Fobi AI Announces Appointment of New Auditor

VANCOUVER, BC, May 07, 2024 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, announces the appointment of MNP LLP ("MNP") as Auditor of the Company effective May 6, 2024.

Rob Anson, CEO of Fobi AI, states: "I am pleased to announce our new partnership with MNP, a highly respected and professional audit group. This appointment marks a positive milestone for our organization as we collaborate with one of the industry's leading experts in financial audits. Joining forces with MNP demonstrates our commitment to ensuring a seamless and timely execution of our 2024 year-end financial reporting period. We look forward to the enhanced value and assurance this partnership brings to our stakeholders."

The Company advises that further to news release dated April 25, 2024 ("Wallet Release") regarding the Company's transaction with Wallet Communications SL ("WalletCom Transaction"), the Company has closed the WalletCom Transaction and issued 476,126 common shares in the capital of the Company ("Fobi Shares") to Wallet Communications SL as outlined in Wallet Release. The Fobi Shares are subject to a statutory hold period and will become free trading as of September 8, 2024.

The Company also advises, further to the Company's press release dated October 18, 2023, the Company continues to engage Paradox Public Relations ("Paradox") to provide capital markets advisory and investor relations services to the Company. Paradox does not hold any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest other than the incentive stock options as outlined in the October 18, 2023 press release, the terms and conditions of which remain unchanged. Paradox is an arm's length party to the Company.

This press release is available on the Fobi website.

To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi, please visit our Investor Experience page.

About Fobi AI
Founded in 2017 in Vancouver, Canada, Fobi is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to action, leverage, and monetize their customer data by powering personalized and data-driven customer experiences, and drives digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.

Fobi works with some of the largest global organizations across retail & CPG, insurance, sports & entertainment, casino gaming, and more. Fobi is a recognized technology and data intelligence leader across North America and Europe, and is the largest data aggregator in Canada's hospitality & tourism industry.

On behalf of the Board of Directors of the Company

Rob Anson
Chief Executive Officer and Director

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This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi's business and technology; the ability of Fobi to engage with industry participants to achieve its goals; the development of Fobi's technology; and the viability of Fobi's business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Fobi's control, including the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although Fobi 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 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, Fobi 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 Fobi should be considered highly speculative. There can be no assurance that Fobi 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) accept responsibility for the adequacy or accuracy of this release.