VANCOUVER, BC, June 14, 2021 - FOBI AI Inc. (formerly Loop Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF) (the "Company" or "FOBI"), is pleased to announce that it has signed a Proof of Concept (POC) with TELUS to integrate the FOBI Data platform into the TELUS Insights Location Services Data solution that TELUS provides to their business clients. The POC is scheduled for 90 days and, upon successful completion, there are immediate revenue opportunities for FOBI. These revenue opportunities could include, but would not be limited to, Telus reselling FOBI's products directly or licensing opportunities. The combined products of Telus Insights and FOBI's real-time data analytics and reporting could generate substantially increased new-line revenue for both companies delivering great value for their respective shareholders.
Redefining the TELUS Insights Customer Experience
As businesses evolve, data-driven decisions are becoming crucial. FOBI's platform will enable TELUS to enhance its customer delivery by now offering their valuable insights to their clients in real-time. FOBI will work with TELUS during this POC to build a custom, real-time BI Dashboard and Portal for TELUS Insights that will deliver the analytics and reporting that their clients are demanding. This new Portal will deliver real-time results and will also enable the integration of 3rd party data sets (such as weather or traffic) in real-time, which will further enhance the value to TELUS clients.
The Products that FOBI will be integrating with TELUS Insights during this POC are the following:
Global Data & Location Services Monetization Market and How TELUS Insights Works
Thanks to the increased ability to use data to generate new revenue streams and contribute to the betterment of society, the global data monetization market size is growing rapidly and is expected to grow from $45 billion in 2016 to $371 billion in 2027, according to Allied Market Research. The Location Services market that TELUS Insights is part of was valued at $36.5 billion in 2020, and is projected to reach $183.81 billion by 2027, growing at a compound annual growth rate of 26.3% from 2020 to 2027, according to Allied Market Research.
TELUS powers more than nine million devices on its network, which covers 98 percent of the populated areas of the country. As people move around, their cellular devices connect to different wireless towers, which generates a huge amount of data. TELUS Insights works with these massive sets of de-identified and aggregated data drawn from those mobile phones. Using industry-leading privacy standards, TELUS de-identifies this network data and then aggregates it to further protect individual privacy and safeguard personal information, ensuring no data can be traced back to any individual user. Telus Insights is currently used by many corporate and government clients such as TransLink (the BC regional transit system), the Thompson Okanagan Tourism Association, and the Cities of Surrey and Revelstoke. In April 2020, TELUS launched the award-winning Data for Good program, making it possible for health authorities and qualified academic researchers to use de-identified data from TELUS Insights at no charge to measure progress and assess additional opportunities to help stop the spread of COVID-19.
TELUS VP of Strategic Operations Andrew Turner states: "FOBI's data analysis and reporting capabilities were one of the reasons we started working with them in the first place, and why we helped them sign the deal with our client Big White Ski Resort. So, this POC is the natural next step to integrate their solution with TELUS Insights to provide that same value to our other clients. FOBI's real-time insights and reporting are unmatched in the industry and we are extremely pleased to soon be able to offer their real-time data analytics and reporting solution as part of the TELUS Insights solution to our clients."
FOBI CEO Rob Anson states: "We are very honored to work with TELUS, and we are very excited about this next step in our relationship, and actually being able to integrate our industry leading data analytics and reporting platform into the TELUS Insights solution as part of this POC. Together FOBI and TELUS will deliver even more value to the TELUS Insights clients by helping them make better data-driven decisions in real-time."
TELUS and FOBI, a winning combination
Continuing a long and successful relationship, this latest POC with TELUS to integrate FOBI's real-time data analysis and reporting functionality into the TELUS Insights solution will further strengthen the relationship. Having TELUS be able to resell directly or license FOBI's solutions will further validate FOBI's position as a leader in the real-time data analytics and reporting industry and will also deliver immediate business impact for FOBI.
Overnight Marketed Private Placement Led by Echelon Wealth Partners Inc.
FOBI is also pleased to announce that it has entered into an agreement with Echelon Wealth Partners Inc. (the "Agent") to complete a private placement financing of units (the "Units"), on an overnight marketed basis for gross proceeds of up to $7.0 million (the "Offering") on a commercially reasonable "best efforts" basis.
Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a "Warrant"). The size of the Offering and the price of the Units will be determined in the context of the market.
The number of units to be distributed under the Offering, the price per Unit (the "Offering Price"), the exercise price of the Warrants and other final terms will be determined by FOBI and the Agent upon the pricing of the Offering.
The Company has also granted the Agent an option to purchase up to an additional 15% of Units, exercisable at any time until 48 hours prior to Closing.
The proceeds from the Offering will be used for general and corporate working capital purposes, as well as M&A initiatives.
The Offering is scheduled to close on or about June 30, 2021 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT TELUS
TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications and information technology company with $15.5 billion in annual revenue in 2020 and 16 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. We leverage our global-leading technology to enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. TELUS Health is Canada's largest healthcare IT provider, and TELUS International delivers the most innovative business process solutions to some of the world’s most established brands.
Driven by our passionate social purpose to connect all Canadians for good, our deeply meaningful and enduring philosophy to give where we live has inspired our team members and retirees to contribute more than $700 million and 1.3 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world.
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.
Fobi 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, 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.
SOURCE FOBI AI Inc.
For further information: Fobi AI Inc., Rob Anson, CEO, T : +1 877-754-5336 Ext. 4, E: ir@fobi.ai