Fobi Welcomes Jason Tong to Senior Management Team as The Company’s New Chief Financial Officer

VANCOUVER, BC, May 23, 2023 (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, is pleased to announce the appointment of Jason Tong as the Company’s new Chief Financial Officer (CFO), effective May 25, 2023.

Mr. Tong possesses over a decade of executive leadership and corporate finance experience at growing public companies listed on the TSXV, TSX, and Nasdaq stock exchanges. Prior to joining Fobi AI, Tong served as the CFO of Pathway Capital Ltd., a venture capital firm with a portfolio of early-stage ventures with a market capitalization ranging from $5 million to $100 million. Tong is a Chartered Professional Accountant (CPA, CA) and Chartered Financial Analyst charter holder (CFA), who also previously worked as a senior auditor at Deloitte & Touche LLP where he provided assurance and tax services.

Rob Anson, CEO of Fobi, stated: “As the CEO of Fobi, there are many difficult decisions that I have had to face, and this transition was definitely one of them. I have a great deal of respect for Annie and I wish her nothing but the best.”

Mr. Tong replaces Ms. Annie Chan who has served as Fobi’s CFO since April 2022. The Company would like to extend its gratitude to Ms. Chan’s contributions and dedication, and wish her continued success in the future.

Rob Anson, CEO of Fobi, continued to state: “As I have been assessing the company's business growth and trajectory, along with our continued focus on M&A activity with our most recent addition of our CRO, Colby Mckenzie, I felt it was the right time to make this change. The company is now realizing exponential growth in the global markets and the time was right to bring in a larger group to help support our finance team and overall growth cycle.

As we continue to grow the business and move toward what looks like a more favourable market sentiment on the horizon, we will begin to reassess the timing for up-listing. Jason’s extensive experience with the big boards and his strong business acumen will be a very welcome addition to the Company and our finance team.”

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
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.

For more information, please contact:

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.