Fobi Announces 293% Increase In First Quarter Revenue

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), a leading data intelligence company using artificial intelligence to help clients turn real-time data into actionable insights and personalized customer engagement is pleased to announce its first quarter financial results.

Key Financial and Operational Highlights for Q1:

1. Revenue increased substantially from $147,533 in Q4 to $580,317 in Q1.
2. Net loss for the 3 months was $4,468,214 compared to $1,013,792 in the corresponding prior period.  The current loss includes a $2,619,361 charge for stock based compensation – a non cash item.
3. Cash continues to grow from the year-end $7.5 million to $8.266 million.  5,275,000 warrants were exercised for $1.8 million and 2,228,250 stock options were exercised for $1.99 million.
4. Loans receivable from the Passcreator transaction in the amount of $481,534 have been collected, adding to the Company’s treasury.
5. Accounts Receivable is up from $844,000 to $1.2 million due to the recognition of $288,000 of revenue which is expected to be collected before calendar. 
6. Accrued liabilities increased $78,122 the largest component of this was an increase in payroll remittances of $105,470 from the exercise of stock options. This balance was offset in part by an increase in GST receivable $37,617.
7. Assets increased from $11,682,344 in Q4 to $12,315,379 in Q1.
   

Fobi CEO Rob Anson stated “With the launch of many new products and partnerships this year, we have successfully achieved more operational milestones than any previous quarter and see a strong continuation of this momentum into 2022. The exponential growth we are starting to see in the past two quarters is a testament to the entire team’s dedication and focus on executing our business plan and validation from our customers. We remain focused on becoming a global leader in Artificial Intelligence Applications and Digital Wallet Passes.”

The link to the SEDAR filing is here.

This press release is available on the Fobi Website and on the Fobi AI Verified Forum on AGORACOM for shareholder discussion, questions, and engagement with management https://agoracom.com/ir/FobiAI

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.

For more information, please contact Rob Anson, CEO of Fobi AI, +1 877-754-5336 Ext. 3.

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 Loop’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 Loop 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, Loop 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 Loop should be considered highly speculative. There can be no assurance that Loop 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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