VANCOUVER, BC, Oct. 10, 2023 (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, is pleased to announce that the Company has expanded the scope of its partnership with Leikbreytir, in which Fobi will now be able to license Leikbreytir’s solutions to their customer base, including its Gift to Wallet platform. Leikbreytir is a software and digital services company that has decades of experience in digital development and IT, providing Icelandic organizations with future-forward solutions to improve their service, efficiency, and profitability. Gift to Wallet is a gift card and loyalty solution that is used by various businesses in Iceland, including retail and fast food chains, shopping centers (with over 150 stores), theatres, fuel and energy companies, as well as financial institutions.

EUROPEAN SUCCESS OF LEIKBREYTIR’S DIGITAL GIFT CARD SOLUTION DRIVES TRACTION FOR NEW, GLOBAL USE CASES

Having successfully collaborated with Leikbreytir over the past two years, Fobi’s latest agreement with the Icelandic tech company will further strengthen and scale the value of its wallet pass technology, bringing several new use cases to the Company’s domestic market in North America.

Since 2021, Leikbreytir has used Passcreator to power their Gift to Wallet platform, a gift card and loyalty SaaS product designed for shopping malls and retail operators. The first digital transformation project using this product was implemented for S4S, Iceland’s largest shoe retailer, which involved digitizing the retailer’s traditional plastic gift cards and paper-based credit notes. As a convenient and eco-friendly alternative to physical gift cards, S4S’ new digital wallet passes make it easier for customers to manage and redeem their gift cards on their mobile devices, leading to increased redemption rates, frequency of visits, and overall customer satisfaction.

More recently, Fobi worked with Leikbreytir to implement dynamic wallet passes across Orkan energy centers, enabling customers to download “Power Keys” to their mobile wallets and use the pass as an electronic means to pay for gas at the pump and redeem discounts on fuel. Once Orkan customers drive into a station, the wallet pass will automatically open in the mobile wallet, thanks to geolocation capabilities. As the first energy retailer to adopt this technology, Fobi, in collaboration with Leikbreytir’s Gift to Wallet solution, makes it possible for Orkan to issue its digital Power Keys electronically without requiring customers to wait to receive their cards or carry around physical copies, which is one of the most significant advancements in Orkan’s digital journey.

Yngvi Tómasson, CEO of Leikbreytir, states: “We are thrilled to have signed this new partnership agreement with Fobi AI as we see them as a leader in client experience innovation. The agreement with Fobi is perfectly suitable for scaling our Gift to Wallet solution and we are looking forward to addressing new markets together.”

Rob Anson, CEO of Fobi AI, states: “We are excited to expand our partnership with Leikbreytir, a leader in digital development and IT solutions. Together, we will bring the power of their innovative Gift to Wallet platform to businesses across North America and continental Europe. This collaboration will help us build upon our initial successes and the momentum we’ve generated, ultimately enhancing our ability to drive digital transformation, improve customer satisfaction, and unlock new opportunities for revenue growth. We are proud to be at the forefront of driving this global momentum.”

For more information about Leikbreytir, please visit https://leikbreytir.is/.

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 Leikbreytir
Leikbreytir, which is Icelandic for “game changer,” is a software and digital services company with decades of experience in digital development and IT solutions. We help companies provide their customers with excellent service experiences, leveraging our knowledge of technology to maximize efficiency in service and achieve their business-oriented goals related to increased sales and profitability.

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.

For more information, please contact:

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.