VANCOUVER, B.C., Nov. 18, 2022 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that their digital ticketing solution CheckPoint has won the award for best Ticketing Technology at the 2022 Event Technology Awards. The Event Technology Awards, which are now running for their tenth year, recognise the achievements of companies delivering digital and technological solutions to the events industry. They are very coveted and well-renowned awards that have been won by some of the largest event tech companies globally, so winning one is a significant achievement for Fobi. 

THIS EVENT TECHNOLOGY AWARD RECOGNIZES THE COMPLETENESS OF CHECKPOINT, FOBI’S WALLET PASS BASED TICKETING SOLUTION

Fobi’s CheckPoint digital ticketing solution is part of a complete event and venue management platform that delivers 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 ticketing at the 94^th Academy Awards event, and by the Nasdaq for their visitor management and ticketing solution, Fobi has some very high-profile customers who also recognize the completeness of Fobi’s solutions. In particular, the built-in ID verification functionality that CheckPoint delivers through AltID has been mentioned by many of Fobi’s customers as a key function that other digital ticketing and venue management solutions lack. Fobi believes that ID verification will grow significantly in importance moving forward, and will become a must-have for any digital ticketing solution.

“With our recent appointment to the TSX Venture S&P 500 composite index, this award is another great recognition and honour. Third-party validation is always key, and this is yet another important validation as to the value of our innovative solutions,” said Rob Anson, Fobi CEO.  

The Company advises that further to a non-brokered private placement that closed in November 2019 (“2019 Placement”), all of the 4,083,797 outstanding warrants to purchase common shares in the Company issued in conjunction with the 2019 Placement (the “Warrants”) were exercised in advance of their expiry date. Each Warrant entitled the holder thereof to acquire one common share of the Company (“Share”) at a price of $0.35/Share for a period of thirty-six months from the issuance date. Most recently, between September 2022 and the expiry date, the final remaining 1,257,600 Warrants were exercised for total proceeds to the Company of $440,160.

“A 100 percent conversion rate of the Warrants not only bolsters our cash position, but in these challenging markets, this further provides a solid vote of confidence from our long-term investors”, stated Rob Anson, Chief Executive Officer and Director of Fobi.

The Company also announces it has entered into shares-for-debt arrangements with several arm’s length service providers, pursuant to which the Company has settled CAD $247,220 in outstanding debt in exchange for the issuance of 555,551 common shares of the Company (“Shares”) at a price of $0.445/Share (the “Debt Settlement”). The Debt Settlement is subject to approval by the TSX Venture Exchange. There are no finder’s fees or commissions 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 the Fobi website.

To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi please visit the download page.

About Fobi
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased 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 clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
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Forward-Looking Statements/Information:
This news release contains certain statements which 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, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company 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 plans, operations, 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, the Company 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 the Company should be considered highly speculative. There can be no assurance that the Company 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.