VANCOUVER, BC, May 31, 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 it has entered into shares-for-debt arrangements with several arm’s length service providers, pursuant to which the Company has settled CAD $328,615.29 in outstanding debt and severance in exchange for the issuance of 912,820 common shares of the Company (“Shares”) at a price of $0.36/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.
This press release is available on the Fobi website.
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About Fobi
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:
Fobi AI Inc. | Fobi Website: www.fobi.ai | |
Rob Anson, CEO | Facebook: @ Fobiinc | |
T : +1 877-754-5336 Ext. 3 | Twitter: @ Fobi_inc | |
E: ir@fobi.ai | LinkedIn: @ Fobiinc |
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
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.