Fobi Announces Multi-Year Agreement With Coupon Leader Vericast

Rhea-AI Summary

Fobi AI Inc. (FOBIF) announced a strategic two-year agreement with Vericast to provide backend infrastructure for the new Universal Coupon solution. This initiative will enable digital coupon issuance and redemption, leveraging AI standards for secure and efficient campaigns. Revenue will stem from setup and licensing fees, as well as per coupon charges. Vericast, a major player in marketing solutions, aims to enhance targeted consumer engagement and reduce fraud in coupon usage, expected to save retailers between $300-$600 million annually.

Positive

• Strategic two-year agreement with Vericast for Universal Coupon solution.
• Revenue generation from setup, licensing, and per campaign fees.
• Enhanced consumer targeting and reduced fraud with digital coupons.
• Potential annual savings for retailers of $300-$600 million.

Negative

• None.

VANCOUVER, B.C., March 17, 2022 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, today announced a strategic two year agreement with Vericast, a leading marketing solutions company, to provide the backend infrastructure for Vericast’s Universal Coupon solution. Universal Coupons launch digitally and are based on the new AI (8112) Universal Coupon standard developed by The Coupon Bureau. Fobi will generate revenue from this agreement from an initial setup and annual licensing as well as per campaign and per coupon fees.

Vericast is the first marketing solutions company to launch a Universal Coupon solution with store-level redemption insights, precise consumer targeting, and scalable reach. This unmatched combination of capabilities creates new, diverse promotional strategies and distribution opportunities for brands and retailers through Vericast’s national digital and print media solutions. This is another concrete example of Fobi’s digital transformation strategy paying off by helping to drive the shift from paper coupons to digital coupons in the retail space. Fobi is very well positioned to be first to market in delivering 8112 digital coupons at scale, and with 8112 coupons we also expect there to be increased spend from CPGs given the additional security and reduced fraud with 8112 coupons.

Vericast has a broad and diverse portfolio of print and digital marketing solutions. The company works with thousands of brands and businesses including some of the largest global retail and consumer packaged goods (CPG) companies in the world. Vericast’s early adoption and participation in shaping the Universal Coupon standard last year allows consumer packaged goods (CPG) companies to begin testing campaigns in Q2 this year in alignment with retailer acceptance.

Universal Digital Coupons issued by brands and redeemable on consumers’ mobile phones across participating retailers will be delivered through Vericast’s extensive digital marketing portfolio including display and video advertising, dynamic mobile, connected TV, and other solutions. Vericast’s integrated store-level coupon redemption data supports real-time adjustment of Universal Coupon media for optimized performance. Digital coupons also enable more targeted and personalized offers, which means a potentially higher volume of coupons and possible additional revenues for Fobi.

“We are excited about the opportunity for this combination of our technologies to lead the way with a new digital coupon that drives revenue and sales for our customers,” said Michelle Engle, Chief Product Officer at Vericast. “As a leading coupon distributor and processor, Vericast has the scale and reach to expand the omnichannel marketing power of digital offers with the new Universal Coupon standard, while enhancing the customer experience and reducing fraud.”

Brandi Johnson, CEO of the Coupon Bureau stated, “The Coupon Bureau is thrilled to see these two world class providers coming together to support and deliver the new Universal Coupons. With Fobi’s cutting edge technology coupled with Vericast’s media products and legacy reach- this partnership will be monumental in advancing the new coupon format adoption with retailers and CPGs.”

This agreement validates Fobi’s strategy to acquire Qples and Passcreator to build a digital coupon and promotion ecosystem that will benefit CPGs and retailers and generate revenue from both parties. Fobi is currently the only company that can create 8112 coupons and deliver them across multiple touchpoints such as Fobi’s Wallet pass platform for mobile phones, in Apps such as the Grocery Coupon Network (GCN), and for print at home. Vericast will now be able to execute Universal Digital Coupon campaigns, improving the customer experience and reducing coupon fraud, which costs retailers and CPGs between $300-$600 million annually.

“Working with a leading global company of the size and stature of Vericast is not only a great honour but comes along with tremendous third-party validation as well, validating Fobi's vision and strategic positioning. We have positioned ourselves as a transformative gateway between the traditional models and practices of how the CPG and Retail industries operate today and enabling a seamless shift towards the next evolution of 8112 and digital transformation,” said Rob Anson, Fobi CEO.

For more information on the AI (8112) universal coupon standard, please visit The Coupon Bureau’s (TCB) website at www.thecouponbureau.org. You can also watch a recent webinar series from Fobi and TCB by clicking here.
This press release is available on the Fobi website, and also on the Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement. 

About Vericast
Vericast is reimagining marketing solutions one business-to-human connection at a time. By influencing how over 120 million households eat, shop, buy, save and borrow, Vericast fuels commerce, drives economic growth and directly accelerates revenue potential for over 70,000 brands and businesses. While its award-winning portfolio of products, technology and solutions — including Vericast Illumis™, Vericast Consumer Graph™, Household Connect™, and Harland Clarke Checks™ — are a piece of the Vericast story, its people are the true differentiators; trailblazers in data intelligence, marketing services, transaction solutions, campaign management and media delivery.

About Fobi
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
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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: ir@fobi.ai		LinkedIn: @ Fobiinc

Forward-Looking Statements/Information:
This news release contains certain statements which constitute forward-looking statements or information. Such 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 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 plans, operations, 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, the Company 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 the Company should be considered highly speculative. There can be no assurance that the Company 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) accept responsibility for the adequacy or accuracy of this release.

FAQ

What is Fobi AI's recent partnership about?

Fobi AI has partnered with Vericast for a two-year agreement to develop a Universal Coupon solution that focuses on digital coupon issuance.

How will Fobi AI generate revenue from the Vericast agreement?

Fobi will generate revenue through initial setup fees, annual licensing, and per campaign and coupon fees.

What are the benefits of the Universal Coupon solution?

The Universal Coupon solution aims to enhance consumer targeting and reduce coupon fraud, benefiting both retailers and consumers.

When will consumer packaged goods companies start testing the new Universal Coupons?

Consumer packaged goods companies are expected to begin testing campaigns in Q2 2022.

What is the expected savings for retailers with the new coupon solution?

Retailers can expect to save between $300 and $600 million annually due to reduced fraud.