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Targeting the $36.5 Billion
Global Location Services Market together, the integration of FOBI's
data platform with the TELUS Insights product will significantly
enhance the ability of TELUS customers to make better data-driven
decisions.
VANCOUVER, BC, June 14, 2021 /CNW/ - FOBI AI Inc. (formerly Loop
Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF) (the "Company" or
"FOBI"), is pleased to announce that it has signed a
Proof of Concept (POC) with TELUS to integrate the FOBI Data
platform into the TELUS Insights Location Services Data solution
that TELUS provides to their business clients. The POC is scheduled
for 90 days and, upon successful completion, there are immediate
revenue opportunities for FOBI. These revenue opportunities could
include, but would not be limited to, Telus reselling FOBI's
products directly or licensing opportunities. The combined products
of Telus Insights and FOBI's real-time data analytics and reporting
could generate substantially increased new-line revenue for both
companies delivering great value for their respective
shareholders.
Redefining the TELUS Insights Customer Experience
As businesses evolve, data-driven decisions are becoming
crucial. FOBI's platform will enable TELUS to enhance its customer
delivery by now offering their valuable insights to their clients
in real-time. FOBI will work with TELUS during this POC to build a
custom, real-time BI Dashboard and Portal for TELUS Insights that
will deliver the analytics and reporting that their clients are
demanding. This new Portal will deliver real-time results and will
also enable the integration of 3rd party data sets (such
as weather or traffic) in real-time, which will further enhance the
value to TELUS clients.
The Products that FOBI will be integrating with TELUS Insights
during this POC are the following:
- Real-time reporting
- Enhanced visualization tools
- Ability to integrate other 3rd party data
- Automated triggers and alerts
- Segmented permission-based logins
- Predictive analytics helping their customers make better
data-driven decisions
Global Data & Location Services Monetization Market and
How TELUS Insights Works
Thanks to the increased ability to use data to generate new
revenue streams and contribute to the betterment of society, the
global data monetization market size is growing rapidly and is
expected to grow from $45 billion in
2016 to $371 billion in 2027,
according to Allied Market Research. The Location Services market
that TELUS Insights is part of was valued at $36.5 billion in 2020, and is projected to reach
$183.81 billion by 2027, growing at a
compound annual growth rate of 26.3% from 2020 to 2027, according
to Allied Market Research.
TELUS powers more than nine million devices on its network,
which covers 98 percent of the populated areas of the country. As
people move around, their cellular devices connect to different
wireless towers, which generates a huge amount of data. TELUS
Insights works with these massive sets of de-identified and
aggregated data drawn from those mobile phones. Using
industry-leading privacy standards, TELUS de-identifies this
network data and then aggregates it to further protect individual
privacy and safeguard personal information, ensuring no data can be
traced back to any individual user. Telus Insights is currently
used by many corporate and government clients such as TransLink
(the BC regional transit system), the Thompson Okanagan Tourism
Association, and the Cities of Surrey and Revelstoke. In April
2020, TELUS launched the award-winning Data for Good
program, making it possible for health authorities and qualified
academic researchers to use de-identified data from TELUS Insights
at no charge to measure progress and assess additional
opportunities to help stop the spread of COVID-19.
TELUS VP of Strategic Operations Andrew
Turner states: "FOBI's data analysis
and reporting capabilities were one of the reasons we started
working with them in the first place, and why we helped them sign
the deal with our client Big White Ski Resort. So, this POC is the
natural next step to integrate their solution with TELUS Insights
to provide that same value to our other clients. FOBI's real-time
insights and reporting are unmatched in the industry and we are
extremely pleased to soon be able to offer their real-time data
analytics and reporting solution as part of the TELUS Insights
solution to our clients."
FOBI CEO Rob Anson
states: "We are very honored to work with TELUS, and we
are very excited about this next step in our relationship, and
actually being able to integrate our industry leading data
analytics and reporting platform into the TELUS Insights solution
as part of this POC. Together FOBI and TELUS will deliver even more
value to the TELUS Insights clients by helping them make better
data-driven decisions in real-time."
TELUS and FOBI, a winning combination
Continuing a long and successful relationship, this latest POC
with TELUS to integrate FOBI's real-time data analysis and
reporting functionality into the TELUS Insights solution will
further strengthen the relationship. Having TELUS be able to resell
directly or license FOBI's solutions will further validate FOBI's
position as a leader in the real-time data analytics and reporting
industry and will also deliver immediate business impact for
FOBI.
Overnight Marketed Private Placement Lead by Echelon
Wealth Partners Inc.
FOBI is also pleased to announce that it has entered into an
agreement with Echelon Wealth Partners Inc. (the "Agent") to
complete a private placement financing of units (the
"Units"), on an overnight marketed basis for gross proceeds
of up to $7.0 million (the
"Offering") on a commercially reasonable "best efforts"
basis.
Each Unit will consist of one common share of the Company and
one-half of one common share purchase warrant (each whole warrant a
"Warrant"). The size of the Offering and the price of
the Units will be determined in the context of the market.
The number of units to be distributed under the Offering, the
price per Unit (the "Offering Price"), the exercise price of
the Warrants and other final terms will be determined by FOBI and
the Agent upon the pricing of the Offering.
The Company has also granted the Agent an option to purchase up
to an additional 15% of Units, exercisable at any time until 48
hours prior to Closing.
The proceeds from the Offering will be used for general and
corporate working capital purposes, as well as M&A
initiatives.
The Offering is scheduled to close on or about June 30, 2021 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary regulatory and other approvals including the approval of
the TSX Venture Exchange and the securities regulatory
authorities.
The securities to be offered pursuant to the Offering have not
been, and will not be, registered under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") or any U.S.
state securities laws, and may not be offered or sold in
the United States or to, or for
the account or benefit of, United
States persons absent registration or any applicable
exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This news release
shall not constitute an offer to sell or the solicitation of an
offer to buy securities in the United
States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
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.
Fobi Website: www.fobi.ai
Facebook: @ Fobiinc
Twitter: @ Fobi_inc
LinkedIn: @ Fobiinc
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, 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.
SOURCE FOBI AI Inc.