VANCOUVER, BC, Jan. 23, 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 announce that Fobi has signed a two-year license renewal with one of the world's leading insurance providers, further to the Company’s press release dated January 5, 2022.

Fobi will earn 440,000 CAD in revenue from this deal through a one-time, upfront payment from the insurance provider in which the effective date of renewal was October 1, 2023. A majority of the disclosed revenue amount is receivable, however, the remaining revenue is projected and the actual amount may vary. This revenue will be recognized throughout the 24-month term in accordance with standard IFRS policies in which the Company will recognize revenues each quarter over the duration or term of the contract.

Rob Anson, CEO of Fobi AI, states: “This two-year deal not only solidifies our position as a leading digital wallet pass provider as we power four of the world’s largest insurance companies, but also gives us tremendous confidence as we continue to lock down global enterprise clients.”

FOBI WALLET PASS POWERS DIGITAL PROOF OF INSURANCE FOR FOUR OF THE TOP TEN LARGEST GLOBAL INSURANCE COMPANIES

Fobi continues to significantly grow its position and scale across the insurance industry, now encompassing over 22 insurance clients that cover a total of 40+ brands to date.

Fobi’s Wallet Pass platform enables the insurance provider to issue digital proof of insurance passes for its various service offerings across five countries in Europe and now supports North American expansion.

With the convenience of a mobile phone, digital proof of insurance enables a seamless customer experience for drivers and law enforcement officers alike. Instead of rummaging through physical wallets and glove compartments for the paperwork needed when an accident happens, drivers can simply open their wallet passes to exchange information. Smartphone cameras can also be used to scan the pass’ QR code, and the drivers’ information is then automatically sent to their insurance company to speed up claims processing.

FOBI CHOSEN FOR INDUSTRY-LEADING EXPERIENCE, TOP SERVICE, & GDPR COMPLIANCE

The insurance client specifically chose Fobi to provide its service for many different purposes, all of which are also reasons why they structured an auto-renewal of their contract. The company recognized that Fobi’s distinct combination of features and functionality, customization, and customer service was highly differentiated from any other solution in the market. In addition, Fobi’s GDPR compliance and the fact that the client’s Wallet Pass platform operates on a dedicated instance in the Google Cloud was a key contributor to the company’s decision, given the insurance industry’s critical requirements of data privacy, protection, and compliance.

”Fobi’s Passcreator Wallet Pass platform is becoming the industry standard for digital proof of insurance, which is why we are so pleased to announce this two-year renewal,” said David Sporer, Managing Director of Passcreator. “Digital proof of insurance makes for a great customer experience but is also incredibly easy for insurance companies to manage. Insurers gain the ability to turn passes on and off remotely and can additionally use them to directly communicate with their customers about renewals or complementary services that may be of interest.”

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.