Fobi Signs $10 Million License Agreement with BevWorks Brands Inc.

Newly-appointed Chief Revenue Officer Colby McKenzie produces immediate return, solidifying the company’s largest contract to date.

VANCOUVER, BC, March 27, 2023 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, is pleased to announce that the company signed a five-year $10 million licensing agreement with Canadian beverage manufacturing company, BevWorks Brands Inc. on Friday, March 24^th, 2023. The agreement will enable Fobi to deliver technology solutions to support BevWorks’ growth strategy through a data-driven means to consolidate the independent beverage manufacturers in alcohol markets and beyond.   Fobi will generate $10,000,000 in revenue for the five-year contract. This revenue will be recognized in accordance with IFRS policies over the 60 months of the contract.

With over 50 years of collective experience in the craft alcohol industry, BevWorks specializes in in-house manufacturing across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, alcohol replacement, and more. The license agreement will provide BevWorks with licenses to various Fobi technologies, including, but not limited to, Fobi’s real-time data processing and artificial intelligence applications, mobile wallet pass technology, patented IoT hardware, advanced analytics and forecasting technology, as well as the Fobi Data Exchange (FDX).

Andrew Harris, CEO of BevWorks, states: “We're excited to partner with Fobi, a leading provider of AI and real-time data solutions, to streamline our operations and future-proof our business. BevWorks has extensive experience in the hospitality and liquor beverage industry, and we're confident our partnership with Fobi will provide us with a competitive advantage. With their cutting-edge technology, we'll optimize our processes and deliver greater value to our customers. By leveraging Fobi's real-time data and AI solutions, we'll develop products that exceed our customers' expectations. Our partnership marks a significant milestone for our business, and we look forward to delivering innovation to the industry.”