GlobeNewswire by notified

Fobi Announces Acquisition of PassWallet, A Leading Android Wallet Pass Issuer With 6,000,000+ Downloads. Deal To Provide Near-Term and Long-Term Revenue Growth

Share

With Downloads Anticipated To Increase Significantly In 2022, Acquisition Provides Fobi With Significant Average Revenue Per User (ARPU) And Growth Opportunities From More Than 150 Countries Where Google Pay Is Currently Unavailable 

VANCOUVER, British Columbia, Oct. 07, 2021 (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 customer activation and engagement, is pleased to announce the Company has signed an Agreement on October 5th, 2021 to acquire PassWallet, a leading app (by Google Play Store downloads) for managing and utilizing Wallet passes on Android phones. PassWallet works with other leading Wallet pass companies and supports more than 150 countries where Google Pay is not supported.

Rob Anson, Fobi CEO, stated: “This represents a key achievement for Fobi and its shareholders. This acquisition of PassWallet positions Fobi as an up and coming leader in the digital wallet space. The company has made great strides this year and this key strategic development positions us extremely well, enabling us to leverage and monetize on a standard ARPU model (average revenue per user). With over 6 million downloads currently, management believes that by leveraging our artificial intelligence and data solutions as well as the integration of Fobi’s marketing power together with the global wallet pass growth rates, that this number will grow significantly in 2022. Coupled with further untapped opportunity and an addressable market of over 150 countries that are currently not serviced by Google Pay, management anticipates that with this acquisition Fobi is now well positioned to expand into the FinTech space.”

TERMS OF THE TRANSACTION
In consideration for the acquisition of PassWallet, Fobi will pay €888,000 consisting of: (i) €355,200 paid in cash; (ii) €532,800 in common shares of Fobi (each a “FobiShare”) calculated by dividing €532,800 converted into Canadian funds using the Bank of Canada monthly exchange rate for the calendar month of September, 2021 by the 10 trading day volume weighted average price of the Fobi Shares on the TSX Venture Exchange (the “TSXV”) for the period ended five TSXV trading days prior to the date of closing of the Transaction. Any Fobi Shares issued in connection with the Transaction will be subject to a restricted period of four months and one day from the date of issuance. There are no finder’s fees or long term debt associated with this agreement.

The closing of the Transaction is subject to and will occur following receipt of TSXV approval.

Moreover, and perhaps more importantly, the global mobile wallet market addressed by PassWallet is forecasted to achieve significant growth in the coming years due to the growing popularity of mobile wallet payments and applications across multiple industry verticals. A recent report from Research Dive estimates the Global Mobile Wallet Market will grow from $11 Billion in 2020 to $46 Billionby 2028, representing a staggering CAGR of 18.9% for an industry already in the Billions and a significant growth opportunity for Fobi.

This incredible growth is being driven by the rapidly increasing popularity of mobile wallet payments in developed economies, as well as the ability of Wallet pass based companies to service “unbanked” customers (those who have smaller bank balances or no bank account at all). In a recent report by Ark-Invest on Wallet Pass companies, they noted that the average customer acquisition cost for the major banks in the US was $925, whereas the customer acquisition cost for Square was just $20, driving Square to start targeting unbanked customers based on Reports that Square’s Cash App was especially popular in locations where unbanked rates are high. 

Combining the acquisition of PassWallet with the global strategic partnerships and alliances already announced by Fobi to date, the Company has an opportunity to pursue the unbanked digital wallet opportunity with some of the top payment companies in the world.

Fobi SVP of Corporate Strategy & Corporate Development Richard Lee stated, "This acquisition opens yet another new vertical for the organization, and I am extremely proud of the relentless efforts of the team which is one of my primary reasons for joining Fobi. PassWallet will be complementary to many of Fobi’s existing services and will significantly enhance our ability to drive even more engagement with consumers. With this acquisition, it will provide Fobi with greater opportunities and applications leveraging the mobile wallet, including entry into additional markets at an even faster pace. We are truly building something special here."

ACQUISITION OF PASSWALLET POSITIONS FOBI TO SERVICE OVER 150 COUNTRIES THAT ARE NOT CURRENTLY SUPPORTED BY GOOGLE PAY - EU CUSTOMERS CONCERNED WITH GDPR COMPLIANCE

Google Pay wallet passes are only available in the 40 countries where Google has also launched their payment service. This excludes over 150 countries including very large markets such as Mexico, Israel and the Philippines with very high mobile usage rates, providing Fobi with a significant market opportunity for wallet pass users and potential commerce related services.

In addition to geography, PassWallet holds an important technology advantage over Google Pay in its support for push notifications right to an Android user’s lock screen. This means that PassWallet can deliver even greater levels of customer engagement and personalized marketing as already demonstrated with great success by Fobi’s Passcreator Wallet passes.

This engagement advantage stems from the fact that PassWallet is client-based, whereas Google Pay is a server-based service that requires the additional step of sending user data to Google’s servers in order to create a pass, presenting a major challenge to EU customers that need to be compliant with GDPR.

This Press Release Is Available on the Fobi Website, as well as the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.

About PassWallet

PassWallet is the first app specializing in enabling Android users to store, organize and update Wallet passes, in the most simple and intuitive way. PassWallet can service all type of passes imaginable: boarding passes, transport cards, passes to the movies, theatres, concerts, museums, festivals, theme parks or stadiums, loyalty cards, vouchers and discount coupons in many stores, hotels and car reservations and more.

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:

Fobi AI Inc.Fobi Website: www.fobi.ai
Rob Anson, CEOFacebook: @ Fobiinc
T : +1 877-754-5336 Ext. 3Twitter: @ Fobi_inc
E: ir@fobi.aiLinkedIn: @ Fobiinc

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.

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.

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Yara reports improved returns20.10.2021 08:00:00 CEST | Press release

Oslo, 20 October 2021:Yara delivers improved returns reflectinghigher prices in third quarter.Net income was a negative USD 143 million, compared with a positive USD 340 million a year earlier. The negative net income includesa USD 355 million impairment ofSalitre assetsin line with Yara’sregulatory release dated1 August 2021,and a currency translation loss of USD 148 million. Excluding currency effects and special items, the basic earnings per share was USD 1.33 compared with USD 0.88 per share in third quarter 2020. The main elements of the third-quarter results are: Improved returns reflecting higher prices8.3% ROIC1, up from 7.9% a year earlier40% ammonia curtailment in Europe due to natural gas price spike “Yara delivers solid third quarter results, with EBITDA2 excluding special items up 37%, mainly thanks to improved margins. However, the gas price spike in Europe has led to Yara curtailing around 40% of its European ammonia production,” said Svein Tore Holsether, President and

Kinnevik: Interim report 1 January – 30 September 202120.10.2021 08:00:00 CEST | Press release

”We continue to strengthen and build out our growth portfolio at a rapid pace to maintain the momentum of our strategic transformation, and note the interest of founders and investors to partner with us. This is a significant recognition of our ability to identify the businesses of tomorrow and be their preferred investor as they grow and shape a re-imagined everyday.” Georgi Ganev, CEO of Kinnevik Key Strategic Highlights Betterment raised USD 160m in a funding round to accelerate the record growth the company has delivered year-to-date across its B2C and B2B offering, leading to a significant uplift in valuation Cityblock raised additional capital to extend its reach and battle health inequities for a fast-growing member population, at a valuation twice as high as the round in March this yearBabylon reaffirmed its 2021 and 2022 growth guidance and secured USD 200m in sustainability-linked financing as it nears completion of its SPAC merger transaction We strengthened our Growth Portf

ING to offer compensation to Dutch retail customers with certain consumer credit products20.10.2021 08:00:00 CEST | Press release

ING to offer compensation to Dutch retail customers with certain consumer credit products ING announced today to offer a compensation to our Dutch retail customers with certain revolving consumer loans where the variable interest rate did not sufficiently follow market rates. With this step, ING reacts to a number of rulings by the Dutch Institute for Financial Disputes (Kifid) regarding similar products at other banks. We have investigated the relevance of these rulings for our floating-rate credit products in the Netherlands. This is expected to concern approximately 10% of the contracts for these products. The Dutch Consumers’ Association (Consumentenbond) has reacted positively on ING’s intention and is prepared to further discuss the execution and details of the scheme, which is expected to be completed before the end of 2022. ING will book a provision of €180 million in its third quarter 2021 results for the compensation and costs of executing the scheme. More details on the comp

Yara leverer økt avkastning20.10.2021 08:00:00 CEST | Pressemelding

Oslo, 20. oktober 2021:Yara rapporterer økt avkastning i tredje kvartal som følge av høyere priser,Nettoresultatvar negativt USD 143 millionersammenlignet med positivt USD 340 millioner ett år tidligere.Det negative nettoresultatet inkluderer en USD 355 millioner nedskrivning av Salitre-prosjektet med referanse til Yaras børsmelding 1. august 2021, og et valutatap på USD 148 millioner. Nettoresultat eksklusive valutaeffekter og spesielle poster, var USD 1,33 per aksje sammenlignet med USD 0,88 for tredje kvartal 2020. Hovedelementene i resultatet for tredje kvartal er: Økt avkastning som følge av høyere priser8,3 % ROIC1, opp fra 7,9% ett år tidligere40% midlertidig kutt i amoniakkproduksjon i Europa som følge av høy gasspris «Yara leverer et solid resultat for tredje kvartal, med EBITDA1 eksklusive spesielle poster opp 37%, hovedsakelig som følge av økte marginer. Imidlertid har den høye gassprisen i Europa ført til at Yara har midlertidig kuttet ca 40% av sin europeiske ammoniakkprod

Kinnevik: Delårsrapport 1 januari – 30 september 202120.10.2021 08:00:00 CEST | Pressemelding

”Vi fortsätter att stärka och bygga ut vår tillväxtportfölj för att upprätthålla takten i vår strategiska transformation, och noterar ett stort intresse hos grundare och investerare att göra oss till sin partner. Detta är ett starkt bevis på vår förmåga att identifiera framtidens vinnare och vara en värdefull partner för dem på deras tillväxtresa för att forma morgondagens samhälle.” Georgi Ganev, Kinneviks vd Viktiga strategiska händelser Betterment tog in 160 MUSD i en finansieringsrunda för att accelerera sin rekordtillväxt under året inom både B2B och B2C. Detta resulterade i en signifikant ökning av värdet av vårt innehav i bolaget Cityblock tog in ytterligare kapital för att utöka sin räckvidd och bekämpa ojämlikheter inom hälsa för sin snabbt växande medlemsbas, till en värdering dubbelt så hög som rundan i mars i årBabylon bekräftade sin tillväxtprognos för 2021 och 2022, och säkerställde 200 MUSD i hållbarhetslänkad finansiering samtidigt som bolaget närmar sig sin SPAC-fusion

Stockwik förvärvar Sundisol20.10.2021 08:00:00 CEST | Pressemelding

Stockwik Förvaltning AB (publ) har per idag den 20 oktober 2021 ingått avtal om förvärv av samtliga aktier i Sundisol Aktiebolag (”Sundisol”). Sundisol är ett bolag med inriktning på installation av akustikplattor och undertak. Sundisol är beläget i Sundsvall och omfattar 11 anställda. Verksamheten har bedrivits sedan 1973. Stockwik förvärvar samtidigt den fastighet från vilken Sundisols verksamhet bedrivs, där även två externa hyresgäster bedriver verksamhet. Sundisols omsättning och EBITDA-resultat uppgick för den senaste tolvmånadersperioden per 30 september 2021 till drygt 23,4 MSEK respektive 3,8. Fastighetsbolagets hyresintäkter och EBITDA-resultat uppgick för den senaste tolvmånadersperioden per 30 september 2021 till 0,7 MSEK respektive 0,6. Köpeskillingen för Sundisol uppgår till 17,0 MSEK på skuldfri basis vilket beräknas motsvara en multipel om 4,1x EV/EBITDA, varav 15 MSEK erläggs kontant och 2 MSEK genom revers med 3 års löptid och 3 procents ränta. Säljaren har förbundit

Sampo plc’s share buybacks 19/10/202120.10.2021 07:30:00 CEST | Press release

SAMPO PLC STOCK EXCHANGE RELEASE 20/10/2021 at 08:30 am Sampo plc’s share buybacks 19/10/2021 On 19/10/2021 Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI0009003305) as follows: Sampo plc’s share buybacksAggregated daily volume (in number of shares)Daily weighted average price of the purchased shares*Market (MIC Code)17,22445.56AQEU17,49845.54CEUX4,38345.53TQEX33,83445.56XHELTOTAL72,93945.55 *rounded to two decimals On 1 October 2021, Sampo announced a share buyback programme of up to a maximum of EUR 750 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. The programme, which started on 4 October 2021, is based on the authorization granted by Sampo's Annual General Meeting on 19 May 2021. After the disclosed transactions, the company owns in total 1,253,774 Sampo A shares representing 0.23 per cent of the total number of shares in Sampo plc. Details