FOBI Signs $250,000 Data Consulting Agreement With Azincourt Energy Corp. Enabling Azincourt To Leverage Fobi’s Artificial Intelligence And Real-Time Big Data Operational Platform

Rhea-AI Summary

Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) has entered a data consulting agreement with Azincourt Energy Corp. to develop a big data and operational intelligence platform aimed at modernizing mining practices. The partnership aims to leverage artificial intelligence and data mining techniques to improve exploration outcomes at the East Preston uranium project. This collaboration is expected to enhance operational efficiencies in a sector projected to grow significantly, with the mining and exploration equipment market valued at $144 billion.

Positive

• Partnership with Azincourt Energy to develop a big data operational intelligence platform.
• Utilization of AI and data mining techniques to improve exploration processes.
• Focus on enhancing operational efficiencies at the East Preston uranium project.

Negative

• None.

Fobi will assist Azincourt Energy in the development of its big data and operational intelligence platform to transform the legacy and antiquated applications and practices that are commonly used in the mining and exploration sector

VANCOUVER, British Columbia, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a global leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that it has entered into a data consulting agreement with Azincourt Energy Corp., a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements.

Fobi will assist Azincourt in the development of a big data and operational intelligence platform to help transform legacy and in some cases antiquated but commonly used practices in the mining and exploration sector. Fobi will introduce the use of artificial intelligence applications and data mining techniques that analyze large amounts of aggregated data, detecting patterns and consistencies that may not be readily apparent otherwise, and can therefore help provide road maps to help the Company achieve more impactful drill holes in less time, and with less cost. 

The contract with Fobi will allow Azincourt to benefit from Fobi’s experience architecting and deploying real-time applications and operational solutions across various data applications at scale. Fobi will architect and deploy its established AI & Big Data Operational Applications in an effort to support Azincourt’s goal of making discoveries and delineating a resource at its East Preston project.

“This partnership with Fobi AI gives Azincourt the opportunity to apply leading-edge technologies to our efforts at East Preston,” said CEO, Alex Klenman.  “I think it’s incumbent upon us to utilize leading-edge exploration techniques to help guide us toward significant discoveries.  Artificial Intelligence, machine learning algorithms and rapid big data analysis clearly have a place in our future and we’re eager to apply these new techniques to uranium exploration.  There are multiple applications we can utilize here, and I’m excited to begin working with Fobi and their innovative team.  I think this is a tremendous opportunity for Azincourt,” continued Mr. Klenman.

Agreement with Azincourt Signifies the Modernization of the $144 Billion Mining & Exploration Equipment Market

According to Grandview Research, the mining & exploration equipment market size was valued at $144.37 Billion USD and is expected to grow at a compound annual rate of 12.7% from 2020 to 2027. The report goes on to say that ongoing digital innovations are expected to transform key aspects of mining over the next few years. “Increased investment, along with government support for the digital mine innovation, is expected to trigger the demand … Technology is becoming a critical differentiating factor for manufacturers and mining companies as digitization and automation are continuously gaining momentum.” The partnership with Azincourt will enable Fobi to aid in the transformation of Azincourt’s data platform and strategy, which will greatly enhance the company’s existing operations.

After establishing an initial roadmap for Azincourt, Fobi will be able to port its modern practices to offer them to additional clients in the mining and exploration industry and other major sectors, creating additional potential revenue streams.

“I see the exploration and mining sector as a very lucrative opportunity for Fobi,” said Rob Anson, CEO of Fobi. “This agreement with Azincourt will enable Fobi to demonstrate the power of our real-time operational data applications and real-time analytics and insights to provide Azincourt with leading-edge technology, strategies, and necessary applications to streamline and automate current manual applications. Fobi will continue to drive innovation and best practices to improve the industry’s existing antiquated operational and data systems. The powerful combination of Fobi’s artificial intelligence and real-time big data applications will be key to enabling Azincourt to make faster, smarter, data-driven decisions which ultimately will be key to driving further success in regard to the Company’s operational efficiencies and performance,” continued Mr. Anson.

This Press Release Is available on the Fobi Website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.

About Azincourt Energy Corp.

Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its majority-owned East Preston uranium project in the western Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.

For further information please contact:

Alex Klenman, President & CEO
Tel: 604-638-8063
info@azincourtenergy.com

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

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.

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.

FAQ

What is the partnership between Fobi and Azincourt Energy about?

Fobi AI has entered into a data consulting agreement with Azincourt Energy to develop a big data and operational intelligence platform focused on modernizing mining practices.

How will Fobi's technology benefit Azincourt Energy?

Fobi will employ artificial intelligence and data mining techniques to provide insights that can lead to more effective exploration and resource delineation at Azincourt's East Preston project.

What market is being targeted by Fobi's partnership with Azincourt?

The partnership targets the mining and exploration equipment market, which is valued at $144 billion and expected to grow significantly in the coming years.

What is the stock symbol for Fobi?

Fobi trades under the stock symbol FOBIF on TSXV.