Fobi AI (FOBI.V), an industry leader in harnessing AI and data intelligence to enable digital transformation, announced today that it has signed a five year $10 million licensing agreement with Canadian beverage manufacturing company BevWorks Brands Inc.
This licensing agreement will enable Fobi to deliver technology solutions to support BevWorks’ growth strategy through a data-driven means to consolidate the independent beverage manufacturers in alcohol markets and beyond.
Fobi will generate $10,000,000 in revenue for the five-year contract. This revenue will be recognized in accordance with IFRS policies over the 60 months of the contract.
BevWorks has over 50 years of collective experience in the craft alcohol industry. They specialize in in-house manufacturing across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, alcohol replacement, and more.
The license agreement will provide BevWorks with licenses to various Fobi technologies, including, but not limited to, Fobi’s real-time data processing and artificial intelligence applications, mobile wallet pass technology, patented IoT hardware, advanced analytics and forecasting technology, as well as the Fobi Data Exchange.
Fobi’s platform will provide BevWorks with enhanced visibility into real-time measurement, attribution, and market insights, enabling the manufacturer to make 100% data-driven decisions that optimize product selection and development, sales and marketing strategies, distribution models, strategic acquisitions, and more.
Andrew Harris, CEO of BevWorks, states: “We’re excited to partner with Fobi, a leading provider of AI and real-time data solutions, to streamline our operations and future-proof our business. BevWorks has extensive experience in the hospitality and liquor beverage industry, and we’re confident our partnership with Fobi will provide us with a competitive advantage. With their cutting-edge technology, we’ll optimize our processes and deliver greater value to our customers. By leveraging Fobi’s real-time data and AI solutions, we’ll develop products that exceed our customers’ expectations. Our partnership marks a significant milestone for our business, and we look forward to delivering innovation to the industry.”
Colby McKenzie, CRO of Fobi, states: “Agreements such as this one with BevWorks are one of the key reasons why I was so excited about joining Fobi as Chief Revenue Officer. I believe that this will be the first of many deals where Fobi exhibits conviction in a given industry vertical and leans into long-term, strategic initiatives with incredible domain experts.”
Rob Anson, CEO of Fobi, states: “The value and importance of big data and AI applications cannot be understated. This agreement today not only helps us solidify the value of our Fobi IP, but it also puts us in a strong position to continue driving the significant momentum our company has generated in the first quarter of 2023.”
At time of writing, the stock is up over 20% and sits at a market cap of just over $73 million.
Some very interesting things on the stock chart. Firstly, Fobi AI has successfully held and bounced at the support zone located around the $0.375 zone. Positive for bulls.
Secondly, a downtrend line has been broken. The stock was coiling and just needed a breakout above this trendline. Today’s news did it. We should watch for momentum to follow through.
The stock has seen some selling around the major $0.50 psychological zone. This is acting as current resistance. A daily close above $0.50 would be bullish for the stock, and set up a bigger breakout, with the stock eventually attempting to get over the $0.63 zone.