5336 Ext. 3||Twitter: @Fobi_inc|
|E: [email protected]||LinkedIn: @Fobiinc|
This press release contains certain statements that constitute forward-looking statements or information. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including the impact of general economic conditions, industry conditions and competition from other industry participants, stock market volatility and the ability to access sufficient capital. from internal and external sources. Although the Company believes that the expectations contained in its forward-looking statements are reasonable, they are based on factors and assumptions about future events that may prove to be inaccurate. These factors and assumptions are based on currently available information. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those expressed, anticipated or implied by the forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking statements, as no assurance can be given as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any of the statements. foresight included. , whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the Company’s securities should be considered highly speculative. There can be no assurance that the Company will be able to achieve any or all of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright 2022 GlobeNewswire, Inc.