Fobi AI Announces Amendment to Asset Purchase Agreement with Wallet Communications SL

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VANCOUVER, British Columbia, April 25, 2024 (GLOBE NEWSWIRE) — Phoebe AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), an industry leader in leveraging AI and data intelligence to enable digital transformation, is pleased to announce that the Company has entered into an amendment agreement subsequent to its press release dated October 18, 2023 (the “Amendment Agreement”) to the Asset Purchase Agreement dated October 3, 2023 (the “APA”) between the Company and Wallet Communications SL (“WalletCom”).

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Pursuant to the Amendment Agreement, the Company and WalletCom have clarified, among other things, that the upfront payment payable to WalletCom pursuant to the APA shall consist of an aggregate of 476,126 common shares of the Company’s capital (“Fobi Shares”) at a deemed price per Fobi Share of C$0.088 $ for a total upfront payment of CAD$41,899.14, and the maximum number of Fobi Shares payable pursuant to the Earn-Out is 1,559,844 Fobi Shares. Additionally, Fobi is expected to assume approximately $475 of WalletCom’s liabilities upon completion of the APA.

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The Company and WalletCom continue to work diligently to complete the transactions contemplated by the APA and expect that closing will occur on or about April 30, 2024, or such other date as the Company and WalletCom may determine. Completion of the APA’s proposed transactions is subject to customary approvals, including the approval of the TSX Venture Exchange (the “TSXV”). All Fobi Shares issued pursuant to the APA will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

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Fobi also announces, subsequent to the Company’s April 19, 2023 press release regarding the Passworks Acquisition (“Passworks Release”), that the Company has issued 770,421 shares of the Company’s common stock at a deemed price of $0.076 per common share to registered holders from Sortido Cinzento, Unipessoal, LDA, pursuant to the Purchase Agreement, for the payment of the First Anniversary Shares (as defined in the Passworks Notice). The anniversary shares are subject to a statutory holding period and will be released for free trading four months and one day after the issue date.

This press release can be found at Fobi website.

To download the Fobi Investor Experience Wallet Pass and gain expanded access to investor information through Fobi, please visit our Investor Experience Page..

About WalletCom
WalletCom is a European mobile wallet agency providing leading communications and marketing technology to over 200 global clients, including Lacoste, Hyundai and McDonald’s. With offices in Spain, France, Portugal, Chile, Peru and Mexico, WalletCom specializes in communications and marketing technology and has extensive experience in mobile and digital marketing, loyalty programs, media, and customer relationship and data management. For more information, please visit https://wallet-com.com/.

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

Fobi works with some of the largest global organizations in retail and consumer products, insurance, sports and entertainment, casino gaming and more. Fobi is a recognized technology and data intelligence leader in North America and Europe and the largest data aggregator in the Canadian hospitality and tourism industry.

On behalf of the board of directors of the company

Rob Anson
Chairman and Director

For more information, please contact:

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This press release contains certain statements that constitute forward-looking statements or information, including statements regarding Fobi’s business and technology; Fobi’s ability to collaborate with industry participants to achieve its objectives; 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 internally and external sources. Although Fobi believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions about future events that may prove to be incorrect. These factors and assumptions are based on currently available information. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may affect actual results or events and could cause actual results or events to differ materially from those expressed, expected or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements as no assurance can be given as to future results, levels of activity or achievements. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Fobi undertakes no obligation to publicly update or revise any forward-looking statements included. whether due to new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in Fobi securities should be viewed as highly speculative. There can be no guarantee 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) accepts responsibility for the adequacy or accuracy of this release.

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