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FOBI AI Inc. Announces Closing of the Sale of German Subsidiary
Vancouver, BC, June 12, 2025 (GLOBE NEWSWIRE) — FOBI AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) ('Fobi' or the 'Company') announces that further to its news release dated May 28, 2025, it has closed the sale (the 'Transaction') of all of its shares in Fobi AI Germany GmbH (the 'Acquired Company'), its wholly owned German subsidiary, to an arm's length third party purchaser (the 'Purchaser') pursuant to the terms of share purchase agreement dated May 28, 2025 (the 'Agreement'). Pursuant to the Agreement, the Purchaser paid to FOBI an aggregate of EUR 1,540,000.00 consisting of a cash purchase price in the amount of EUR 1,400,000.00 (the 'Purchase Price') and an additional purchase price in the amount of EUR 140,000.00, which was paid by the Purchaser to the Acquired Company on behalf of FOBI after assumption by the Purchaser of FOBI's obligations to pay such amount per the License (as defined below). Pursuant to the Agreement, the Acquired Company granted FOBI a license (the 'License') to use the 'Passcreator Software' for the payment of an aggregate price of EUR 140,000. Such payment obligation was assumed by the Purchaser pursuant to the Agreement. The License is non-exclusive, worldwide, irrevocable and sublicensable. The term of the License is 48 months after closing of the Transaction, without the right to terminate during these 48 months. No finders fee was paid pursuant to the Agreement. The Company is currently subject to an ongoing failure-to-file cease trade order ordered by the British Columbia Securities Commission on November 1, 2024 (the 'FFCTO'). The FFCTO is applicable to the securities of the Company. The Transaction involves a sale of the securities of the Acquired Company, being a private German limited liability company not publicly listed on any stock exchange. 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: Fobi AI Inc. Fobi Website: Rob Anson, CEO Facebook: @ Fobiinc T : +1 877-754-5336 Ext. 3 Twitter: @ Fobi_inc E: [email protected] LinkedIn: @ Fobiinc Forward Looking Statements/Information: This news release contains certain statements which constitute forward-looking statements or information, including statements regarding the terms of the Transaction, the timing of the closing of the Transaction, and other statements characterized by words such as 'anticipates,' 'may,' 'can,' 'plans,' 'believes,' 'estimates,' 'expects,' 'projects,' 'targets,' 'intends,' 'likely,' 'will,' 'should,' 'to be', 'potential' and other similar words, or statements that certain events or conditions 'may', 'should' or 'will' occur . Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including, without limitation, market competition, the impact of general economic and industry conditions, competition, stock market volatility, BCSC and Exchange approval conditions, and the ability to access sufficient capital from internal and external sources. Although the Company 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. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes to volatile exchange rates, market conditions, market competition and other economic and market factors. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, and 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, the Company 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. 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From the early ironworks to 21st Century innovation, Merthyr Tydfil has always been a town in transition. While heavy industry has been and gone, Merthyr's manufacturing sector has ebbed and flowed with the changing priorities of global brands and the UK economy. There are some stalwarts of the business community who remain committed to the area, with the boss of Stephens and George printers speaking of his "pride" at employing local workers. And a decades-long renovation of the Prince Charles Hospital is now providing a route into work for young people. My town, where community spirit makes leaving hard 'Paul Weller was my Welsh hero - now we're friends' In the 19th Century, Dowlais in Merthyr had the largest ironworks in the world and helped fuel the industrial revolution. Big industries, employing thousands of people, shaped the economy. But as fortunes changed, so did the business landscape. They have been printing magazines in Dowlais for 60 years, at a company originally founded just over the hill in Aberdare a century ago. Andrew George is now at the helm, having joined the family business in the 1970s. He said: "You have to go back over a hundred years to 1912 when my father's mother's father was a Mr George. "He met a Mr Stephens in Aberdare and they created a company called Stephens and George." The company has weathered the economic storms that have swept through Merthyr and the printing industry over the past hundred years. "I have been coming to this valley for work since 1979, and the amount of change that I have seen is absolutely incredible," Mr George said. "The whole industrialised area of Merthyr is gone, there isn't any heavy industry left." While the area is no longer "an industrial heartland", Mr George said his company relied on a loyal and local workforce. He added: "We've got close to 190 people working here at the moment, and a large proportion of them come from within five miles of the factory." There is regular investment at the factory, where multi-million pound machines are bought from German specialist manufacturers every five or six years. The latest press, which is a year old, can print 21,000 sheets of magazine paper every hour at top speed. "Come here on Thursdays and it is manic," Mr George smiled. The company does a roaring trade in football and rugby programmes, which fly out of Merthyr to grounds across the UK every week. There is also investment in the workforce, though some people's expectations of the job have changed. "Since Covid," Mr George said, "people took a rain check, I think. "Trying to find the right type of youngster who wants to come and work in a factory, and do shifts, is difficult." The printing presses run all day and night, seven days a week, and he admitted: "We do find it difficult to recruit good people." Merthyr Tydfil's chimneys have been replaced with industrial estates, call centres and cutting edge military equipment. General Dynamics employs around 700 people on its armoured vehicle production line. And there is opportunity in the renovation of the town, with long-term work to modernise the Prince Charles Hospital providing construction work and opportunities for young people. Students from The College in Merthyr are getting a foot in the door with work experience on site. "In the industry we've got a huge skills shortage," said Kelly Edwards from construction firm Tilbury Douglas. "There are not enough young people taking construction as an option. Not many people are aware of the different opportunities within construction. "So it is highlighting to us, and developing, our future pipeline of workers." Carpentry student Kayla Williams, 18, said she "really enjoyed" visiting the site. "It was active. I could be hands-on. That's just what I love," she said. "I don't really like to sit down and do nothing!" Elliot Lewis-Campbell, also studying carpentry, said it was "so good to be able to watch other people who are more experienced" at the trade. "It's so informative to be able to learn from them," he added. Lewis Jones from The College in Merthyr Tydfil said the links with local construction projects were valuable. He said: "They are bringing contractors from the site down, they are doing CV talks about how to get into jobs, (sharing) interview techniques. "Learners are participating in these sessions, developing their skills and trying to get into work." Back at the printers in Dowlais, Mr George thinks his family firm can navigate any economic headwinds. "I am very proud to be able to do this. And I want to see the business continue well into the future," he said.
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Is your favorite taco truck slower than usual? ICE raids are sending street vendors into hiding
Francisco has been working as a taquero for over a year, but he's never felt as worried as he does now, in the shadow of a week of ongoing sweeps in Los Angeles by U.S. Immigration and Customs Enforcement. "We can't go out to work as much on the streets now," the 23-year-old said in Spanish. "We've heard from some colleagues who work in other positions, and they've even arrested a couple of them. We go to work afraid they might arrest us." To stay safe, Francisco — who provided only his first name out of fear for his safety because he is undocumented — said he has limited his movement, turning to Uber Delivery for necessities like groceries and medicine. But he continues to come to work. "If we don't go out to work, how do we cover our expenses?" he said. The risk of being arrested and deported versus the need for economic security is plaguing undocumented vendors throughout Los Angeles, said Elba Serrano, the associate vice president of East L.A. Community Corp. ELACC is a member of the Los Angeles Street Vending Campaign coalition and assists vendors with securing permits. Around 80% of their clients are undocumented, Serrano said. "Vendors don't want to be seen as 'illegal,' " she said. "They always have been wanting to be part of the economy, and our goal was for them to be seen as a legitimate small business." The problem now, Serrano explained, is that to secure permits, vendors must file an I-10 form, which categorizes filers by their citizenship status. "One of the things that we've always understood is that the IRS is only there to collect taxes — they're not checking for, you know, anybody's status," she said. "But now, this new administration is seeking to get a list of potential people who are undocumented, and the easiest way to find somebody who's undocumented is by looking through I-10s." Since the onset of ICE's raids last weekend, Serrano said several vendors have canceled their appointments with the agency. With the rampant ICE presence in the city, whether undocumented vendors seek to file taxes or go into work has become a "personal risk assessment." For many vendors, the risk is not worth it. At the Hollywood location of Leo's Tacos Truck, a popular taco truck chain, only five guys were working the late night rush. Typically, the night shift is staffed by 10 people. "We've been dealing with this problem of missing people for two weeks," said security guard Ricardo Rodriguez. Notably, however, the decision to leave the house affects not only vendors, but also their customers. On a typical night, Rodriguez said the truck receives around 950 customers. The line snakes throughout the parking lot. Now that number has dropped to 500 and features few Latino faces. "It's a little customer. A little employees," he said. "People feel a little intimidated by the protest." Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week. This story originally appeared in Los Angeles Times.
