VANCOUVER, B.C., June 27, 2022 (GLOBE NEWSWIRE) —

Fobi


AI Inc.

(FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, are pleased to announce a new level to their partnership with Barnet Technologies. Following the company’s previous strategic partnership announcement with Barnet Technologies on

February 3



^rd


, 2022

, and as a result of the successful integration with Barnet POS, Fobi and Barnet now support an all-new “one-tap” digital loyalty membership program powered by the mobile wallet. Retailers will push an onboarding link by way of email or text through their Barnet POS or other CRM system to their current customers. Customers will then simply accept the terms and conditions by selecting “add to wallet,” which will simply and easily add the new digital loyalty pass into their mobile wallet which comes pre-installed on all iOS and Android phones worldwide. Furthermore, retailers can promote new signups and acquire new customers through their social media, advertising, in store digital signage and printed QR codes.  Fobi will generate revenue through a one-time set up and onboarding fee as well as a monthly SAAS model.

Digital Wallet passes from participating retailers provide easy and immediate access for customers to their loyalty points, stored value credits, e-gift cards or stamp card functionality.  Currently, an end-user who is part of an existing retailer loyalty program who wants to collect or redeem points at a physical liquor retailer through the Barnet POS system needs to provide their name and cell phone number to the cashier, which is personally identifiable information that they must share publicly, and which the cashier needs to input correctly.  Using Fobi’s new digital Wallet pass solution, the customer simply shows the QR code on the digital member card, the cashier scans it and the points are automatically credited to or deducted from the customer’s loyalty account. This is a significant enhancement of the current in-store retail customer experience, and digital wallets are much more secure than physical wallets thanks to encrypted transactions and biometric protection, as described in this

recent article

. The retailer can also use geofencing to push a notification to their customer’s lock screen when they are near the store, encouraging them to come in and redeem their points. In addition to the Fobi wallet pass technology, Bevy Pass will also feature Fobi’s PassPro Hub portal which is an AI powered shopper data intelligence platform. The powerful Fobi Hub backend enables retailers to deliver real-time personalized marketing and promotions directly to the mobile wallet pass, based on each individual shopper’s past purchase history.

Nick Ricci, President of Barnet Technologies

stated, “It has been a great collaboration working with the team at Fobi AI. It is truly remarkable to see how their diverse retail technology is able to move so quickly in efforts to solve fundamental problems, yet also transform with leading edge technology such as the mobile Wallet pass technology. As Barnet is a forward-thinking technology provider of leading-edge retail services, we are very proud and excited to have integrated our solution with Fobi and now go live to our entire existing customer base. As we believe the Mobile Wallet is the way of the future for the retail customer experience, we are now very excited to provide a new digital loyalty and rewards member card and the truly first-of-a-kind personalized experience for our liquor retail and hospitality customers, by way of the mobile wallet.”

WALLET PASS LOYALTY LAUNCH WELL TIMED WITH CONTINUED GLOBAL GROWTH OF MOBILE WALLET USE WITH APPLE AND GOOGLE PAY

The adoption of Apple and Google Pay mobile wallet pass utilization is also increasing rapidly thanks to behavior accelerated by the pandemic. According to a recent report by

Juniper Research

, the number of people using digital wallets is expected to reach 4.4 billion by 2025, rising from 2.6 billion in 2020, with QR codes accounting for 40% of all digital wallet transactions.  The desired goal of all the players in this industry is obviously one tap or scan payment and rewards for customers.

Rob Anson


, CEO of


Fobi

stated “As a leading digital transformation provider we are focused on leveraging our various technologies in efforts to provide interoperability and value for both the retailer and their shoppers. This strategic partnership with Barnet Technologies is a key step for us as with the successful integration of our mobile Wallet pass technology with the Barnet POS system, and now with the launch of Bevy Pass, we are continuing to strategically unveil the various pieces of our loyalty roadmap.

There is a big shift coming with the increased utilization of the Apple Pay & Google Pay mobile wallets, and we have begun to have exploratory conversations with several key payment processors and merchant hardware providers in efforts to enable and deliver a “one-tap” loyalty member rewards and payment solution for brick-and-mortar retailers and their customers. I believe our digital wallet pass loyalty and rewards offering is well-timed and very well positioned to support both retailers and shoppers in providing the next evolution in shopper loyalty.”

You can find more information about the Bevy Pass mobile wallet based loyalty program at

www.bevypass.com

.

This press release is available on the


Fobi




Website


and the


FOBI Verified Forum On AGORACOM


for shareholder discussion and management engagement.

About


Barnet Technologies

Barnet is an information technology company, which provides complete Management Systems, including hardware and software solutions based on the latest, cutting-edge technology, strong support, consulting, and customization abilities. The Company has over 25 years of history in Sales & Inventory Management Systems and Software Development.   Barnet focuses on Point Of Sale (POS), Management, Inventory Control, and Customer Loyalty Systems for regulated industries.

About


Fobi

Fobi 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:

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.