Fobi AI Signs Multi-Year Agreement Projected at $1.1M CAD with One of Europe’s Largest Membership Organizations

VANCOUVER, BC, Oct. 11, 2023 (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 announce that on September 11, 2023, the Company has signed a three-year contract with one of the largest membership organizations in Europe, which is set to commence October 11, 2023. Under this agreement, Fobi will provide a range of digital services, including digital membership and client communications to up to 20 million of the organization’s members.

Over the term of the contract, the Company expects to generate a projected $1.1 million CDN in revenue, with a 90% profit margin. The revenue sources will include onboarding and setup fees, along with monthly fees for active membership passes. The Company's projected revenue of $1.1 million CDN is calculated using a setup fee of $58,000 CDN and recurring monthly fees from 10,000,000 active users per month over a 36-month period. Please note that the actual revenue may vary from this projection. As per IFRS policies, the revenue from this agreement will be recognized throughout the contract's duration.

By leveraging Fobi AI's cutting-edge technology, the European organization aims to enhance its members' experiences by offering seamless digital membership management, personalized communications, and access to exclusive offers and rewards. Fobi’s wallet pass platform, Passcreator, will enable the organization to easily create and distribute digital membership IDs directly through the mobile wallet, eliminating the complexities of traditional plastic cards, such as the cost of production, fraud, risk of loss, and an overall lack of customer engagement. This collaboration will ultimately revolutionize the way membership service providers interact with their members, driving enhanced satisfaction, loyalty, and engagement.

"This three-year deal not only highlights the trust and confidence our enterprise clients have in our innovative solutions but also helps solidify Fobi’s position as a leading global wallet provider," says Rob Anson, CEO of Fobi AI. "We are very honoured to work as closely as we are with one of Europe’s largest membership organizations to deliver exceptional digital experiences to their member base."

Fobi AI is committed to pushing the boundaries of technology and continuously innovating to deliver enhanced value to businesses and consumers. As a part of Fobi’s larger digital membership strategy, the Company’s latest multi-year agreement demonstrates significant momentum across the industry, having seen tremendous potential for growth and expansion in the North American market. Collaborations with prominent trade and public employee unions as well as travel membership programs and auto manufacturers in both Canada and the United States are currently being explored, further establishing Fobi AI's reputation as an industry leader for digital membership solutions.

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.

For more information, please contact:

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