Fobi Corporate Update Includes Completion Of Several Pilot Tests Now In Advanced Terms Negotiations, $10.42M in Funding And Uplist To Major Exchange

Rhea-AI Summary

FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF) provided a corporate update highlighting significant initiatives despite pandemic challenges. CEO Rob Anson noted successful completion of multiple pilot projects with major retailers, including Sobeys and Certas. The company has achieved a robust balance sheet and is on track to uplist to major exchanges by Q4 2021. A recent private placement raised over $10.42 million, further strengthening financial resources. Notably, Passcreator achieved $161,630 CDN in revenue for Q1, reflecting a 188% year-over-year increase, supported by expanding partnerships with major clients.

Positive

• Completion of multiple successful pilot projects with major retailers.
• Strong financial position with a robust balance sheet.
• Uplist plans to major exchanges, enhancing market visibility.
• Private placement raised over $10.42 million for operations and acquisitions.
• Passcreator generated $161,630 CDN in Q1, a 188% increase YOY.

Negative

• None.

VANCOUVER, British Columbia, July 16, 2021 (GLOBE NEWSWIRE) -- FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF:) (the "Company" or "FOBI"), a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to provide shareholders with the following corporate update regarding the following significant company initiatives.

Fobi CEO Rob Anson states, “Despite the challenges presented by the pandemic in getting our pilot tests adequately evaluated by our major international retailers, I am happy to report that multiple pilots have successfully made it over the finish line and that 2021 is on track to be the year Fobi becomes a major global player in the world of real-time data analytics. Add to this our most powerful balance sheet ever, Tier-1 global partnerships, a rapidly expanding executive team of industry stalwarts and the acquisition of Passcreator, I can unequivocally report that Fobi is in the strongest position it has ever been and that shareholders will realize its benefits far beyond 2021.”

MULTIPLE PILOT PROJECTS INCLUDING SOBEYS, CERTAS, PHARMASSIST AND OTHERS NOW COMPLETED. ADVANCING TOWARDS NEGOTIATED COMMERCIAL TERMS AND ROLL OUTS.

Fobi announced several large-scale pilot projects early in 2021 that ended up taking longer than expected to complete due to COVID-19 restrictions in the workplaces of our pilot partners. Nonetheless, with restrictions around the world easing over the past several weeks and pilot partners able to scale pilot transactions with the resulting capacity increases, many of our pilot projects have now successfully ended and advanced to corporate and legal review of proposed commercial terms and roll out.

Moreover, a couple of our pilot projects have demonstrated such success that pilot partners are expanding the scope of their pilots with the addition of digital receipting, wallet pass loyalty applications, digital activations, and promotions.

The currently disclosed list of pilot projects includes Sobeys, TELUS, Certas, Pharmassist, Maplin and Senor Frogs, with several discussions in advanced stages with world renowned hospitality, sports and entertainment venues.

FOBI ON TRACK WITH PLAN TO UPLIST TO MAJOR EXCHANGES IN FOURTH QUARTER

On December 7, 2020, Fobi announced its intentions to uplist to the Toronto Stock Exchange and, if successful, its intentions to apply for listing on the NASDAQ. Given the Company’s continued success with world-renowned technology pilots and partners, our anticipated significant growth in 2021 and the inevitable need for significantly greater capital markets visibility, Fobi is pleased to advise shareholders that we continue to work through the checklist of requirements and processes to achieve our uplisting goals by the end of the year.

PRIVATE PLACEMENT AND WARRANT EXERCISES TOTALLING OVER $10.42 MILLION IN WORKING CAPITAL TO FUND OPERATIONS AND FURTHER STRATEGIC ACQUISITIONS

In anticipation of our corporate and capital markets growth requirements in 2021, Fobi received strong shareholder support as demonstrated by the most recent $7.42 Million private placement in which Fobi CEO, Rob Anson, personally invested $350,000, raising his year to date investments to over $750,000.

SENIOR MANAGEMENT TEAM NOW IN PLACE AND READY TO EXECUTE

With the recent additions of Former NielsenIQ Richard Lee as SVP of Corporate Strategy, as well as former NTT Data executive Jolie Summers as VP of Product, Fobi’s Senior Management Team is complete and well positioned to execute on the incredible opportunities in our pipeline. Richard Lee brings 10 years of experience with Nielsen to Fobi and he has already played a big part in negotiating current strategic acquisition opportunities. Jolie Summers brings extensive product experience to Fobi and has already begun the process of productizing existing core product functionalities, as well as defining exciting new commercial product offerings set to launch in the near future.

PASSCREATOR GENERATES OVER $160,000 CDN REVENUE IN Q1

Passcreator had one of the best quarters in its history, realizing $161,630 CDN of revenue in the first quarter. Significant new deals with several of its existing customers such as Mercedes and BMW and a new deal with a global company operating in 29 countries around the world, led to a 188% increase in revenue YOY. There are additional large deals with these customers, as well as with 3 of the largest insurance companies in the world that are being negotiated right now for Q3 & Q4.

The acquisition of Passcreator is already paying off with significant recurring revenue, as well as commencement of negotiations with several of its largest Wallet pass customers and prospects to implement Fobi devices.

This Press Release Is Available on the Fobi website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement

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. 4		Twitter: @ FOBI_inc
E: ir@fobi.ai		LinkedIn: @ FOBIinc

This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. 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 and capital markets conditions, 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, 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) accept responsibility for the adequacy or accuracy of this release.

FAQ

What is the latest update from FOBI AI Inc. regarding pilot projects?

FOBI AI Inc. successfully completed multiple pilot projects with major retailers despite pandemic challenges, advancing towards commercial terms and rollouts.

How much capital did FOBI AI Inc. raise in their recent private placement?

FOBI AI Inc. raised over $10.42 million through private placements and warrant exercises to fund operations and strategic acquisitions.

What is FOBI AI Inc.'s revenue for Q1 from Passcreator?

Passcreator reported $161,630 CDN in revenue for Q1, marking a 188% increase year-over-year.

When does FOBI AI Inc. plan to uplist to major exchanges?

FOBI AI Inc. aims to uplist to major exchanges by the end of Q4 2021.

Who are some of the partners involved in FOBI AI Inc.'s pilot projects?

Partners include Sobeys, TELUS, Certas, Pharmassist, among others, with further discussions ongoing with global hospitality and entertainment venues.