FOBI:CC - AI Company Signs $10 million Contract and Shares Soar

2023-03-27 10:54:31 ET

Shares of this %AI company are on rise after signing a multi-year contract that will provide enhanced visibility into real-time measurement, attribution, and market insights, enabling the manufacturer to make data-driven decisions that optimize product selection and development, sales and marketing strategies, distribution models, strategic acquisitions, and more.

%FobiAI (TSXV: ) , an industry leader in harnessing AI and %DataIntelligence to enable digital transformation, announced a five-year $10 million licensing agreement with Canadian beverage manufacturing company, BevWorks Brands Inc. Per the company’s press release, the 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.

The utilization of Fobi’s various technologies will ultimately enable BevWorks to evolve into a dynamic brand incubator and expand its position as a leading product and beverage manufacturing entity.

Canadian shares were trading up in mid-morning trade.