VANCOUVER, BC, August 19, 2021 - 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 its 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 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.

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This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. 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 and capital markets conditions, 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.

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