Fobi AI announces the postponement of the General Assembly and the resignation of the auditors from Investing.com

VANCOUVER, British Columbia, April 3, 2024 (GLOBE NEWSWIRE) — Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the “Company” or “Fobi”), an industry leader in leveraging artificial intelligence and data to enable digital transformation, announces the postponement of its annual general and special meeting scheduled for Thursday, April 4, 2024 at 10:00 a.m. PST (“General Assembly”).

The postponement is due to the resignation of its audit firm, BDO Canada LLP (“BDO“), The resignation with effect from 21 March 2024 was received after the Company had sent the AGM materials (materials), in accordance with applicable regulatory and corporate timeframes, to shareholders on February 29, 2024. The materials included a recommendation appointing BDO as the Company’s auditor for the coming year. The Company must now postpone the Meeting to send updated material to shareholders. The Company will endeavor to arrange the postponed AGM at the first available new date and expects to announce the new date as soon as possible.

Rob Anson, CEO of Fobi AI, says: The timing of our Auditor’s resignation is very disappointing as it forces an unfortunate delay in hosting our scheduled AGM. We have identified a new accounting firm that we are excited to partner with and are working diligently to finalize their engagement.

This press release is available on the Fobi website.

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About Fobi AIFounded in 2017 in Vancouver, Canada, Fobi is a leading AI and data company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to act on, leverage and monetize their customer data by powering data-driven, personalized customer experiences, and promotes digital sustainability by eliminating the need for paper and reducing unnecessary plastic waste at scale.

Fobi works with some of the largest global organizations in retail and FMCG, insurance, sports and entertainment, casino gaming and more. Fobi is a recognized leader in data technology and intelligence in North America and Europe and is the largest data aggregator in the Canadian hospitality and tourism industry.

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Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking information or statements within the meaning of applicable securities laws, which may include, without limitation, statements regarding the terms and completion of the Offering, the use of proceeds of the Offering, the receipt of approval of TSXV with respect to the Offering, the technical, financial and business prospects of the Company, its assets and other matters. All statements in this press release, other than statements of historical fact, that address events or developments that the Company expects to occur are forward-looking information or statements. Although the Company believes that the expectations expressed in such forward-looking information or statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those contained in the forward-looking information or statements. Such statements and information are based on numerous assumptions regarding current and future business strategies and the environment in which the Company will operate in the future, including the pricing of inputs such as the cost of labor, the ability to achieve its objectives, expected costs and the timing of achieving the Company’s objectives, that general economic and business conditions will not change in a material adverse manner and that financing will be available as and when needed and on reasonable terms. Such forward-looking information or statements reflect the Company’s views with respect to future events and are subject to risks, uncertainties and assumptions, including risks and uncertainties relating to litigation and arbitration and the costs and timing associated therewith, the potential for unanticipated costs and expenses and other risks filed in the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the Company’s management, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those contained in any forward-looking information or statements include, but are not limited to, the Company’s ability to complete the Offering on the terms described herein, including obtaining the necessary approval of the TSXV, continued availability of capital and financing and general economic, market or business conditions, failure to compete effectively with competitors, failure to protect the Company’s intellectual property, failure to maintain or obtain all necessary permits, approvals and authorizations, failure to comply of applicable laws, risks related to unexpected operational difficulties (including equipment or process failures, increased costs, unavailability of personnel, materials and equipment, regulatory actions or delays in receiving regulatory approvals, work interruptions or disturbances or other labor actions and unexpected events related to health, safety and other legal matters), decreased demand for the Company’s products and services, impact of COVID-19 or other viruses and diseases on the Company’s ability to operate, inability to predict and counteract the effects of COVID -19 on the Company’s business, including but not limited to, the effects of COVID-19 on input prices, capital market conditions, restrictions on labor and international travel and supply chains, loss of key employees, consultants or administrators, increased costs, delayed results, disputes and failure to fulfill contractual obligations by counterparties. The Company does not undertake to update any forward-looking statements or forward-looking information, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: Fobi AI Inc.