Fobi Signs a 3 Year Exclusive Data License Agreement With Barnet Technologies
Fobi AI Inc. (FOBIF: TSXV) announced a 3-year exclusive data license with Barnet Technologies, enhancing access to point of sale data in the Canadian beverage alcohol and cannabis sectors. This partnership aims to generate revenue through quarterly and annual data licenses via the Fobi Data Exchange (FDX). Barnet holds over 50% market share in BC POS systems, and the collaboration will provide real-time shopping data, aiding customer segmentation and marketing strategies. Fobi plans to expand this model across other Canadian provinces by year-end 2022.
- Secured a 3-year exclusive data license with Barnet Technologies, increasing revenue potential.
- Access to all point of sale data from Barnet enhances Fobi's analytics capabilities.
- Partnership with Barnet allows for real-time insights, aiding retailers and brand manufacturers.
- Focus on expanding into other Canadian provinces by the end of 2022.
- None.
POS Integration coupled with exclusive data license key to delivering unprecedented measurement and analysis of the Canadian Beverage Alcohol and Cannabis Industries
VANCOUVER, B.C. , Aug. 10, 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 the signing of a 3-year exclusive data license with Barnet Technologies enabling access to all point of sale and transactional data from Barnet POS (point of sale) systems. The company will generate revenue by way of selling quarterly and annual data licenses to various industry stakeholders through the FDX - Fobi Data Exchange.
Exclusive Data License Secures Two Key Canadian Independent Liquor Retail Markets In B.C and Alberta and provides value for retailers, brands & 3rd party data aggregators
Barnet Technologies is one of the leading POS vendors in Western Canada for liquor and other regulated industries, with over
Nick Ricci, President of Barnet Technologies stated, “We have worked first-hand with Fobi for quite some time now and we have had the opportunity to witness first-hand the robust functionality and the value of which the FDX (Fobi Data Exchange) provides to data aggregators. Add to this the fact of FOBI’s key existing strategic alliance relationships with leading data aggregation companies such as NielsenIQ and it was a no brainer for us to enter into a multi-year exclusive data agreement with Fobi. We look forward to continuing to provide tremendous value over the next three years to all industry stakeholders in the alcohol beverage and cannabis industries.”
Fobi has begun negotiations with numerous brand manufacturers and interested third-party data aggregation companies who are looking for access to real-time store-level data at scale. Fobi delivers measurement and analysis to brand manufacturers looking for valuable insights such as price trends and visibility into the competitive landscape of key regulated markets, such as liquor retail and cannabis. This type of data is very difficult to generate at scale from the fragmented independent liquor and cannabis retail environment which has hundreds of different POS systems.
The agreement will also provide further value over and above the company’s previous announcements for the digital liquor loyalty and marketing platform, including Fobi’s Bevy Pass solution. Ultimately, this integration and licensing agreement will provide CPG manufacturers with marketing attribution, campaign analysis, detailed customer segmentation insights, and provide other key data points that will help them improve their overall
operational efficiency and profitability.
Fobi CEO Rob Anson stated, “This agreement signifies the confidence of which Barnet Technologies not only has in our technical capabilities but our ability to execute together on monetizing the alcoholic beverage industry.
By way of signing this exclusive agreement with Barnet Technologies, we have now successfully locked down the key B.C. and Alberta liquor retail marketplaces. We are now focused on replicating the same successful model across the other key Canadian provinces before the end of 2022.“
This press release is available on the Fobi Website and the FOBI Verified Forum On AGORACOM for shareholder discussion and management engagement.
About Barnet Technologies
Barnet is an information technology company, which provides complete Management Systems, including hardware and software solutions based on the latest, cutting-edge technology, strong support, consulting, and customization abilities. The Company has over 25 years of history in Sales & Inventory Management Systems and Software Development. Barnet focuses on Point Of Sale (POS), Management, Inventory Control, and Customer Loyalty Systems for regulated industries.
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 does the data license agreement between Fobi and Barnet Technologies entail?
How will Fobi generate revenue from the Barnet agreement?
What market share does Barnet Technologies hold in British Columbia?
How does the exclusive agreement benefit Fobi’s analytics capabilities?
What are Fobi's plans for expansion after the Barnet agreement?
