Fobi announces that it has been granted a management cease trade order from its principal regulator, the British Columbia Securities Commission.

Fobi AI Inc. (TSX:FOBI)

VANCOUVER, BRITISH COLUMBIA, CANADA, October 31, 2023 /EINPresswire.com/ — Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), an industry leader in harnessing AI and data intelligence to enable digital transformation, announces that its principal regulator, the British Columbia Securities Commission, has granted a management cease trade order (the “MCTO”). As previously announced on October 27, 2023 (the “Announcement”), the Company applied for the MCTO due to a delay in the filing of the Company’s annual financial statements and accompanying management’s discussion and analysis for the fiscal year ended June 30, 2023 (the “Annual Filings”), which were due on October 30, 2023.

During the MCTO, investors will continue to be able to trade in common shares in the capital of the Company listed on the TSX Venture Exchange. However, the MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

The Company and its auditors continue to work diligently toward completing the Annual Filings as soon as possible. The Company expects that it will be in a position to file the Annual Filings on or before November 30, 2023.

Until the Annual Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) there has not been any other specified default by the Company under NP 12-203; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

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 Fobi AI

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.

On behalf of the Board of Directors of the Company

Rob Anson

Chief Executive Officer and Director

For more information, please visit https://www.fobi.ai/.

Forward-looking statements:

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.

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.

Rob Anson
Fobi AI
+1 877-754-5336 ext. 3
[email protected]
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