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Message: Fobi Corporate Update Includes New Revenue Deals, Key Product Launches, New Verticals, Continued Partner Integrations And Further M&A Success...
Fobi Corporate Update Includes New Revenue Deals, Key Product Launches, New Verticals, Continued Partner Integrations And Further M&A Success And Activity
VANCOUVER, British Columbia, Oct. 19, 2021 (GLOBE NEWSWIRE) -- FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF:) (the " Company " or " FOBI "), a 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.
COMPANY OPERATING FROM A POSITION OF STRENGTH AS A RESULT OF STRONGEST BALANCE SHEET TO DATE
With the increased number of revenue announcements this past quarter, increased volumes and execution on key strategic acquisitions the company has experienced an increase in inquiries from new retail investors and especially from larger institutions. The momentum in revenue deals has increased with entry into new verticals such as Azincourt , Kiaro and Empower this past quarter. In addition, the company has benefited this past quarter from further warrant and option conversion totaling an additional $2,167,188 CAD. The Company has also been focused the past quarter on establishing a direct sales team, which will further increase sales leads and conversions, and as a result, Fobi anticipates a strong finish to the year with continued revenue-generating contracts, additional key partnerships, continued R&D and further key product releases.
COMPANY SECURES HARDWARE INVENTORY AMIDST GLOBAL CHIP SHORTAGE AND LAUNCHES NEW SOFTWARE AND HARDWARE APPLICATIONS.
Over the past quarter, Fobi has secured key chip components to deliver the latest version of their IoT hardware, Fobi 3.0 which will deliver new and increased functionality and value for retailers. Fobi’s success in securing critical inventory now puts the company in a strong position to support near-term deals and ensure support of continued and anticipated global growth and scale in 2022. The company has also introduced new key software applications in an effort to continue the support of the current global challenges that businesses and venue operators have faced in regards to the push towards mobile-first applications as a result of COVID-19. The company continues to support the needs of business operators as they transition and adapt to the new global digital transformation that we are all witnessing today. Related to this, Fobi has released 2 key products, Venue Management for Conferences & Events and most recently CheckVax ™, Fobi’s new proof of vaccination and proof of negative Covid test solution. CheckVax™ has garnered a great deal of interest from enterprises, small businesses and the press. Fobi is currently engaged with a number of potential Enterprise Customers in regards to supporting a scheduled return to work in 2022.
CONTINUED PROGRESS WITH KEY PARTNER INTEGRATIONS SUCH AS SHOPIFY, LIGHTSPEED, VEND TO DELIVER REVENUE AND WITH HEDERA HASHGRAPH TO DELIVER HIGHEST LEVEL OF SECURITY
Over the past quarter, Fobi has continued to drive business through the Partner channel, finishing the POS integration and announcing the launch of the Fobi Lightspeed app . Fobi is also the featured partner on the Lightspeed and Vend App Stores for the month of October which is driving increased awareness and adoption of the Fobi apps. Fobi also finished the integration with Shopify and launched the Fobi Shopify app in their App store, gaining access to more than a million Shopify merchants. Further POS integrations are currently being worked on and will be announced once they are finished and launched. Fobi also finished their integration with Hedera Hashgraph to bring an additional layer of security to Fobi’s Wallet pass solutions. This is especially important with the launch of CheckVax™, as health information is especially sensitive.
CONTINUED M&A SUCCESS WITH THE CLOSING OF THE QPLES AND PASSWALLET ACQUISITIONS
The Qples acquisition is very strategic for Fobi, as the company is of the opinion that it will become a significant piece in one of Fobi’s new business models and future revenue streams. This new business model will connect retailers and CPG brands through tying transactions to shoppers, and retailers will now have the ability to deliver personalized coupons and promotions, rewards and messaging directly across all channels, in-store, online and through mobile commerce. This is incredibly powerful as it gives Fobi and the retailer a new source of revenue from coupons.
The CPGs are also able to see full attribution of the coupon redemptions and the impact on customer lifetime value. The Qples acquisition positions Fobi extremely well to now convert and implement on several key projects including previously announced commercial pilot applications that are currently underway.
The second key acquisition (pending exchange approval) this quarter was PassWallet . This is also very strategic for Fobi as it enables Fobi to achieve a faster time to market by leveraging the established, active installed base of over 6,000,000 lifetime downloads, and over 1,000,000 active users who open the app at least once a month. It is also one of the key technologies for Android phones that enables real-time push notification messaging directly to Android users’ cell phones. The PassWallet acquisition is also beneficial as the world is moving towards a mobile-first commerce and business applications approach and this strategic move marks the entry for Fobi into the Fintech vertical as well as continuing the growth and support of Fobi’s presence as a mobile digital Wallet pass leader.
Fobi CEO Rob Anson states, “With the senior management team in place, Fobi has begun to benefit from the increased ability to execute on all fronts. I am very appreciative of the support and passion which all our team members bring to the table. Our collaborative focus and work ethic is the reason why we have been able to accomplish several milestones this quarter. I believe we have built the right nucleus and foundation to execute our strategy and roadmap for 2022 and well beyond.”
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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.
Source: GlobeNewswire (October 19, 2021 - 6:00 AM EDT)
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