Fobi Signs $120,000 PulseIR Deal With Turnium Technology Group Inc.

Rhea-AI Summary

Fobi AI Inc. (FOBIF) has signed a new one-year contract worth $120,000 with Turnium Technology Group Inc. through its subsidiary PulseIR. This agreement marks the third contract for PulseIR since its commercial launch just ten days ago, showcasing the platform's growing momentum in providing data-driven investor relations solutions. The new deal expands PulseIR's client base and is expected to generate increased demand from public issuers aiming for personalized investor engagement. Fobi's CEO emphasized the shift towards data-focused communication strategies, reinforcing the necessity of real-time mobile engagement.

Positive

• Secured a new $120,000 contract with Turnium, enhancing revenue.
• Third contract signed within 10 days post-PulseIR launch, indicating strong market traction.
• Expansion of PulseIR's client base into a new industry, fostering additional growth opportunities.

Negative

• None.

Turnium signing represents third PulseIR deal in last ten days since commercial launch, showing significant momentum for Fobi’s data-driven IR platform

VANCOUVER, BC, Feb. 09, 2023 (GLOBE NEWSWIRE) -- February 9, 2023, 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 announce that the company’s wholly-owned subsidiary, PulseIR, has signed a new deal with software provider Turnium Technology Group Inc. Turnium develops software-only technology that powers software-defined wide area networks (SD-WAN) and profits for service providers across the globe. PulseIR is a platform as a service (PaaS) and Fobi will generate $120,000 in revenue for the one-year contract. This revenue will be recognized in accordance with IFRS policies over the 12 months of the contract.

The company’s latest deal with Turnium scales Fobi’s IR solutions to a new industry and adds another customer to PulseIR’s growing client base. Since its commercial launch in January 2023, Fobi has also signed PulseIR deals with PanGenomic Health Inc. and Empower Clinics. This new contract will additionally help generate increased demand from public issuers who want to deliver personalized, automated, and data-driven mobile IR solutions to their shareholders.
  
Derek Spratt, CEO of Turnium, states: “As we prepared to go public, it became clear to us that we wanted to have better visibility into our IR activities and a better understanding of who our investors are, and how to best reach and engage with them. In particular, we wanted a better understanding of the ROI of our marketing activities and how that connects to the lifetime value of our investors. PulseIR gives us that, which is why it was so easy for us to choose them as our partner in strengthening our IR activities.”

Rob Anson, CEO of Fobi, states: “The world is transforming, communication strategies are becoming data focused and real-time mobile engagement strategies are rapidly shifting from a nice to have to a 100% must have. This deal today with Turnium represents our third contract since our official PulseIR commercial launch just a short 10 days ago. This deal clearly validates not just the need for our data-driven mobile engagement platform but in a matter of days we have gained a great deal of momentum and traction.”

For more information on PulseIR please visit www.pulseir.com.

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 the download page.

About Turnium
Turnium Technology Group Inc. delivers its SD-WAN solution as a white label, containerized, disaggregated software platform that channel partners host, manage, brand, and price and as a managed cloud-native service provided by Turnium. Both Turnium SD-WAN offers are available through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.

About Fobi
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		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 significance of Fobi AI's recent contract with Turnium?

Fobi AI's contract with Turnium, valued at $120,000, signifies its growing momentum in the investor relations sector, showcasing the demand for its PulseIR platform within a new industry.

How many contracts has Fobi AI signed since launching PulseIR?

Since launching PulseIR just ten days ago, Fobi AI has signed three contracts, indicating strong early traction in the market.

What revenue will Fobi recognize from the Turnium contract?

Fobi will recognize $120,000 in revenue from the Turnium contract over the 12-month duration in accordance with IFRS policies.