Fobi AI Inc (CVE:FOBI) (OTCQB:FOBIF), a provider of real-time data analytics through artificial intelligence, told shareholders that it had finished multiple pilot tests, boosted its balance sheet and was on track with its plans to uplist to a major exchange by the end of this year.
In a corporate update, Fobi CEO Rob Anson said: “Despite the challenges presented by the pandemic in getting our pilot tests adequately evaluated by our major international retailers, I am happy to report that multiple pilots have successfully made it over the finish line and that 2021 is on track to be the year Fobi becomes a major global player in the world of real-time data analytics.”
“Add to this our most powerful balance sheet ever, Tier-1 global partnerships, a rapidly expanding executive team of industry stalwarts and the acquisition of Passcreator, I can unequivocally report that Fobi is in the strongest position it has ever been and that shareholders will realize its benefits far beyond 2021.”
READ: Fobi AI raises C$7.42M to fund growth opportunities in the artificial intelligence space
Fobi said several large-scale pilot projects ended up “taking longer than expected to complete” due to the coronavirus (COVID-19) pandemic restrictions in the workplaces of its pilot partners. However, the good news is that with restrictions easing, many of these “pilot projects have now successfully ended” and advanced to “corporate and legal review of proposed commercial terms” and roll-out.
“A couple of our pilot projects have demonstrated such success that pilot partners are expanding the scope of their pilots with the addition of digital receipting, wallet pass loyalty applications, digital activations, and promotions,” said the company.
Fobi's currently disclosed list of pilot projects are with Sobeys, TELUS, Certas, Pharmassist, Maplin and Senor Frogs, with discussions in “advanced stages” with top hospitality, sports and entertainment venues.
The Vancouver-based advanced technology company also said it remains on track with its plans to uplist on major exchanges in the fourth quarter.
On December 7, 2020, Fobi announced its intentions to uplist to the Toronto Stock Exchange and, if successful, its intentions to apply for listing on the Nasdaq. “Given the company’s continued success with world-renowned technology pilots and partners … and the inevitable need for significantly greater capital markets visibility, Fobi is pleased to advise shareholders that we continue to work through the checklist of requirements and processes to achieve our uplisting goals by the end of the year,” said the company.
Meanwhile, Fobi received strong shareholder support as demonstrated by its recent $7.42 million private placement, in which Fobi CEO Rob Anson personally invested $350,000, raising his year-to-date investments to over $750,000.
Significantly, Fobi noted that its recent acquisition of Passcreator is “already paying off” with significant recurring revenue, as well as “commencement of negotiations with several of its largest Wallet pass customers and prospects to implement Fobi devices.”
Passcreator had one of the best quarters in its history, realizing CA$161,630 in revenue in the first quarter. Passcreator’s revenue jumped 188% year-over-year on the back of “significant new deals” with existing customers such as Mercedes and BMW, and a new deal with a global company operating in 29 countries.
“There are additional large deals with these customers, as well as with three of the largest insurance companies in the world that are being negotiated right now for 3Q and 4Q,” said Fobi.
The company also said that with the additions of former NielsenIQ Richard Lee as SVP of corporate strategy, as well as former NTT Data executive Jolie Summers as VP of Product, the senior management team is complete and well-positioned to execute on “incredible opportunities” in the firm’s pipeline.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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