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Fobi AI Announces Amendment to Asset Purchase Agreement with Wallet Communications SL
Monday, April 29, 2024Company Profile | Follow Company
Vancouver, BC, April 29, 2024--(T-Net)--Fobi AI Inc. (FOBI:TSXV), a leader in harnessing AI and data intelligence to enable digital transformation, announced that it has entered into an amending agreement to the asset purchase agreement dated October 3, 2023 (the "APA") between the Company and Wallet Communications SL.
The Company and WalletCom have clarified that the upfront consideration payable to WalletCom pursuant to the APA shall comprise of an aggregate of 476,126 common shares in the capital of the Company at a deemed price per Fobi Share of CAD$0.088 for aggregate upfront consideration of C$41,899.14, and the maximum number of Fobi Shares payable pursuant to the earn-out shall be 1,559,844 Fobi Shares.
The Company and WalletCom say they continue to work diligently towards completion of the transactions contemplated under the APA and expect closing to occur on or about April 30, 2024, or such other date as may be determined by the Company and WalletCom.
Completion of the transactions contemplated by the APA is subject to customary approvals including the approval of the TSX Venture Exchange (the "TSXV"). All Fobi Shares issued pursuant to the APA shall be subject to a hold period of four months and one day from the date of issuance thereof in accordance with applicable securities laws.
Fobi also announced, further to the Company's April 19, 2023, press release of the Passworks Acquisition, the Company has issued 770,421 common shares in the capital of the Company at a deemed price of $0.076 per Common Share to the registered holder of Sortido Cinzento, Unipessoal, LDA, as per the purchase agreement, for payment of the First Anniversary Shares. The First Anniversary Shares are subject to a statutory hold period and will become free trading as of four months and one day from the date of issuance.
About WalletCom
WalletCom is a European mobile wallet agency that provides leading communications and marketing technology to over 200 global customers, including Lacoste, Hyundai, and McDonald's. With operations in Spain, France, Portugal, Chile, Peru, and Mexico, WalletCom specializes in communication and marketing technology and possesses extensive experience in mobile and digital marketing, loyalty programs, media, and customer relationship and data management.
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.
This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic and capital markets conditions, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company 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. [ MORE ] |
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