Fobi Signs LOI To Acquire Passworks, A Portugal Based Leading European Digital Wallet And Mobile Marketing Company With Tier-1 Global Clients

Acquisition brings immediate revenue and further bolsters and supports Fobi’s geographic coverage and scale to already existing footprint with recent acquisitions of Passcreator and PassWallet.

VANCOUVER, British Columbia., Dec. 08, 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 entered into a non-binding LOI to acquire 100% of the shares of Passworks, a leading European digital wallet and mobile marketing company with Tier-1 clients such as luxury fashion leader Hugo Boss, global coupon giant Catalina and media giant Wunderman Thompson UK. The acquisition will be a share purchase agreement, and is expected to be completed by late December or early January of 2022, subject to the customary due diligence and Exchange approvals. The exact terms of the acquisition are still being negotiated.

This LOI to acquire Passworks represents the third Wallet pass acquisition for Fobi in 2021 and is another solid step towards achieving the company’s goal of becoming a global leader and solidifying a dominant position in the Wallet pass industry. As part of the acquisition of Passworks, Fobi will immediately benefit in terms of its global scale and footprint as Passworks have issued passes across 5 continents.

PASSWORKS HAS A VERY PROMINENT CUSTOMER BASE FOR FOBI TO CROSS SELL AND UPSELL TO

Passworks is a mobile wallet marketing platform that allows brands to create, manage and distribute content in the form of a mobile coupon, store card, membership, loyalty card, or boarding passes via the major mobile wallet platforms, such as Apple Wallet, Google Pay or Android Wallet Apps such as PassWallet, which Fobi recently acquired.  The increased digital channel demand continues and has attracted highly influential global brands and advertising companies to convert to data-driven marketing tools due to the metrics around engagement and sales impact that digital can measure for campaigns.  The list of Passworks’ high-ranking clients includes global coupon giant Catalina, media giant Wunderman Thompson UK and luxury fashion powerhouse Hugo Boss. In addition to the monthly run rate revenue these clients deliver, gaining access to the Passworks clients will enable Fobi to cross-sell and upsell other Fobi solutions, which Fobi management expects to generate additional revenue for the company.