FOBI AI INC - FOBIF STOCK NEWS

FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF) has reported significant business milestones, including a robust balance sheet and increased revenue announcements. The company is entering new verticals and has seen a surge in investor interest. FOBI successfully secured key hardware components amid a global chip shortage and launched innovative software applications. Key partnerships with Shopify, Lightspeed, and Hedera Hashgraph were highlighted, alongside successful M&A activities involving Qples and PassWallet, aimed at expanding revenue streams and market presence.

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.

Fobi AI Inc. (TSXV: FOBI, OTCQB: FOBIF) announced the completion of its acquisition of Qples on October 13, 2021, following TSXV approval. The total purchase price of US$3,151,385 will be partially paid in cash (US$2,120) and through the issuance of 1,222,551 common shares at a price of $3.24 CAD per share. Qples can earn up to US$1,000,000 based on revenue generated from the acquired assets in 2022. Additionally, Fobi will loan Qples US$294,405.28 to repay an existing loan. The acquisition aims to enhance Fobi's capabilities in real-time data analytics.

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.

Empower Clinics Inc. has entered into a Service Agreement with Fobi AI Inc. to integrate Fobi's Wallet pass technology into Empower's Kai Care COVID-19 testing product. This partnership aims to enhance digital customer experience by allowing users to securely receive their test results directly on their mobile wallets. The integration is timely due to rising demand for digital health verification. The collaboration is expected to create new revenue streams through customer engagement and advertising opportunities. Empower anticipates increased market share in the growing COVID-19 testing market.

Fobi AI Inc. (FOBIF) has partnered with Iceland's S4S, the country's largest shoe retailer, to digitize gift cards and credit notes using Fobi’s Passcreator Wallet pass. This swift integration, completed in just one day, aligns with S4S's advertising campaign. S4S aims to enhance environmental friendliness, reduce costs, improve customer experiences, and increase profitability with this transition to digital gift cards. The growing digital gift card market presents a significant opportunity for Fobi.

Fobi AI Inc. (FOBIF) has announced its acquisition of PassWallet on October 5, 2021, for €888,000. With over 6 million downloads, PassWallet enables users to manage Wallet passes on Android, specifically targeting markets not served by Google Pay, which includes over 150 countries. The acquisition positions Fobi to capitalize on the growing mobile wallet market, projected to expand from $11 billion in 2020 to $46 billion by 2028. The deal includes a cash payment and common shares, subject to TSXV approval.

Fobi AI Inc. (FOBIF) has entered a data consulting agreement with Kiaro Holdings Corp., Canada's major cannabis retailer, to develop a data warehouse and analytics strategy. Kiaro anticipates annual revenues of $42.7 million from its 16 locations. This partnership aims to enhance Kiaro's operational efficiency and profitability by optimizing their sales data. The cannabis industry, valued at $20.5 billion, is expected to reach $90.4 billion by 2026, presenting significant opportunities for Fobi. This is Fobi's second major AI data consulting deal recently.

Fobi AI Inc. (TSXV: FOBI, OTCQB: FOBIF) announced its acquisition of specific assets from Qples, Inc. for approximately US$3.2 million, with an additional US$1 million earn-out potential. This acquisition aims to strengthen Fobi's position in the $225 billion coupon industry, currently transitioning from paper to digital formats. Qples is expected to generate US$1 million in revenue for 2021 and US$2 million for 2022. This strategic move is anticipated to enhance Fobi's technology capabilities, integrating with its Connected Retail Commerce Solution.