Fobi’s CheckPoint Solution Wins Best Ticketing Technology Award at the Event Technology Awards 2022 in the UK Additionally, Fobi receives $440,160 in revenue from mandated exercises.

Fobi AI Inc.

Fobi AI Inc.

The Event Technology Awards celebrate their 10th anniversary and recognize the achievements of companies providing digital and technology solutions to the events industry.

VANCOUVER, British Columbia, Nov. 18, 2022 (GLOBE NEWSWIRE) — 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.]

To find out more about Fobi’s CheckPoint digital ticketing solution, click here.

To read the Oscars digital ticketing success story, click here.

This press release is available on Fobi website.

To download the Fobi Investor Experience Wallet Pass for advanced access to investor information on Fobi, visit the download page.

Of Fobi
Fobi is a cutting-edge data intelligence company that helps our clients transform real-time data into actionable insights and personalized customer engagement to drive greater 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 customers. Fobi partners with some of the largest companies in the world to provide the best solutions and operates globally in the retail, telecommunications, sports and entertainment, casino gaming and hospitality and tourism industries.
.
For more information, please contact:

Fobi AI Inc.

Foby’s website: www.fobi.ai

Rob Anson, managing director

Facebook: @ Fobiinc

T: +1 877-754-5336 ext. 3

Twitter: @ Fobi_inc

E: [email protected]

LinkedIn: @ Fobiinc

Forward-looking statements/information:
This press release contains certain statements that 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, market volatility equity and the ability to access sufficient capital from internal and external sources. While the Company believes the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions about future events that may prove to be inaccurate. These factors and assumptions are based on currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could affect actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied by the forward-looking statements. Therefore, readers are cautioned not to place undue reliance on forward-looking statements, as no guarantees can be given future projects, operations, results, activity levels or achievements. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included therein, if as a result of new information, future events or other. Forward-looking statements contained herein are expressly qualified by this cautionary statement. Trading in the Company’s securities should be viewed as highly speculative. There can be no assurance that the Company will be able to achieve all or part of the proposed objectives.

Neither the TSX Venture Exchange nor its settlement service provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Leave a Reply

Your email address will not be published. Required fields are marked *