Fobi Signs Agreement With REVELXP To Deploy Wallet Pass Technology For Premium Hospitality Events at NCAA Div. 1 Football Power Five Universities Nationwide

Rhea-AI Summary

Fobi AI Inc. (FOBIF) announced a new partnership with REVEL^XP, focusing on enhancing fan engagement in collegiate and professional sports. The deal includes an initial setup fee for each event and licensing revenue for digital Wallet passes distributed to fans. Fobi's technology will improve navigation and communication for fans attending premium hospitality events at select NCAA Div. 1 schools. The sports event market is projected to grow significantly, reaching $32B USD by 2025, highlighting the potential for increased revenues through this partnership.

Positive

• Partnership with REVEL^XP to enhance fan engagement.
• Initial setup fee and ongoing licensing revenue for each Wallet pass.

Negative

• None.

VANCOUVER, British Columbia and ATLANTA, Oct. 14, 2021 (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 a new relationship with REVEL^XP, which delivers best-in-class fan engagement across collegiate athletics and professional sports. The deal will see Fobi receive an initial setup fee for each event, together with licensing revenue for each Wallet pass distributed to fans.

As part of the signed agreement, REVEL^XP will utilize Fobi’s Wallet pass technology to provide fans with a digital ticket for the company’s premium hospitality events deploying with select NCAA Div. 1 Football Power 5 schools. Fobi’s platform will enable fans to easily navigate to their tailgate, access a field pass, participate in an exclusive meet-and-greet or unlock merchandise discounts. An embedded messaging function will also enable the REVEL^XP staff to communicate with fans for schedule or location changes, as well as in the event of inclement weather.

“We are constantly seeking advanced solutions to make our premium hospitality experiences even more seamless for our fans,” said Ray DeWeese, CEO, REVEL^XP. “Fobi’s platform makes it easier for fans who purchase a tailgate or other experience to share event details with their guests and minimizes any logistical questions that often arise on a busy game day. We are excited to immediately make the technology available to fans this season.”

According to a recent report from Statista, the Sports Event market is projected to reach $6.5 B USD in 2021, with just under half of that, $2.9B USD generated in the U.S.  This market is forecast to grow to $32B USD in 2025, and with venues continuing to welcome back fans, the largest increase will happen in 2022 with an astonishing growth rate of 331%.  

“Fobi enables venue operators to provide their guests with a more personalized digital experience,” said Rob Anson, Fobi CEO. “The relationship with REVEL^XP will provide Fobi with a great opportunity to showcase our technology with one of the premier organizations in collegiate and professional sports.”

REVEL^XP is focused on working with college athletic departments and professional teams to maximize fan engagement, identify new revenue streams and successfully welcome back fans in today’s post-pandemic environment. The company’s services span design and custom-builds, seating solutions, equipment needs, ticketing services, turnkey tailgates, event staffing and more.

REVEL^XP is a part of Teall Sports & Entertainment, a collection of extraordinary sports brands committed to dramatically improving the fan experience and growing the next generation of fans.

This press release is available on the Fobi Website and the FOBI Verified Forum On AGORACOM for shareholder discussion and management engagement.

About REVEL^XP
REVEL^XP, which stands for elite fan experiences and is the go-to-source for best-in-class fan engagement, was founded in 2020 as a leader in pre-, post-, in-game, and non-game day premium hospitality solutions and currently has partnerships with more than 60+ collegiate and professional properties nationwide.

REVEL^XP is the combination of some of the biggest brands in sports and entertainment including Tailgate Guys, PRE, Colonnade, Complex Sports and Rhino Sports and Entertainment.

For more information, please visit Revelxp.com.

REVEL^XP Media Contact:
Kristin Wooten
kristin@babbitbodner.com

About Teall Sports & Entertainment
Teall Sports & Entertainment is a collection of extraordinarily innovative sports and entertainment brands and services including REVEL^XP (national market-leading game day experience company), Dyehard Fan Supply (national sports/entertainment merchandising and e-commerce business), Teall Properties Group (national sports marketing and sponsorship sales organization), and a portfolio of digitally focused sports businesses (OTT, digital ecosystem, data and analytics, digital fan experience).  The company’s leadership team has extensive entrepreneurial experience building sports, media, marketing and entertainment enterprises that are committed to dramatically improving the fan experience, engaging and growing the next generation of fans, and driving incremental revenue for partners. 

Teall is led by Ben C. Sutton, Jr. and an executive management team that built four national market-leading businesses in college sports media, seating, licensing and ticketing. We invest and manage complementary organizations that strategically work together to realize greater value, sharing in expertise, thought leadership and networks.

For more information, please visit www.TeallCapital.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

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 is the partnership between Fobi AI Inc. and REVEL^XP?

Fobi AI Inc. has partnered with REVEL^XP to enhance fan engagement through digital Wallet passes for premium hospitality events.

How will Fobi AI Inc.'s technology benefit fans attending NCAA events?

Fobi's technology will help fans navigate events, manage schedules, and access exclusive offers, improving overall fan experience.

What are the projected growth figures for the sports event market?

The sports event market is expected to grow from $6.5B USD in 2021 to $32B USD by 2025.

What revenue model is Fobi AI Inc. implementing in its agreement with REVEL^XP?

Fobi will receive an initial setup fee for each event along with licensing revenue from each digital Wallet pass distributed.