Fobi Signs LOI To Acquire Passworks, A Portugal Based Leading European Digital Wallet And Mobile Marketing Company With Tier-1 Global Clients
08 December 2021 - 10:00PM
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.
Passworks CEO Francisco Belo stated: "We
believe that joining Fobi is the right step for Passworks to
continue growing and be part of a larger Wallet pass solution. The
combination of the two technologies will create synergies, drive
growth and allow us to offer Passworks and Fobi customers a much
stronger and complementary offer."
PASSWORKS ACQUISITION FURTHER ACCELERATES STRATEGIC
GLOBAL WALLET PASS CONSOLIDATION
Rob Anson, Fobi CEO stated: “Acquiring
Passworks will not only enable us to further accelerate our
business strategy as we consolidate the wallet pass industry, but
it will also provide us with direct and immediate access to very
valuable customers, with additional operational capacity and
provide further immediate revenue. This strategic acquisition of
Passworks represents another key step for us in terms of achieving
our goal of becoming a global mobile Wallet pass leader.”
The completion of the Transaction is subject to customary items,
including satisfactory due diligence by both parties, completion of
definitive agreements in respect of the Transaction and exchange
approval, if required. The Transaction is expected to be structured
as an “Expedited Acquisition” under the policies of the TSX Venture
Exchange (the “TSXV”). No finder’s fee is expected to be paid in
connection with the Transaction and no new directors or officers
will be added to the board and management of Fobi in connection
with the Transaction. The closing of the Transaction, which is
subject to several conditions, is expected to be completed by late
December or early January 2022.
This Press Release Is Available on the Fobi
Website, as well as the FOBI Verified Forum On
AGORACOM For Shareholder Discussion And Management
Engagement.
ABOUT PASSWORKSPassworks engages with consumers
in real time and based on their location through the creation of
mobile content that address loyalty coupons, promotions, event
tickets, gift cards, membership cards, boarding passes and much
more.
ABOUT FOBIFobi 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. |
|
Fobi Website: www.fobi.ai |
Rob Anson, CEO |
|
Facebook: @ Fobiinc |
T : +1 877-754-5336 Ext. 3 |
|
Twitter: @ Fobi_inc |
E: ir@fobi.ai |
|
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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