VANCOUVER, BC, July 12, 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 the Company’s increased momentum in its smart transportation and cities solutions, having provided the technologies for the Vélez-Málaga City Council to encourage public transport and sustainable mobility. In collaboration with Spanish digital wallet agency, Wallet-Com, Fobi will earn revenue from the deal with Vélez-Málaga through a one-time set-up fee as well as fees per active pass.

Vélez-Málaga is a municipality located in the province of Málaga, Spain, recognized for its captivating historical heritage, picturesque old town, and commitment to various sustainability initiatives that reduce pollution like low-emission zones.

WALLET PASS ENABLES 510,000 FREE BUS TRIPS FOR RESIDENTS AS KEY INITIATIVE IN CITY’S MISSION FOR SUSTAINABLE MOBILITY

Through Passcreator’s wallet pass technology, the Vélez-Málaga Council has been able to offer over 17,000 free bus passes that will provide a total of 510,000 free trips up until September 30, 2023 (each pass is loaded with 30 trips each). The passes are specifically available for four different groups—young people aged 16 to 30, pensioners, families, and drivers living in low-emission zones—which require citizens to show and validate their digital passes when accessing the bus. Each bus pass indicates the number of trips available, which automatically updates with each trip made. While the bus pass is valid until the end of September, the pass itself will not expire. On that date, each pass will dynamically update into a personal wallet pass in which the City Council can continue offering new valuable benefits to its residents, including digital identification cards, retail gift cards, and entry tickets to museums and exhibitions.

The city’s digital initiative aims to promote sustainable mobility and align with the Urban Agenda 2030's goals for towns committed to reducing pollution and carbon dioxide emissions. Within the first couple of months of the project’s launch, Vélez-Málaga Council created over 10,428 digital bus passes, which is over 60% of its target of 17,000 passes.

FOBI TAPS INTO SPANISH-SPEAKING MARKETS AND CONTINUES DRIVING SMART CITY TRANSFORMATION THROUGH WALLET-COM PARTNERSHIP

With significant wallet pass success in Europe, Passcreator is now tapping into Spanish-speaking markets through its partnership with mobile wallet agency, Wallet-Com. Wallet-Com provides leading communications and marketing technology to over 200 customers around the world, including countries such as Spain, Chile, Peru, and Mexico.

Through this agency relationship, Fobi continues to notably scale its wallet pass technology through strategic partnerships, gaining access to Wallet-Com’s extensive customer base and further strengthening the Company’s position in global markets. The city of Vélez-Málaga is one of the first customers Wallet-Com has landed an agreement with for Fobi, which has provided a significant opportunity for the Company to continue gaining traction in its goals for assisting in the transformation of smart transportation and cities.

José Javier Diaz, CEO of Wallet-Com, states: “More and more customers are using their smartphone wallets to carry the cards and tickets they need on an everyday basis, including for travel and transportation. Our work with the City Council and Fobi shows just how powerful wallet pass technology can be for integrating daily activities across entire communities, especially in towns like Vélez-Málaga who are also committed to reducing their carbon footprint and are already establishing several initiatives to improve sustainable mobility.”

Rob Anson, CEO of Fobi, states: “Our digital transformation project with the Vélez-Málaga Council is just another key example of the immense value that our technology solutions can bring to global markets, especially on the digital sustainability forefront. The creation of smart cities is rapidly evolving, and Passcreator’s strategic partnership with Wallet-Com is helping us reinforce and further solidify Fobi’s abilities to drive the transformation of smart transportation and cities worldwide.”

For more information about Wallet-Com, please visit https://wallet-com.com/.

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 Vélez-Málaga
Vélez-Málaga is a municipality and the capital of the Axarquía comarca in the province of Málaga, Spain. The bustling market town is recognized for its captivating historical heritage, picturesque old town, and its commitment to sustainable mobility and reducing pollution through initiatives like free bus passes and low-emission zones.

About Fobi
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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