VANCOUVER, BC, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV)(FOBIF: OTCQB) (the “Company” or “Fobi”), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to provide shareholders with a corporate update regarding the following significant company initiatives.

CEO’S STATEMENT ON STRATEGIC DEVELOPMENTS

Rob Anson, CEO of Fobi AI, states: “We recognize that we’ve been quieter than usual lately, but this has been intentional as we work through several key strategic initiatives. Our focus has been on executing our product roadmap. We are excited about the value we are creating and are fully committed to delivering exceptional outcomes to our clients. We are currently evaluating several strategic opportunities and look forward to sharing updates as they develop."

‎FOBI AI LAUNCHES INTEGRATED PAYMENT PROCESSING WITHIN EVENT AND TICKETING PLATFORM

This summer, Fobi AI introduced a new payment processing feature within our innovative event and ticketing platform. This integration marks a significant leap forward, empowering event organizers and attendees to enjoy seamless transactions while unlocking new revenue opportunities for Fobi AI.

With this powerful new feature, Fobi AI is generating revenue through merchant payment processing fees at a competitive rate of 2.9% on the total transaction amount, along with a nominal service charge of $0.30 per transaction. Moreover, our event and ticketing platform offers mobile wallet capabilities, enabling users to manage their transactions with ease. Fobi AI charges a $2.99 transaction fee and a $0.99 service fee.

This newly integrated product immediately has enhanced our revenue while strengthening our position and quest to become an industry leader in the ticketing and event space.

COMCAST SPORTSTECH 2024 A KEY CATALYST IN SHAPING FOBI’S FUTURE

Comcast SportsTech program has been a pivotal catalyst for our recent developments. The insights and invaluable takeaways from this program have reshaped our strategic positioning and bolstered our market relevance as a true leading mobile wallet pass company. This year's participation in the SportsTech program has opened up various avenues, including business prospects and interest from potential investors, which we are considering for potential partnerships and collaborations.

STRATEGIC RESTRUCTURING OF QPLES

In alignment with our growth strategy over the past few months, the company has been thoroughly analyzing all areas of the business and embarking on a strategic restructuring of Qples. This initiative aims to strengthen our balance sheet by optimizing operations and aligning resources to enhance the business's ability to meet our clients' needs as they adapt to market changes.

Rob Anson, CEO of Fobi AI, emphasizes: “The acquisition of Qples was driven by the goal of integrating Fobi's wallet pass technology to revolutionize the traditional clip-and-print coupon promotion business model. This integration facilitates a transition toward emerging digital solutions, particularly within the 8112 digital coupon standard. While the adoption and rollout of the new 8112 industry standard have taken longer than we initially anticipated, we remain confident that Qples is well-positioned to capitalize on the inevitable industry shift.”

Qples will continue to operate and manage campaigns effectively under Fobi Canada. We are also exploring various licensing opportunities that could potentially benefit Fobi in allowing us to maintain ownership of the IP, yet generating revenue and addressing the current losses reflected in Qples.”.

FURTHER PROJECT UPDATES: TBIRD SHOW PARK, AIRPORT TRANSPORTATION, GLOBAL SPORTING EVENTS AND DIGITAL IDENTITY PROGRAMS.

In April, the company announced a two-year deal with Tbird Equestrian Show Park. Following a successful first season, we have leveraged our learnings and visibility to deliver the Fobi suite of products to numerous other show parks throughout North America.

Additionally, we have experienced further growth in the transportation industry, with successful paid pilots completing last month. This summer, we supported and serviced some of the largest global events, and we are engaged in various digital identity projects across North America. We anticipate providing updates and timely disclosures as these projects progress.

Rob Anson, CEO of Fobi AI: “Our team is working off the success of our recent product releases, business development efforts and client projects. These initiatives and partnerships reflect our unwavering commitment to solid execution, product innovation, and market leadership. As we file our financials, we look forward to sharing insights and further exploring our strategic business growth."

This press release is available on the Fobi website.

To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi, please visit our Investor Experience page.

About Fobi AI

Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.

Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry.

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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) accepts responsibility for the adequacy or accuracy of this release.