Fobi Signs $240,000 Data Consulting Agreement With Kiaro Holdings, A National Cannabis Retailer With 16 Locations And Forecasted Annual Revenue Of $42.7 Million, To Assist With Development Of Data Warehouse

VANCOUVER, British Columbia, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. Inc. (FOBI:TSXV FOBIF:OTCQB) (the “Company” or “Fobi”), a global leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, is pleased to announce the Company has entered into a data consulting agreement with Kiaro Holdings Corp. (KO:TSXV) ("Kiaro") to consult on the development of Kiaro’s data warehouse and real-time data analytics strategy. 

Kiaro is one of Canada’s largest retailers of cannabis, with 16 locations and forecasted annual revenue of $42.7 million from these locations, with further growth anticipated. Fobi will assist Kiaro in the development of a big data and operational intelligence platform by introducing the use of artificial intelligence applications and data mining techniques. Moreover, Fobi will architect and deploy its established AI & Big Data Operational Applications.

As a result of this Agreement, Kiaro will optimize and monetize its vast amounts of sales data by generating insights, analytics, and advanced audience segmentation capabilities, providing them with a market-leading competitive advantage in the fast-growing cannabis retail market, translating into maximum operational efficiency and profitability for Kiaro.

Kiaro CEO Daniel Petrov stated: “This partnership with Fobi will allow Kiaro to greatly improve its overall operational efficiencies and enable the company to benefit from enhanced data aggregation and segmentation capabilities, as Kiaro continues to execute on our scale and growth plans. With the sensitivity and importance of the large amounts of client data that can now be collected and optimized through Fobi’s AI-driven insights solution, I look forward to working with the Fobi team and advancing our internal data strategy and roadmap. As a result of this agreement, we are now well-positioned to monetize our existing data streams across the industry.”

KIARO DATA AGREEMENT SIGNIFIES INFLECTION POINT IN THE TRANSFORMATION OF THE $20.5B CANNABIS INDUSTRY WHICH IS PROJECTED TO GROW TO $90.4B BY 2026
The Cannabis Industry is ripe for disruption following a decade of siloed operational data management systems. This partnership with Kiaro will allow Fobi to demonstrate the financial value of its data analytics capabilities to the entire industry, leading to significant future opportunities within the massive and growing cannabis vertical.

Fobi CEO Rob Anson stated: “I see the cannabis industry as a very lucrative opportunity for Fobi. This agreement with Kiaro will allow Fobi to demonstrate the power of our real-time data applications and analytics to provide a disjointed and fragmented market with the technologies and strategies necessary to improve existing siloed data systems. The power of Fobi’s real-time artificial intelligence and data capabilities will be key to driving profitability and supporting the growth and scale plans of Kiaro.” 

AGREEMENT REPRESENTS THE SECOND SIGNIFICANT AI DATA CONSULTING DEAL IN A MATTER OF ONE WEEK.

On September 24th, Fobi announced a $250,000 Data Consulting Agreement with Azincourt Energy Corp. to help transform legacy, antiquated but commonly used practices in the mining and exploration sector, with the goal of helping Azincourt achieve more impactful drill holes in less time and with less cost.

With today’s Kiaro deal, Fobi’s data-centric business model is now entering the full commercialization phase with significant revenues from verticals that provide significant growth potential.

Moreover, the industry diversity of its first two data consulting clients - from energy exploration to cannabis retailing - unequivocally demonstrates that Fobi AI Data Intelligence knows no bounds.

To this end, the Company is in multiple advanced stage discussions with potential clients and expects further such agreements in 2021 and beyond.

This Press Release Is Available on the Fobi Website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement.

About Kiaro

Based in Vancouver, B.C., Kiaro is an independent, omnichannel cannabis retailer and distributor. Through existing storefronts across British Columbia, Saskatchewan and Ontario, and with the completion of the recent acquisition of Hemisphere Cannabis from Aegis Brands, Kiaro has 16 stores in operation and another two expected in early 2022. This is in addition to its wholesale distribution division servicing Saskatchewan, and e-commerce sites in Canada, the U.S. and Australia. Kiaro is driven to introduce new and experienced consumers to a lifelong exploration of cannabis. With more than 70 years of collective retail and wholesale focused experience, Kiaro's leadership team has a proven record of executing on acquisitions and financings, and moreover growing brands across North America. The company plans to continue its growth trajectory through its consumer-centric retail, e-commerce and wholesale distribution segments over the coming years.

 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.

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