Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc has provided investors with an update on its pilot programs, as well as its letter of intent (LOI) with All Net LLC and its partnership with Empower Clinics.
In a business update, the company said it is engaged in pilot programs with various clients on an ongoing basis. These are generally undertaken by the company for no consideration to show the value of Fobi’s products to clients.
Not all of these pilot programs are revenue-generating as yet but they may amount to material agreements to boost revenue or provide non-quantifiable business opportunities, such as developing strategies for marketing its products, the company said.
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Fobi noted that it has completed two pilot programs with TELUS Corporation (TSX:T), allowing it to showcase its suite of products. On completion of these pilot programs, TELUS upgraded the company to a full procurement partner. Since signing the procurement partnership, TELUS has begun selling Fobi’s products to its customers, securing revenue-generating commercial contracts which are not limited to platform fees and active wallet pass fees that vary by customer, Fobi said.
The company also updated its previously announced LOI with All Net, whereby Fobi will provide a custom technology stack that will power the All Net Resort and Arena project to be constructed in Las Vegas. The project has now officially launched and is currently under construction.
Under the commercial terms laid out in a Master Services Agreement between Fobi and All Net, Fobi said it will be responsible for providing its digital mobile wallet technology, which will create a personalized and fully interoperable operational and interactive guest experience, and its big data capabilities, which will provide advanced operational analytic insights.
Regarding its previously announced partnership with Empower Clinics, Fobi told investors that it has finalized commercial terms and entered into a service and reseller agreement dated October 12, 2021. As a result of its partnership, Fobi has earned non-material revenues including, but not limited to, custom development, set up and wallet pass fees, the company said.
Fobi added that it was issuing this information to update its disclosure with respect to certain programs and contract negotiations as a result of a review by the British Columbia Securities Commission.
The full business update can be found here.
Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) is a cutting-edge data intelligence company that helps clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
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