Vancouver, B.C., July 07, 2022 (GLOBE NEWSWIRE) —

FOBI AI Inc.

(TSXV: FOBI, OTCQB: FOBIF) (the ”

Company

” or ”

FOBI

“), a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that it has signed an annual license with Minubia, one of the leading digital proof of insurance providers to insurance companies in the Caribbean, to expand their integrated digital proof of insurance and claim management solution from the current implementation in Curacao, to the entire Caribbean region and parts of Latin America.  This announcement follows on the heels of the recent Passcreator by Fobi

successes in the Insurance industry

, with several high profile wins over the past 2 quarters. Passcreator by Fobi now powers four of the top ten insurance companies in the world for digital proof of insurance. Fobi earns revenue from this deal with Minubia through an annual license fee and per pass fees.

MINUBIA IS A LEADING PROVIDER OF DIGITAL PROOF OF INSURANCE SOLUTIONS IN THE CARIBBEAN

Minubia is one of the leading providers of digital proof of insurance solutions in the Caribbean, and has achieved this by creating a “closed loop” system that integrates claims processing from the time of the accident, through to the police reports, and then ultimately to the judicial system if the claim goes to court.  This expedited claim adjudication process reduces the need to input the same information into multiple systems multiple times, improving the user experience, and driving efficiencies and cost reductions for the governmental bodies through providing interoperability across systems. Minubia has layered this integration on top of the Passcreator by Fobi platform to deliver a new and more innovative solution to the marketplace, which has been received very positively. This solution also greatly reduces the amount of paper generated through the entire claims and adjudication process, which provides a significant benefit to the environment and reduces the carbon footprint of the insurance companies and the government.

Minubia


CEO Renato Ignacio

stated,


“Proof of insurance is the most important document when it comes to insurance claims. We have developed a standard that enables insurance companies to switch to digital proof of insurance in a matter of days. We use Passcreator to create and issue passes, as this platform provides us with the right tools, and which enables us to deliver a future-proofed digital solution by way of providing a seamless user experience and an automated claims adjudication and management process.”

Fobi


CEO Rob Anson

stated, “Minubia is exactly the kind of partner we want to do business with.  Not only do they have a great customer base in the Caribbean, they have layered on innovation to our digital proof of insurance solution by connecting into the Police & the Judicial systems back end to automate and seamlessly connect the entire insurance claim ecosystem.  This also has implications for connecting into Healthcare as well.  And now expanding our partnership out across the Caribbean and into Latin America will drive even more revenue for Fobi and Minubia.”

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


MINUBIA

Minubia is a B2B marketplace for Mobile and Cloud apps, founded in February 2013. The name “Minubia” means “my cloud” in the local language called Papiamentu. We achieve this by constantly listening to our customers and releasing new products and upgrades that our customers value greatly. The strength of Minubia lies in the high understanding of the problems of our customers and the quality of the solutions. Our multidisciplinary teams, consisting of field & software experts, work closely with our customers to develop high-quality solutions.

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.


Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following:


the approval of the TSXV for the Transaction, including the approval of the TSXV for the payment of the Consideration Shares, and the closing of the Transaction. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.


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.