Fobi Announces Results of Annual General Meeting

Rhea-AI Summary

Fobi AI Inc. (FOBI) held its Annual General Meeting (AGM) on December 15, 2022, with 47,716,574 shares voted, representing 31.41% of outstanding shares. Shareholders approved key resolutions including the appointment of four directors: Rob Anson, Peter Green, Michael Devine, and Jeffrey Hyman. Additionally, Manning Elliott LLP was appointed as the company’s auditor for the upcoming year. The Company also settled $226,970 in debt by issuing 510,045 shares at a price of $0.445 per share, with the settlement approved by the TSX Venture Exchange.

Positive

• Shareholders approved the election of four directors, strengthening management.
• The appointment of Manning Elliott LLP as the auditor suggests confidence in financial oversight.
• Debt settlement of $226,970 through share issuance improves cash flow.

Negative

• None.

VANCOUVER, British Columbia, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Fobi AI Inc. (“the “Company” or “FOBI”) (TSXV:FOBI; OTCQB: FOBIF) is pleased to announce voting results from the Company’s Annual General Meeting of Shareholders held on December 15, 2022 (“AGM”). All matters voted upon were outlined in the Company’s Management Information Circular dated October 31, 2022 (“Circular”). A total of 47,716,574 common shares of the Company (“Shares”) were voted, representing the votes attached to 31.41% of all outstanding Shares as at the record date.

At the AGM, Shareholders passed resolutions related to the following, all as further set out in the Circular:

• The number of directors of the Company was fixed at four (4);
• The election of the director nominees set forth in the Circular, being Rob Anson, Peter Green, Michael Devine, and Jeffrey Hyman; and
• The appointment of Manning Elliott LLP, as auditor of the Company for the ensuing year and the authorization of the directors of the Company to fix the auditors remuneration.
  
  

Shares For Debt
The Company also confirms that, further to its news release dated November 18, 2022, the Company has settled a reduced amount of $226,970 in outstanding debt in exchange for the issuance of 510,045 common shares of the Company (“Shares”) at a deemed price of $0.445/Share (the “Debt Settlement”). The Debt Settlement was approved by the TSX Venture Exchange, and the Shares have been issued. No finder’s fees or commissions were paid in connection with the Debt Settlement.

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.

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, and 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) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What were the voting results from Fobi AI's AGM on December 15, 2022?

At Fobi AI's AGM, 47,716,574 shares were voted, representing 31.41% of all outstanding shares.

Who were the directors elected at Fobi AI's AGM?

The elected directors at Fobi AI's AGM were Rob Anson, Peter Green, Michael Devine, and Jeffrey Hyman.

What is the significance of the debt settlement announced by Fobi AI?

Fobi AI settled $226,970 in debt by issuing 510,045 shares, improving its financial standing.

Who was appointed as auditor for Fobi AI in 2022?

Manning Elliott LLP was appointed as the auditor for Fobi AI for the upcoming year.