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Tech Co. To Provide Digital Ticketing to Vancouver Equestrian Park

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Artificial intelligence (AI) and digital wallet provider firm Fobi AI Inc. signs an agreement to provide digital credentials and a newly enhanced digital ticketing platform for the Thunderbird Show Park, an equestrian event facility close to Vancouver.

Artificial intelligence (AI) and digital wallet provider firm Fobi AI Inc. (FOBI:TSX) has signed a two-year agreement to provide digital credentials and a newly enhanced digital ticketing platform for the Thunderbird Show Park, an equestrian event facility close to Vancouver.

The agreement, for the 2024 and 2025 show seasons, calls on Fobi to provide credentials for tbird show attendees, exhibitors, VIPs, and sponsors, the company said.

"At tbird, we pride ourselves on providing exceptional customer service to our valued exhibitors, sponsors, and attendees, and are continuously looking for ways to up our game, particularly on the forefront of sport and tech," said Chris Pack, chief executive officer of the park. "By partnering with Fobi AI, we will now have the ability to streamline our onsite show experience for the ease of all our guests."

The park hosts globally recognized hunter, jumper, and dressage tournaments from April to September annually.

"tbird is known for its world-class facility and second-to-none level of service that consistently attracts an elite international talent pool," said Fobi AI Chief Executive Officer Rob Anson said.

"This agreement presents a great opportunity to showcase our industry-leading suite of digital products and services at a local venue just outside of Vancouver," Anson continued, "including our checkpoint access and verification technology developed for the Nasdaq Stock Exchange in New York, our secured digital ticketing platform initially developed for the Oscars Academy Awards, and our SmartScan validation technology deployed by thousands of operators worldwide."

Technical Analyst Clive Maund wrote this week that Fobi is "advancing on many fronts," and its stock is decidedly undervalued.

This Canadian tech firm sells software as a service (SaaS), reselling, referring, and licensing its technology to entities around the world in various industries. These include retail and consumer packaged goods, insurance, sports and entertainment, and casino gaming.

Some of its big-name customers and partners are NASDAQ, NCAA, Shopify, MGM Resorts International, and BevWorks.

"Fobi AI is a frontrunner in using AI to provide real-time data analytics to enhance the efficiency of business operations and drive profitability," The Motley Fool's Chris MacDonald wrote in a January article. "Little-known Fobi AI is one of the top AI stocks, although it's not getting very much attention right now."

The Catalyst: Integrating Tickets With Any Mobile Device

For park exhibitors, Fobi said its wallet pass technology would enable third to deliver personalized updates directly to attendees' mobile phone lock screens, including event show schedules, weather updates, security notifications, sponsor shout-outs, and notifications.

Attendees can personalize their wallet preferences and provide reviews to help the park identify areas for improvement and enhance the overall visitor experience.

Spectators can add their tickets to their Apple or Google wallets with just a tap, integrating with any mobile device through Fobi's SmartScan software. Then, the tickets are scanned upon arrival.

Recently, the company announced another new partner for the technology, an unnamed provider of ticket sales and advertising services in the U.S. Fobi will create up to 1 million digital tickets for sale via the partner's various online and retail channels, it announced in a news release.

The technology behind this service features seamless digital ticketing and exclusive pass bundles. Theme park operators benefit from a consolidated and streamlined ticketing process.

In Position To Grab 'Huge Slice of the Pie'

Fobi AI owns six global brands offering industry solutions via AI, data intelligence, and mobile wallet technology, according to Fobi's investor presentation. Passcreator is a SaaS solution for mobile marketing compatible with wallet apps; Passworks is for real-time engagement with consumers using mobile content based on their location; and PassWallet is a digital wallet app for Android.

Technical Analyst Clive Maund wrote this week that Fobi is "advancing on many fronts," and its stock is decidedly undervalued.

"So, let's get this clear. Fobi AI Inc. has positioned itself as the third-largest creator of digital wallets after Apple and Google in what promises to be a massive growth sector," wrote Maund, who noted he was staying long and recommended the stock as a Strong Buy in all timeframes. "The company recently successfully closed a fully subscribed upsized non-brokered private placement for aggregate gross proceeds approaching CA$2.5 million, so there is little risk of any funding activity soon."

Worldwide, Fobi has issued more than 100,000,000 wallet passes, the company said, and its mobile-first solutions are used in at least 150 countries.

The global AI market is experiencing a growth spurt that is expected to continue through 2030 at the least, according to Grand View Research. By the end of this decade, the market will reach US$1.81 trillion in value, up from US$196.63 billion (US$196.63B) in 2023. 

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Fobi AI Inc. (FOBI:TSX)

*Share Structure as of 4/15/2024

This reflects a compound annual growth rate during this period of 38.1%. In 2022 alone, the value of the market increased by US$60B.

"The essential fact accelerating the rate of innovation in AI is accessibility to historical data sets," noted the report.

As for the global mobile wallet sector, Precedence Research forecasts it will expand at a 27.2% CAGR by 2033, in large part due to the increasing adoption of contactless payments. Estimates put the sector value at US$88.36B by then, having risen from US$8B last year.

Ownership and Share Structure

According to the company, about 20% is held by insiders, including the CEO Anson, who has 4.35% personally and 15.45% through Fobisuite Technologies Inc. The rest is with retail.

Fobi's market cap is CA$15.42 million, and its 52-week trading range is CA$0.07−0.45 per share.

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Important Disclosures:

  1. Fobi AI Inc. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fobi AI Inc.
  3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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