VANCOUVER, BC, June 28, 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 it has received payment in full from the five-year licensing agreement with Canadian beverage manufacturing company, BevWorks Brands Inc., further to the Company’s press release dated Monday, March 27, 2023, seen here.

The License Agreement provided BevWorks with the option to pay the license over the five-year period or a one-time, upfront payment in full through the issuance of 11,875,000 common shares, which at the time of issuance, equals 50% of the equity in BevWorks. In accordance with the License Agreement, BevWorks elected to pay the one-time, upfront payment of equity in lieu of cash payments over the five-year period. The Company will recognize this revenue in accordance with IFRS policies.

LICENSE AGREEMENT PROVIDES BEVWORKS WITH MOBILE-FIRST, DATA-DRIVEN TECHNOLOGY AS PART OF CONSOLIDATION STRATEGY

The team at BevWorks Brands shares over 50 years of collective experience in the craft alcohol industry, specializing in in-house manufacturing across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, alcohol replacement, and more. The initial license agreement outlined that Fobi would deliver its technology solutions to support BevWorks’ growth strategy through a data-driven means to consolidate the independent beverage manufacturers in alcohol markets and beyond.

STRATEGIC LICENSING AGREEMENTS AND JOINT VENTURE OPPORTUNITIES PROVIDE KEY SUPPORT FOR COMPANY’S INITIATIVES IN THE BEVERAGE ALCOHOL INDUSTRY

The five-year license agreement with BevWorks comes as a result of various initiatives in which the Company has delivered increasing value through its diverse alcohol solutions, including the launch of Fobi’s integrated loyalty wallet pass platform for breweries, distilleries, wineries, and more. With the recent appointment of David Nicholls as Fobi’s VP of Liquor Beverage, the Company continues to make a concerted effort to address high-value opportunities in the Beverage Alcohol industry. Initiatives include various licensing and joint venture opportunities, such as the Company’s licensing agreements with data aggregation partners Barnet Technologies Corporation and Ideal POS, as well as its strategic alliance arrangement with data analytics and consumer intelligence solutions provider Nielsen IQ.

Colby McKenzie, CRO of Fobi, states: “I spent years in venture capital and know that venture-like bets can have an immense financial impact for operating companies, just like they do for investment funds. Where it makes sense, we continue to be open to leveraging our enabling technology and unique data capabilities to penetrate select industries via equity-based, strategic vertical participation. These low-cost, low-lift initiatives afford us the ability to take a number of swings and produce outsized returns for our stakeholders in these key verticals.”

Rob Anson, CEO of Fobi, states: “The BevWorks license deal is a great example that validates how we can leverage the millions of dollars we have invested into our proprietary IP at zero extra cost. The agreement gives us a ground-floor equity position which provides the potential benefit of owning a significant portion of the BevWorks brand at a low cost. Vertically integrated equity licensing deals like this one are a means for us to unlock true value realization of our IP, offering significant financial rewards based on the growth and success of BevWorks that we expect. It also allows us to drive greater value to our own company and its shareholders while ensuring Fobi’s continued R&D and industry-leading innovation.

In a highly competitive industry like Beverage Alcohol, speed and agility are key. For Fobi, this was recognized by way of the value of the license deal with BevWorks, allowing us to stay ahead of the competition and provide unparalleled value to our customers. BevWorks is now well-positioned with a clear market differentiator that sets the company apart and positions both parties for continued success and growth.”

Fobi also announces, further to the Company’s April 19, 2023 press release of the Passworks Acquisition (“Passworks Release”), the Company has issued 226,781 common shares in the capital of the Company to the registered holder of Sortido Cinzento, Unipessoal, LDA, for payment of the Initial Shares (as defined in the Passworks Release). The Initial Shares are subject to a statutory hold period and will become free trading as of October 28, 2023.

This press release is available on the Fobi website.

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About BevWorks Brands
BevWorks Brands is a Canadian beverage manufacturer that specializes in in-house production across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, and alcohol replacement. With proven success in the craft brewery and hospitality industries, BevWorks disrupts beverage manufacturing through strategic M&As.

At BevWorks, we are passionate about creating innovative, high-quality beverages that meet customers' evolving needs. Our in-house manufacturing and industry expertise enable us to deliver exceptional products consistently. To broaden our product range and access new markets, we pursue strategic mergers and acquisitions, which is a key factor in propelling BevWorks to become a leader in the industry.

To learn more about our commitment to excellence, visit our website at www.bevworks.ca. We look forward to driving innovation and growth in beverage manufacturing and providing exceptional value to our stakeholders.

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.

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