VANCOUVER, British Columbia., Dec. 08, 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 customer activation and engagement, is pleased to announce the Company has entered into a non-binding LOI to acquire 100% of the shares of Passworks, a leading European digital wallet and mobile marketing company with Tier-1 clients such as luxury fashion leader Hugo Boss, global coupon giant Catalina and media giant Wunderman Thompson UK. The acquisition will be a share purchase agreement, and is expected to be completed by late December or early January of 2022, subject to the customary due diligence and Exchange approvals. The exact terms of the acquisition are still being negotiated.

This LOI to acquire Passworks represents the third Wallet pass acquisition for Fobi in 2021 and is another solid step towards achieving the company’s goal of becoming a global leader and solidifying a dominant position in the Wallet pass industry. As part of the acquisition of Passworks, Fobi will immediately benefit in terms of its global scale and footprint as Passworks have issued passes across 5 continents.

PASSWORKS HAS A VERY PROMINENT CUSTOMER BASE FOR FOBI TO CROSS SELL AND UPSELL TO

Passworks is a mobile wallet marketing platform that allows brands to create, manage and distribute content in the form of a mobile coupon, store card, membership, loyalty card, or boarding passes via the major mobile wallet platforms, such as Apple Wallet, Google Pay or Android Wallet Apps such as PassWallet, which Fobi recently acquired.  The increased digital channel demand continues and has attracted highly influential global brands and advertising companies to convert to data-driven marketing tools due to the metrics around engagement and sales impact that digital can measure for campaigns.  The list of Passworks’ high-ranking clients includes global coupon giant Catalina, media giant Wunderman Thompson UK and luxury fashion powerhouse Hugo Boss. In addition to the monthly run rate revenue these clients deliver, gaining access to the Passworks clients will enable Fobi to cross-sell and upsell other Fobi solutions, which Fobi management expects to generate additional revenue for the company.

Passworks CEO Francisco Belo stated: "We believe that joining Fobi is the right step for Passworks to continue growing and be part of a larger Wallet pass solution. The combination of the two technologies will create synergies, drive growth and allow us to offer Passworks and Fobi customers a much stronger and complementary offer."

PASSWORKS ACQUISITION FURTHER ACCELERATES STRATEGIC GLOBAL WALLET PASS CONSOLIDATION

Rob Anson, Fobi CEO stated : “Acquiring Passworks will not only enable us to further accelerate our business strategy as we consolidate the wallet pass industry, but it will also provide us with direct and immediate access to very valuable customers, with additional operational capacity and provide further immediate revenue. This strategic acquisition of Passworks represents another key step for us in terms of achieving our goal of becoming a global mobile Wallet pass leader.”

The completion of the Transaction is subject to customary items, including satisfactory due diligence by both parties, completion of definitive agreements in respect of the Transaction and exchange approval, if required. The Transaction is expected to be structured as an “Expedited Acquisition” under the policies of the TSX Venture Exchange (the “TSXV”). No finder’s fee is expected to be paid in connection with the Transaction and no new directors or officers will be added to the board and management of Fobi in connection with the Transaction. The closing of the Transaction, which is subject to several conditions, is expected to be completed by late December or early January 2022.

This Press Release Is Available on the Fobi Website, as well as the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.

ABOUT PASSWORKS
Passworks engages with consumers in real time and based on their location through the creation of mobile content that address loyalty coupons, promotions, event tickets, gift cards, membership cards, boarding passes and much more.

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.

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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.