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FOBI Completes Final Stage of Passcreator Acquisition With Full Integration and Anticipates Record Growth in Revenue for Passcreator for Q3 & Q4

Vancouver, BC, August 26, 2021--(T-Net)--Fobi AI Inc. (formerly Loop Insights Inc.) (TSXV: FOBI) (OTCQB: FOBIF), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, announced that Fobi has now completed the final phase in the acquisition of Passcreator.

Fobi also announced the release of its new Smart Scan App which will be used by Passcreator and Fobi customers to validate Wallet passes in addition to the utilization of Fobi's proprietary Smart Tap devices (which use NFC) to validate the Wallet passes at events, venues and other locations.

Passcreator is used by some of the largest companies in the world and has customers in 42 countries around the world, including 3 of the 10 largest global car companies such as BMW and 3 of the largest insurance companies in the world. Passcreator has over 6,000 active campaigns and issued over 14 million Wallet passes in 2020.

With numbers like these in Europe accounting for 80% of Passcreator's global sales, Fobi says it is now ready to take on the North American Wallet pass market, with some significant business opportunities already having come through the Passcreator and Fobi websites. Fobi's direct and indirect sales channels are now being briefed and Fobi expects significant North American sales success.

According to a recent report by Graphicalresearch.com, the European mobile wallet market was reported to be worth $17 billion in 2019, but will grow to a whopping $60 billion by the end of 2026 for a CAGR of 16%. The mobile wallet market size in North America is reported to grow from $23 billion in 2019 to exceed a staggering $80 billion by 2026. The Asia Pacific mobile wallet market size will grow from $60 billion to more than $200 billion by 2026. As Fobi looks to grow its business, these numbers will help drive the strategy for regional expansion.

With an increasing pipeline Passcreator said in a release that it anticipates further growth in regards to contracts and expected revenues in Q3 and Q4 as Passcreator has now expanded.

There are additional large deals with these customers, as well as with 3 of the largest insurance companies in the world that the company says are being negotiated for Q3 & Q4.

The company reported that its acquisition of Passcreator appears to be paying off with significant recurring revenue, as well as the commencement of negotiations with several of its largest Wallet pass customers and prospects to implement a fully integrated solution including Fobi's proprietary IoT device.

Fobi CEO Rob Anson stated: "As a result of the final completion of the Passcreator acquisition and integration and with today's launch of our new smart scan app, Fobi is now positioned as one of the leading edge global mobile wallet companies. We look forward to delivering a fully integrated product offering to new as well as existing clientele of both Passcreator and Fobi."

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.