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Fobi Signs a 3-Year Exclusive Data License Agreement With Ideal POS Ltd.

Ideal POS One of Canada’s Largest POS Providers, Covering Over 1000+ Locations Across Saskatchewan, Manitoba and Ontario.


 

VANCOUVER, B.C. October 6th, 2022,  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, today announced a 3-year exclusive data license agreement with Ideal POS. Exclusive data licenses with Ideal POS and previously announced Barnet Technologies enable Fobi to solidify the company’s position as a leading data aggregator for the independent retail marketplace. Fobi and Ideal will generate revenue by way of selling quarterly and annual data licenses to various industry stakeholders through the Fobi Data Exchange (FDX).

FOBI AND IDEAL FURTHER ANNOUNCE THE SIGNING OF COMMERCIAL RESELLER AGREEMENT

Since 2000, Ideal POS Ltd. has grown to be the largest supplier of POS Systems in Manitoba, and have loyal clients across Canada and the United States in various industries including hospitality, sports, retail, educational and health institutions. Ideal POS has a very diverse customer list with particular strength in areas such as liquor, grocery, convenience, retail and food service. Ideal POS also supports several pro sports teams and stadiums, which is also a key focus for Fobi right now. This diverse customer set also obviously creates a very diverse data set that can be further monetized as a shared revenue stream. Fobi is also pleased to announce the signing of a commercial reseller agreement with Ideal POS providing yet another quality channel for the resale of Fobi’s products.

STRATEGIC PARTNERSHIP TO DELIVER NEXT EVOLUTION OF LOYALTY & REWARDS AND AGE VERIFICATION

The companies’ integrated solution will introduce an all-new digital member loyalty card solution that enables customers to download a Wallet pass from Ideal POS retailers, providing immediate mobile access to loyalty points, stored value, e-gift cards or stamp card functionality.   Ideal POS and Fobi will also enable age verification through the Wallet pass, which is obviously extremely important for the Hospitality industry. The digital loyalty program and the age verification service are all based on Fobi’s PassPro enhanced Wallet pass platform, which thanks to the deals with Barnet and Ideal POS is now becoming the standard for mobile POS loyalty and engagement functionality.

As previously quoted in the Barnet Data License press release on August 10, 2022, Fobi CEO Rob Anson stated, “’By way of signing this exclusive agreement with Barnet Technologies we have now successfully locked down the key B.C. and Alberta liquor retail marketplaces. We are now focused on replicating the same successful model across the other key Canadian provinces before the end of 2022.’  Today’s data license announcement with Ideal POS and previously with Barnet Technologies now solidifies Fobi as a leading data aggregator for the Canadian liquor retail and hospitality industries. As a result of successfully executing on our national data aggregation strategy we have received great interest from numerous third-party data aggregators as well as liquor manufacturers.”

 

Gord Doerksen, President of Ideal POS stated, “Given the shrinking margins in the retail business and the increase in inflation and prices, loyalty programs have become incredibly important for retailers. Adding Fobi’s wallet pass to our solution, which enables much more sophisticated and targeted marketing capabilities, empowers the retailers even more and further strengthens Ideal POS’s position as a leader in the POS and loyalty space.”

This press release is available on the Fobi website, and also on the Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement. 

 

About Ideal POS

Since 2000, Ideal POS Ltd. has grown to be the largest supplier of POS Systems across Manitoba, and have loyal clients across Canada and the United States. Collectively, our team has more than 75 years of POS and hospitality experience! Our goal is to provide clients with options and solutions with a competitive advantage in the marketplace by taking advantage of information technology.

 

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.

Rob Anson, CEO and Director

T: 1-877-754-5336 Ext. 3

E: ir@fobi.ai

 

Website: www.fobi.ai

Facebook:@Fobiinc

Twitter: @Fobi_inc

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 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, and 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) accepts responsibility for the adequacy or accuracy of this release.

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