Fobi AI Responds To CTO (Cease Trade Order) Commitment To Financial Transparency and Audit Completion

VANCOUVER, BC, Nov. 01, 2024 (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, acknowledges the recent issuance of a Cease Trade Order by regulatory authorities due to the non-filing of the annual 2024 financial documents.

"We want to assure our shareholders, stakeholders, and the public that the Company is fully committed to resolving this situation and completing the financial audit as quickly as possible.

Rob Anson, CEO of Fobi AI, states: “The delay in completing our 2024 annual filing is certainly disappointing. Unlike last year, we chose not to proactively file for an MCTO because we were confident in meeting our filing deadline. I want to assure you that our team and auditors are fully committed to finalizing this year’s audit as efficiently as possible. I look forward to sharing our results during the upcoming shareholder earnings call.

We understand that these developments may raise concerns among our shareholders. The Company’s management is dedicated to maintaining open lines of communication and will provide timely updates as we make progress. We appreciate the support and understanding of our shareholders during this time."

This press release is available on the Fobi website.

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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.

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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) accepts responsibility for the adequacy or accuracy of this release.