Fobi AI Provides Corporate Update
Fobi AI has provided a corporate update highlighting several key initiatives. The company has launched integrated payment processing within its event and ticketing platform, generating revenue through a 2.9% merchant fee and additional service charges. The company is restructuring Qples to optimize operations and align with the emerging 8112 digital coupon standard. Following participation in the Comcast SportsTech program, Fobi has gained new business prospects and investor interest. The company has also expanded its presence in equestrian show parks through the Tbird partnership and completed successful paid pilots in the transportation industry.
Fobi AI ha fornito un aggiornamento aziendale evidenziando diverse iniziative chiave. L'azienda ha lanciato un sistema di elaborazione dei pagamenti integrato all'interno della sua piattaforma per eventi e biglietti, generando entrate tramite una commissione commerciale del 2,9% e costi di servizio aggiuntivi. L'azienda sta ristrutturando Qples per ottimizzare le operazioni e allinearsi con il nuovo standard per i coupon digitali 8112. Dopo la partecipazione al programma Comcast SportsTech, Fobi ha guadagnato nuove prospettive commerciali e interesse da parte degli investitori. L'azienda ha anche ampliato la propria presenza nei parchi equestri attraverso la partnership con Tbird e ha completato con successo progetti pilota retribuiti nel settore dei trasporti.
Fobi AI ha proporcionado una actualización corporativa que resalta varias iniciativas clave. La empresa ha lanzado un procesamiento de pagos integrado dentro de su plataforma de eventos y venta de entradas, generando ingresos a través de una tarifa comercial del 2,9% y cargos por servicios adicionales. La empresa está reestructurando Qples para optimizar las operaciones y alinearse con el nuevo estándar de cupones digitales 8112. Tras la participación en el programa Comcast SportsTech, Fobi ha ganado nuevas oportunidades comerciales e interés por parte de los inversores. La empresa también ha expandido su presencia en parques ecuestres a través de la asociación con Tbird y ha completado con éxito pilotos pagados en la industria del transporte.
포비 AI는 여러 주요 이니셔티브를 강조하는 기업 업데이트를 제공했습니다. 이 회사는 이벤트 및 티케팅 플랫폼 내에서 통합 결제 처리를 시작하여 2.9%의 상인 수수료와 추가 서비스 요금을 통해 수익을 창출하고 있습니다. 이 회사는 Qples를 재구성하여 운영을 최적화하고 새로운 8112 디지털 쿠폰 표준에 맞추고 있습니다. Comcast SportsTech 프로그램에 참여한 후, 포비는 새로운 비즈니스 기회와 투자자 관심을 얻었습니다. 이 회사는 Tbird 파트너십을 통해 경마 공원에서의 존재감을 확대했으며, 교통 산업에서 성공적인 유료 파일럿을 완료했습니다.
Fobi AI a fourni une mise à jour de l'entreprise mettant en avant plusieurs initiatives clés. La société a lancé un traitement des paiements intégré au sein de sa plateforme d'événements et de billetterie, générant des revenus par le biais d'une commission marchande de 2,9 % et de frais de service supplémentaires. L'entreprise restructure Qples pour optimiser ses opérations et s'aligner sur la nouvelle norme de coupon numérique 8112. Suite à sa participation au programme Comcast SportsTech, Fobi a gagné de nouvelles perspectives commerciales et l'intérêt des investisseurs. La société a également élargi sa présence dans les parcs équestres grâce à un partenariat avec Tbird et a complété avec succès des pilotes payants dans l'industrie du transport.
Fobi AI hat ein Unternehmensupdate bereitgestellt, das mehrere wichtige Initiativen hervorhebt. Das Unternehmen hat eine integrierte Zahlungsabwicklung innerhalb seiner Veranstaltungs- und Ticketplattform eingeführt, die Einnahmen durch eine Handelsgebühr von 2,9% und zusätzliche Servicegebühren generiert. Das Unternehmen strukturiert Qples um, um die Abläufe zu optimieren und sich an den aufkommenden digitalen Gutscheinstandard 8112 anzupassen. Nach der Teilnahme am Programm Comcast SportsTech hat Fobi neue Geschäftsperspektiven und das Interesse von Investoren gewonnen. Das Unternehmen hat auch seine Präsenz in Reiterparks durch die Partnerschaft mit Tbird erweitert und erfolgreiche bezahlte Pilotprojekte in der Verkehrsindustrie abgeschlossen.
- New revenue stream from payment processing fees (2.9% + $0.30 per transaction)
- Additional revenue from mobile wallet transactions ($2.99 + $0.99 per transaction)
- Successful expansion in equestrian show parks across North America
- Completion of paid transportation pilots
- Qples restructuring needed due to operational challenges
- Slower than anticipated adoption of 8112 digital coupon standard affecting Qples performance
- Current losses in Qples operations
VANCOUVER, BC, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV)(FOBIF: OTCQB) (the “Company” or “Fobi”), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to provide shareholders with a corporate update regarding the following significant company initiatives.
CEO’S STATEMENT ON STRATEGIC DEVELOPMENTS
Rob Anson, CEO of Fobi AI, states: “We recognize that we’ve been quieter than usual lately, but this has been intentional as we work through several key strategic initiatives. Our focus has been on executing our product roadmap. We are excited about the value we are creating and are fully committed to delivering exceptional outcomes to our clients. We are currently evaluating several strategic opportunities and look forward to sharing updates as they develop."
FOBI AI LAUNCHES INTEGRATED PAYMENT PROCESSING WITHIN EVENT AND TICKETING PLATFORM
This summer, Fobi AI introduced a new payment processing feature within our innovative event and ticketing platform. This integration marks a significant leap forward, empowering event organizers and attendees to enjoy seamless transactions while unlocking new revenue opportunities for Fobi AI.
With this powerful new feature, Fobi AI is generating revenue through merchant payment processing fees at a competitive rate of
This newly integrated product immediately has enhanced our revenue while strengthening our position and quest to become an industry leader in the ticketing and event space.
COMCAST SPORTSTECH 2024 A KEY CATALYST IN SHAPING FOBI’S FUTURE
Comcast SportsTech program has been a pivotal catalyst for our recent developments. The insights and invaluable takeaways from this program have reshaped our strategic positioning and bolstered our market relevance as a true leading mobile wallet pass company. This year's participation in the SportsTech program has opened up various avenues, including business prospects and interest from potential investors, which we are considering for potential partnerships and collaborations.
STRATEGIC RESTRUCTURING OF QPLES
In alignment with our growth strategy over the past few months, the company has been thoroughly analyzing all areas of the business and embarking on a strategic restructuring of Qples. This initiative aims to strengthen our balance sheet by optimizing operations and aligning resources to enhance the business's ability to meet our clients' needs as they adapt to market changes.
Rob Anson, CEO of Fobi AI, emphasizes: “The acquisition of Qples was driven by the goal of integrating Fobi's wallet pass technology to revolutionize the traditional clip-and-print coupon promotion business model. This integration facilitates a transition toward emerging digital solutions, particularly within the 8112 digital coupon standard. While the adoption and rollout of the new 8112 industry standard have taken longer than we initially anticipated, we remain confident that Qples is well-positioned to capitalize on the inevitable industry shift.”
Qples will continue to operate and manage campaigns effectively under Fobi Canada. We are also exploring various licensing opportunities that could potentially benefit Fobi in allowing us to maintain ownership of the IP, yet generating revenue and addressing the current losses reflected in Qples.”.
FURTHER PROJECT UPDATES: TBIRD SHOW PARK, AIRPORT TRANSPORTATION, GLOBAL SPORTING EVENTS AND DIGITAL IDENTITY PROGRAMS.
In April, the company announced a two-year deal with Tbird Equestrian Show Park. Following a successful first season, we have leveraged our learnings and visibility to deliver the Fobi suite of products to numerous other show parks throughout North America.
Additionally, we have experienced further growth in the transportation industry, with successful paid pilots completing last month. This summer, we supported and serviced some of the largest global events, and we are engaged in various digital identity projects across North America. We anticipate providing updates and timely disclosures as these projects progress.
Rob Anson, CEO of Fobi AI: “Our team is working off the success of our recent product releases, business development efforts and client projects. These initiatives and partnerships reflect our unwavering commitment to solid execution, product innovation, and market leadership. As we file our financials, we look forward to sharing insights and further exploring our strategic business growth."
This press release is available on the Fobi website.
To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi, please visit our Investor Experience page.
About Fobi AI
Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.
Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry.
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 | X: @Fobi_inc | |
| E: ir@fobi.ai | LinkedIn: @Fobiinc |
This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi's business and technology; the ability of Fobi to engage with industry participants to achieve its goals; the development of Fobi's technology; and the viability of Fobi's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such 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 stated, anticipated, or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity, or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Fobi does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, 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 securities of Fobi should be considered highly speculative. There can be no assurance that Fobi will be able to achieve all or any 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.
FAQ
What are the new payment processing fees for Fobi AI's (FOBIF) event platform?
How is Fobi AI (FOBIF) restructuring Qples in 2024?
What results did Fobi AI (FOBIF) achieve from the Tbird partnership in 2024?
