FOBI Fobi AI Inc

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 the Company’s increased momentum in its smart transportation and cities solutions, having provided the technologies for the Vélez-Málaga City Council to encourage public transport and sustainable mobility. In collaboration with Spanish digital wallet agency, Wallet-Com, Fobi will earn revenue from the deal with Vélez-Málaga through a one-time set-up fee as well as fees per active pass.

Vélez-Málaga is a municipality located in the province of Málaga, Spain, recognized for its captivating historical heritage, picturesque old town, and commitment to various sustainability initiatives that reduce pollution like low-emission zones.

WALLET PASS ENABLES 510,000 FREE BUS TRIPS FOR RESIDENTS AS KEY INITIATIVE IN CITY’S MISSION FOR SUSTAINABLE MOBILITY

Through Passcreator’s wallet pass technology, the Vélez-Málaga Council has been able to offer over 17,000 free bus passes that will provide a total of 510,000 free trips up until September 30, 2023 (each pass is loaded with 30 trips each). The passes are specifically available for four different groups—young people aged 16 to 30, pensioners, families, and drivers living in low-emission zones—which require citizens to show and validate their digital passes when accessing the bus. Each bus pass indicates the number of trips available, which automatically updates with each trip made. While the bus pass is valid until the end of September, the pass itself will not expire. On that date, each pass will dynamically update into a personal wallet pass in which the City Council can continue offering new valuable benefits to its residents, including digital identification cards, retail gift cards, and entry tickets to museums and exhibitions.

The city’s digital initiative aims to promote sustainable mobility and align with the Urban Agenda 2030's goals for towns committed to reducing pollution and carbon dioxide emissions. Within the first couple of months of the project’s launch, Vélez-Málaga Council created over 10,428 digital bus passes, which is over 60% of its target of 17,000 passes.

FOBI TAPS INTO SPANISH-SPEAKING MARKETS AND CONTINUES DRIVING SMART CITY TRANSFORMATION THROUGH WALLET-COM PARTNERSHIP

With significant wallet pass success in Europe, Passcreator is now tapping into Spanish-speaking markets through its partnership with mobile wallet agency, Wallet-Com. Wallet-Com provides leading communications and marketing technology to over 200 customers around the world, including countries such as Spain, Chile, Peru, and Mexico.

Through this agency relationship, Fobi continues to notably scale its wallet pass technology through strategic partnerships, gaining access to Wallet-Com’s extensive customer base and further strengthening the Company’s position in global markets. The city of Vélez-Málaga is one of the first customers Wallet-Com has landed an agreement with for Fobi, which has provided a significant opportunity for the Company to continue gaining traction in its goals for assisting in the transformation of smart transportation and cities.

José Javier Diaz, CEO of Wallet-Com, states: “More and more customers are using their smartphone wallets to carry the cards and tickets they need on an everyday basis, including for travel and transportation. Our work with the City Council and Fobi shows just how powerful wallet pass technology can be for integrating daily activities across entire communities, especially in towns like Vélez-Málaga who are also committed to reducing their carbon footprint and are already establishing several initiatives to improve sustainable mobility.”

Rob Anson, CEO of Fobi, states: “Our digital transformation project with the Vélez-Málaga Council is just another key example of the immense value that our technology solutions can bring to global markets, especially on the digital sustainability forefront. The creation of smart cities is rapidly evolving, and Passcreator’s strategic partnership with Wallet-Com is helping us reinforce and further solidify Fobi’s abilities to drive the transformation of smart transportation and cities worldwide.”

For more information about Wallet-Com, please visit https://wallet-com.com/.

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 Vélez-MálagaVélez-Málaga is a municipality and the capital of the Axarquía comarca in the province of Málaga, Spain. The bustling market town is recognized for its captivating historical heritage, picturesque old town, and its commitment to sustainable mobility and reducing pollution through initiatives like free bus passes and low-emission zones.

About FobiFounded 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 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.

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