Fobi Signs Agreement With Empower Clinics To Fully Integrate Empower Clinic’s Kai Care Client Testing Data Base 

Rhea-AI Summary

Fobi AI Inc. (FOBIF) has signed a service agreement with Empower Clinics to incorporate its Wallet Pass technology into Empower's Kai Care COVID-19 Testing product. This integration aims to provide a secure digital experience for COVID-19 test scheduling and result verification. It offers clients the ability to download test results directly to their mobile wallets, enhancing user engagement. Additionally, Fobi will earn revenue from each Wallet Pass downloaded and share in new advertising revenues generated through this service.

Positive

• Integration of Fobi's Wallet Pass technology enhances customer experience and security.
• New revenue streams through each Wallet Pass download and advertising opportunities.
• Market growth potential in the COVID-19 Testing market with a projected size of $8.3 Billion by 2027.

Negative

• None.

Empower To Leverage Fobi’s Wallet Pass Technology To Provide Verified Credentials For Secure Real Time Digital Health Care Notifications, Scheduling, Education And Client Messaging to All Kai Care Clients

VANCOUVER, British Columbia, Oct. 12, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. Inc. (FOBI:TSXV FOBIF:OTCQB) (the “Company” or “Fobi”), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, is pleased to announce the Company has entered into a Service Agreement with Empower Clinics Inc. (CBDT:CSE) ("Empower") to integrate Fobi’s artificial Intelligence data applications and wallet pass platform into Empower’s Kai Care COVID-19 Testing product.  

Fobi Agreement Supports Empower’s Goal of Becoming A Cutting Edge Health Care Provider and Innovator. 

The Service agreement involves the integration of Fobi’s Wallet pass platform into the Kai Care COVID-19 testing product and back-end lab management system, which will create a much more secure and seamless next level of digital customer experience for not only COVID-19 tests, receiving results and providing verification of a negative Covid test, but for all other future testing applications as well.  As part of the Kai Care testing process, all customers will now have the ability to download a Kai Care Wallet pass directly into the native wallet that lives in all Apple & Android mobile phones. The Kai Care Pass will then be used for delivering test results direct to the mobile wallet in a safe and secure format. The new digital offering is very well timed given various international government mandates in regards to digital health passport requirements with proof of vaccinations and negative Covid test requirements. 

Empower To Leverage Fobi Ai Artificial Intelligence To Deliver Kai Care Clients Personalized Client Experience Which Provides Untapped And Potential New Line Revenue Opportunities. 

The Kai Care Wallet pass can also be used by Empower as a new customer engagement channel.  User adoption and retention of Wallet passes is much higher than normal mobile phone Apps, and campaigns for additional Kai Labs tests or relevant 3rd party products or services can be pushed out to their customers through banner ads on the front of the Wallet pass, links on the back of the Wallet pass, or through push notifications to customer mobile phone lock screens.  The new integrated solution also has a very high level of data security, with Fobi’s Wallet pass powered by Hedera Hashgraph. This new engagement channel also opens up potentially new advertising and data monetization options for both Empower and Fobi. In particular, Empower can now use the Wallet pass to promote and monetize products such as their own new testing products, as well as other 3rd party products such as travel insurance, etc.  Under the terms of the agreement, Fobi will receive revenue for each Wallet pass downloaded and Fobi and Empower will split the proceeds of any new advertising or data monetization revenue opportunities realized from this service agreement.  

Empower CEO Steven McAuley stated: “Testing and vaccinations are becoming a pillar of everyday life as society continues its fight against COVID-19. I’m proud to deepen our relationship with Fobi and meet the massive demand for reliable, secure and easy COVID-19 testing results and verification sharing. By working together our companies are supporting a safe reopening for individuals, businesses, schools, and so much more.”

This service agreement builds upon the relationship between Fobi (previously Loop Insights) and Empower that was announced in October 2020.  Since then, Empower Clinics have released their own E-Commerce site and signed major distribution deals with several pharmacies and retail outlets across North America to stock Kai Care testing kits on their shelves.  Empower are expecting additional distribution deals to be signed in the near future, which will increase the number of kits sold and customers worldwide, which management believes bodes well for revenue projections for both Empower and Fobi.  

A recent report from Grandview Research shows the COVID-19 Antigen Testing Market size will grow at a CAGR of 6.7% from 2021 and will reach USD $8.3 Billion by 2027.  With Fobi’s Wallet pass platform enabling an even more secure and seamless customer experience for Covid testing and result verification, it is anticipated that Empower will increase their share of that market significantly.

Fobi CEO Rob Anson stated: “Powering the Kai Care Wallet pass and supporting Empower to leverage our artificial intelligence data applications clearly provides Empower Clinics and Kai Care with a clear product differentiator in the testing marketplace. There are other testing providers out there, but none of which offer real time results delivered directly to the wallet. The Kai Care Wallet pass solution will provide the means to deliver a new level of personalized client engagement, scheduling and messaging. This new product release also provides Empower and Fobi with the ability to generate additional revenue through the data and advertising monetization opportunities. We are very excited to continue our support of our strong partnership with Empower Clinics.”

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

About Empower

Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.

CONTACTS:
Investors:
Steven McAuley CEO
s.mcauley@empowerclinics.com 604-789-2146

Investors:
Tamara Mason
Business Development & Communications
t.mason@empowerclinics.com
416-671-5617

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 significance of Fobi's service agreement with Empower Clinics dated October 12, 2021?

The agreement enables Fobi to integrate its Wallet Pass technology into Empower's Kai Care COVID-19 Testing product, enhancing the customer experience and potentially opening new revenue streams.

How will Empower Clinics benefit from using Fobi's Wallet Pass technology?

Empower Clinics will provide a secure method for clients to access COVID-19 test results through their mobile wallets and enhance customer engagement with targeted advertising.

What is the projected growth of the COVID-19 Testing market mentioned in Fobi’s press release?

The COVID-19 Antigen Testing Market is expected to grow at a CAGR of 6.7% and reach USD $8.3 Billion by 2027.

What revenue model does Fobi have under the agreement with Empower Clinics?

Fobi will earn revenue for each Wallet Pass downloaded and will also share in any advertising or data monetization revenue generated through the agreement.

What advantage does the Wallet Pass technology provide in terms of customer retention?

User adoption and retention rates for Wallet Passes are higher than traditional mobile apps, enhancing customer engagement.