Fobi Announces the Closing of its Acquisition of PassWallet Assets from Quicket GmbH, and an Increase of 1.28m Downloads Since First Reported on Oct. 7, 2021
Fobi AI Inc. (the “Company” or “Fobi”) is pleased to announce that further to its press release dated October 7, 2021, the Company has completed its acquisition of the PassWallet application and related assets (the “Acquired Assets“) from Quicket GmbH (the “Vendor“).
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SIGNIFICANT INCREASE IN PASSWALLET DOWNLOADS SINCE LAST REPORT
Since the last report on October 7th, there has been a significant increase in downloads of the PassWallet app from 6 million to 7.28m downloads, an increase of over 1 million downloads. The countries that saw the biggest increases in downloads were in Europe, with Spain, Germany, UK, Romania and Bulgaria all seeing large increases.
Fobi CEO Rob Anson stated: “The landscape is shifting to contactless, cashless and mobile first operations and as a result we are witnessing accelerated growth in the mobile wallet pass sector due to the digital transformation that is ongoing. The mobile wallet provides a convenient, secure way to streamline operations and deliver enhanced levels of personalized engagement directly to users, and even to their mobile phone’s lock screen. As a result, the dynamic functionality of the wallet is transforming our daily lives, and we are very optimistic as to continued growth in both downloads and monthly users.”
Due to the increased demand for contactless and cashless transactions, the mobile wallet market is expanding rapidly. A recent Imarc report forecasts the Mobile Wallet market will grow at a compound annual growth rate (CAGR) of 20% from 2021-2026.
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TERMS OF THE TRANSACTION
In consideration for the Acquired Assets, Fobi paid an aggregate of €888,000 to the Vendor consisting of: (i) €355,200 paid in cash; (ii) 301,480 common shares of Fobi (each a “Fobi Share”) at a deemed price per Fobi Share of C$2.63660 (€532,800 converted into Canadian funds using the Bank of Canada monthly exchange rate for the calendar month of October 2021 by the 10 trading day volume weighted average price of the Fobi Shares on the TSX Venture Exchange (the “TSXV”) for the period ended 10 TSXV trading days prior to the date of closing of the Transaction). Fobi Shares issued in connection with the Transaction are subject to a restricted period of four months and one day from the date of issuance.