Fobi's CheckPoint Solution Wins Award For Best Ticketing Technology at the 2022 Event Technology Awards in U.K. Additionally Fobi Receives $440,160 in Proceeds From Warrant Exercises.
VANCOUVER, B.C., Nov. 18, 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, is pleased to announce that their digital ticketing solution CheckPoint has won the award for best Ticketing Technology at the 2022 Event Technology Awards. The Event Technology Awards, which are now running for their tenth year, recognise the achievements of companies delivering digital and technological solutions to the events industry. They are very coveted and well-renowned awards that have been won by some of the largest event tech companies globally, so winning one is a significant achievement for Fobi.
THIS EVENT TECHNOLOGY AWARD RECOGNIZES THE COMPLETENESS OF CHECKPOINT, FOBI’S WALLET PASS BASED TICKETING SOLUTION
Fobi’s CheckPoint digital ticketing solution is part of a complete event and venue management platform that delivers a superior customer experience for attendees and a superior management platform for event and venue managers. Having been selected by organizations such as the Oscars for digital ticketing at the 94th Academy Awards event, and by the Nasdaq for their visitor management and ticketing solution, Fobi has some very high-profile customers who also recognize the completeness of Fobi’s solutions. In particular, the built-in ID verification functionality that CheckPoint delivers through AltID has been mentioned by many of Fobi’s customers as a key function that other digital ticketing and venue management solutions lack. Fobi believes that ID verification will grow significantly in importance moving forward, and will become a must-have for any digital ticketing solution.
“With our recent appointment to the TSX Venture S&P 500 composite index, this award is another great recognition and honour. Third-party validation is always key, and this is yet another important validation as to the value of our innovative solutions,” said Rob Anson, Fobi CEO.
The Company advises that further to a non-brokered private placement that closed in November 2019 (“2019 Placement”), all of the 4,083,797 outstanding warrants to purchase common shares in the Company issued in conjunction with the 2019 Placement (the “Warrants”) were exercised in advance of their expiry date. Each Warrant entitled the holder thereof to acquire one common share of the Company (“Share”) at a price of $0.35/Share for a period of thirty-six months from the issuance date. Most recently, between September 2022 and the expiry date, the final remaining 1,257,600 Warrants were exercised for total proceeds to the Company of $440,160.
“A 100 percent conversion rate of the Warrants not only bolsters our cash position, but in these challenging markets, this further provides a solid vote of confidence from our long-term investors”, stated Rob Anson, Chief Executive Officer and Director of Fobi.
The Company also announces it has entered into shares-for-debt arrangements with several arm’s length service providers, pursuant to which the Company has settled CAD $247,220 in outstanding debt in exchange for the issuance of 555,551 common shares of th Company (“Shares”) at a price of $0.445/Share (the “Debt Settlement”). The Debt Settlement is subject to approval by the TSX Venture Exchange. There are no finder’s fees or commissions payable in connection with the Debt Settlement. [The Company is settling the indebtedness through the issuance of Shares to preserve cash and improve the Company's balance sheet.]
To find out more about Fobi’s CheckPoint digital ticketing solution click here.
To read the Oscars digital ticketing success story click here.
To download the Fobi Investor Experience Wallet Pass to get enhanced access to investor information about Fobi please visit the download page.
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.
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