Fobi Announces the Closing of its Acquisition of PassWallet Assets from Quicket GmbH, and an Increase of 1.28m Downloads Since First Reported on Oct. 7, 2021

Rhea-AI Summary

Fobi AI Inc. (FOBI:TSXV, FOBIF:OTCQB) has successfully acquired the PassWallet application and related assets from Quicket GmbH for €888,000. The transaction involved €355,200 in cash and 301,480 common shares. Since the last report, PassWallet downloads surged from 6 million to 7.28 million, with notable growth in European countries. This uptick aligns with the growing demand for mobile wallets, expected to expand at a CAGR of 20% from 2021-2026. CEO Rob Anson emphasizes optimism for continued growth amidst the shift towards contactless transactions.

Positive

• Acquisition of PassWallet enhances Fobi's mobile wallet offerings.
• Downloads increased from 6 million to 7.28 million, indicating strong user interest.
• Market growth expected at a CAGR of 20% from 2021-2026 due to demand for mobile wallets.

Negative

• None.

VANCOUVER, British Columbia, Nov. 08, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV FOBIF:OTCQB) (the “Company” or “Fobi”) is pleased to announce that further to its press release dated October 7, 2021, the Company has completed its acquisition of the PassWallet application and related assets (the "Acquired Assets") from Quicket GmbH (the "Vendor").

SIGNIFICANT INCREASE IN PASSWALLET DOWNLOADS SINCE LAST REPORT

Since the last report on October 7th, there has been a significant increase in downloads of the PassWallet app from 6 million to 7.28m downloads, an increase of over 1 million downloads. The countries that saw the biggest increases in downloads were in Europe, with Spain, Germany, UK, Romania and Bulgaria all seeing large increases.

Fobi CEO Rob Anson stated: “The landscape is shifting to contactless, cashless and mobile first operations and as a result we are witnessing accelerated growth in the mobile wallet pass sector due to the digital transformation that is ongoing. The mobile wallet provides a convenient, secure way to streamline operations and deliver enhanced levels of personalized engagement directly to users, and even to their mobile phone’s lock screen. As a result, the dynamic functionality of the wallet is transforming our daily lives, and we are very optimistic as to continued growth in both downloads and monthly users.”

Due to the increased demand for contactless and cashless transactions, the mobile wallet market is expanding rapidly. A recent Imarc report forecasts the Mobile Wallet market will grow at a compound annual growth rate (CAGR) of 20% from 2021-2026.

TERMS OF THE TRANSACTION

In consideration for the Acquired Assets, Fobi paid an aggregate of €888,000 to the Vendor consisting of: (i) €355,200 paid in cash; (ii) 301,480 common shares of Fobi (each a “Fobi Share”) at a deemed price per Fobi Share of C$2.63660 (€532,800 converted into Canadian funds using the Bank of Canada monthly exchange rate for the calendar month of October 2021 by the 10 trading day volume weighted average price of the Fobi Shares on the TSX Venture Exchange (the “TSXV”) for the period ended 10 TSXV trading days prior to the date of closing of the Transaction). Fobi Shares issued in connection with the Transaction are subject to a restricted period of four months and one day from the date of issuance.

This Press Release Is Available on the Fobi Website, as well as the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.

About PassWallet

PassWallet is the first app specializing in enabling Android users to store, organize and update Wallet passes, in the most simple and intuitive way. PassWallet can service all type of passes imaginable: boarding passes, transport cards, passes to the movies, theatres, concerts, museums, festivals, theme parks or stadiums, loyalty cards, vouchers and discount coupons in many stores, hotels and car reservations and more.

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

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) accept responsibility for the adequacy or accuracy of this release. 

FAQ

What is the purpose of Fobi's acquisition of PassWallet?

The acquisition aims to enhance Fobi's offerings in the mobile wallet sector, responding to the growing demand for contactless and cashless transactions.

What was the total value of the PassWallet acquisition by Fobi?

Fobi paid a total of €888,000, which included €355,200 in cash and common shares valued at €532,800.

How many downloads has PassWallet achieved since the acquisition?

Since the last report, PassWallet downloads have increased from 6 million to 7.28 million.

What is the forecasted growth rate for the mobile wallet market?

The mobile wallet market is expected to grow at a compound annual growth rate (CAGR) of 20% from 2021 to 2026.

What strategic importance does PassWallet hold for Fobi?

PassWallet allows Fobi to capitalize on the digital transformation towards contactless transactions, enhancing customer engagement and operational efficiency.