FOBI Completes Final Stage of Passcreator Acquisition With Full Integration and Anticipates Record Growth in Revenue for Passcreator in Q3 & Q4
August 19 2021 - 5:00AM
Fobi AI Inc. (formerly Loop Insights Inc.) (TSXV: FOBI) (OTCQB:
FOBIF) (the "Company" or "Fobi"), a global leader in providing
real-time data analytics through artificial intelligence to drive
customer activation and engagement is pleased to announce that Fobi
has now completed the final phase in the acquisition of
Passcreator, with the integration of the Passcreator website at
www.passcreator.com into the Fobi website at passcreator.fobi.ai.
Fobi is also pleased to announce the release of its new Smart
Scan App which will be used by Passcreator and Fobi customers to
validate Wallet passes in addition to the utilization of Fobi’s
proprietary Smart Tap devices (which use NFC) to validate the
Wallet passes at events, venues and other locations.
PASSCREATOR ACQUISITION NOW COMPLETE, NEW GLOBAL SALES
AND MARKETING ASSETS LAUNCHED THROUGH DIRECT AND INDIRECT SALES
CHANNELS
Passcreator is used by some of the largest companies in the
world and has customers in 42 countries around the world, including
3 of the 10 largest global car companies such as BMW and 3 of the
largest insurance companies in the world. Passcreator has
over 6,000 active campaigns and issued over 14 million Wallet
passes in 2020. With numbers like these in Europe accounting
for 80% of Passcreator’s global sales, Fobi is now ready to take
over the North American Wallet pass market, with some significant
business opportunities already having come through the Passcreator
and Fobi websites. Fobi’s direct and indirect sales channels
are now being briefed and Fobi expects significant North American
sales success.
According to a recent report by Graphicalresearch.com, the
European mobile wallet market was reported to be worth $17 billion
in 2019, but will grow to a whopping $60 billion by the end of 2026
for a CAGR of 16%. The mobile wallet market size in North America
is reported to grow from $23 billion in 2019 to exceed a staggering
$80 billion by 2026. The Asia Pacific mobile wallet market
size will grow from $60 billion to more than $200 billion by
2026. As Fobi looks to grow their business, these numbers
will help drive the strategy for regional expansion.
PASSCREATOR ANTICIPATES RECORD GROWTH IN REVENUES IN Q3
& Q4
With a stacked pipeline Passcreator anticipates further growth
in regards to contracts and expected revenues in Q3 and Q4 as
Passcreator has now expanded and currently has customers in 42
countries around the world. There are additional large deals with
these customers, as well as with 3 of the largest insurance
companies in the world that are being negotiated right now for Q3
& Q4. The acquisition of Passcreator is already paying
off with significant recurring revenue, as well as the commencement
of negotiations with several of its largest Wallet pass customers
and prospects to implement a fully integrated solution including
Fobi’s proprietary IoT device.
Fobi CEO Rob Anson stated: “As a result of the final completion
of the Passcreator acquisition and integration and with today’s
launch of our new smart scan app, Fobi is now positioned as one of
the leading edge global mobile wallet companies. We look forward to
delivering a fully integrated product offering to new as well as
existing clientele of both Passcreator and Fobi.”
This Press Release Is Available on the Fobi
Website and the FOBI Verified Forum On AGORACOM For
Shareholder Discussion And Management Engagement.
About FobiFobi 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..For more information, please
contact:
Fobi AI Inc. |
|
Fobi Website: www.fobi.ai |
Rob Anson, CEO |
|
Facebook: @ Fobiinc |
T : +1 877-754-5336 Ext. 3 |
|
Twitter: @ Fobi_inc |
E: ir@fobi.ai |
|
LinkedIn: @ Fobiinc |
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
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readers are cautioned not to place undue reliance on the
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future plans, operations, results, levels of activity or
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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
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future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
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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) accepts responsibility for the adequacy or
accuracy of this release.
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