Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leading provider of real-time data analytics through artificial intelligence to drive operational efficiency and profitability, is pleased to announce that the Its CheckPoint digital ticketing solution won the award for best ticketing technology at the Event Technology Awards 2022. The Event Technology Awards, now in its 10th year, recognize the achievements of companies providing digital and technology solutions to the events industry. They are highly coveted and renowned awards that have been won by some of the largest event technology companies globally, so winning one is a significant achievement for Fobi.
THIS EVENT TECHNOLOGY AWARD ACKNOWLEDGES THE COMPLETENESS OF CHECKPOINT, FOBI’S WALLET PASS-BASED TICKETING SOLUTION
Fobi’s CheckPoint digital ticketing solution is part of a comprehensive event and venue management platform that provides a superior customer experience for attendees and a superior management platform for event and venue managers. Having been selected by organizations such as the Oscars for digital tickets at 94th Event of the Academy Awards, and by the Nasdaq for their visitor management and ticketing solution, Fobi has some very high profile clients who also recognize the comprehensiveness of Fobi’s solutions. In particular, the built-in ID verification functionality provided by CheckPoint via AltID has been cited by many Fobi customers as a key feature that other digital ticketing and venue management solutions lack. Fobi believes that identity verification will grow significantly in the future and become a must for any digital ticketing solution.
“With our recent nomination to the TSX Venture S&P 500 Composite Index, this award is another great accolade and honor. Third-party validation is always key and this is another important validation of the value of our innovative solutions,” he said Rob Ansone, Fobi CEO.
The Company discloses that, following an unbrokered private placement closed in November 2019 (“2019 Placement”), all 4,083,797 outstanding warrants to purchase the Company’s common stock issued in conjunction with the 2019 Placement (the “Warrants”) have been exercised in advance of the expiry date. Each Warrant entitles its holder to purchase one common stock of the Company (“Share”) at the price of $0.35/Share for a period of thirty-six months from the date of issue. Most recently, between September 2022 and the expiration date, the last remaining 1,257,600 Warrants were exercised for total revenue to the Company of $440,160.
“A 100% Warrant conversion rate not only strengthens our cash position, but in these challenging markets, this also provides a solid vote of confidence from our long-term investors,” said Rob Anson, chief executive and director of Fobi.
The Company also announces that it has entered into debt equity agreements with several service providers on arm’s length terms, under which the Company paid CAD $247,220 of outstanding debt in exchange for issuing 555,551 shares of the Company’s common stock (“ Shares”) at a price of $0.445/Share (the “Debt Settlement”). Debt settlement is subject to approval by the TSX Venture Exchange. There are no fees or charges payable in connection with the Debt Settlement. [The Company is settling the indebtedness through the issuance of Shares to preserve cash and improve the Company’s balance sheet.]