Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc signed a five-year $10 million licensing agreement with Canadian beverage manufacturing company, BevWorks Brands Inc on Friday, the company announced.
The deal enables Fobi to deliver technology solutions that support BevWorks’ growth strategy using a data-driven strategy to consolidate the independent beverage manufacturers in alcohol markets and beyond.
The move sent Fobi's stock 22% higher to C$0.47 in Toronto and 14% higher to $US0.33 in New York on Monday.
BevWorks has more than 50 years of experience in the craft alcohol space and specializes in in-house manufacturing across various markets, including alcohol, beer, RTD (ready-to-drink) liquor and alcohol replacement.
The agreement will provide BevWorks with licenses to various Fobi technologies, including its 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.
“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 CEO Andrew Harris said in a statement. “... 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.”
Specifically, Fobi’s platform will provide BevWorks with enhanced visibility into real-time measurement, attribution and market insights, enabling the company to make data-driven decisions on product development, sales, acquisitions and more.
The goal for BevWorks is to evolve into a dynamic brand incubator and expand its position as a leading product and beverage manufacturing entity, the company said.
“The value and importance of big data and AI applications cannot be understated,” Fobi CEO Rob Anson said. “This agreement today not only helps us solidify the value of our Fobi IP, but it also puts us in a strong position to continue driving the significant momentum our company has generated in the first quarter of 2023.”
—Updated to include stock movement—
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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