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Empower Clinics Inc
Symbol CBDT
Shares Issued 333,402,526
Close 2021-10-12 C$ 0.42
Market Cap C$ 140,029,061
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Fobi AI signs service agreement with Empower Clinics

2021-10-12 10:44 ET - News Release

See News Release (C-FOBI) Fobi AI Inc

Mr. Rob Anson of Fobi reports

FOBI SIGNS AGREEMENT WITH EMPOWER CLINICS TO FULLY INTEGRATE EMPOWER CLINIC'S KAI CARE CLIENT TESTING DATA BASE

Fobi AI Inc. has entered into a service agreement with Empower Clinics Inc. to integrate Fobi's artificial intelligence data applications and wallet pass platform into Empower's Kai Care COVID-19 testing product.

Fobi agreement supports Empower's goal of becoming a cutting-edge health care provider and innovator

The service agreement involves the integration of Fobi's wallet pass platform into the Kai Care COVID-19 testing product and back-end lab management system, which will create a much more secure and seamless next level of digital customer experience for not only COVID-19 tests, receiving results and providing verification of a negative COVID-19 test, but for all other future testing applications as well. As part of the Kai Care testing process, all customers will now have the ability to download a Kai Care wallet pass directly into the native wallet that lives in all Apple and Android mobile phones. The Kai Care pass will then be used for delivering test results direct to the mobile wallet in a safe and secure format. The new digital offering is very well timed given various international government mandates in regards to digital health passport requirements with proof of vaccinations and negative COVID-19 test requirements.

Empower to leverage Fobi AI artificial intelligence to deliver Kai Care clients personalized client experience, providing untapped and potential new line revenue opportunities

The Kai Care wallet pass can also be used by Empower as a new customer engagement channel. User adoption and retention of wallet passes are much higher than normal mobile phone apps and campaigns for additional Kai Labs tests or relevant third party products or services can be pushed out to their customers through banner ads on the front of the wallet pass, links on the back of the wallet pass or through push notifications to customer mobile phone lock screens. The new integrated solution also has a very high level of data security, with Fobi's wallet pass powered by Hedera Hashgraph. This new engagement channel also opens up potentially new advertising and data monetization options for both Empower and Fobi. In particular, Empower can now use the wallet pass to promote and monetize products such as its own new testing products as well as other third party products such as travel insurance. Under the terms of the agreement, Fobi will receive revenue for each wallet pass downloaded and Fobi and Empower will split the proceeds of any new advertising or data monetization revenue opportunities realized from this service agreement.

Empower chief executive officer Steven McAuley stated: "Testing and vaccinations are becoming a pillar of everyday life as society continues its fight against COVID-19. I'm proud to deepen our relationship with Fobi and meet the massive demand for reliable, secure and easy COVID-19 testing results and verification sharing. By working together, our companies are supporting a safe reopening for individuals, businesses, schools and so much more."

This service agreement builds upon the relationship between Fobi (previously Loop Insights) and Empower that was announced in October, 2020. Since then, Empower Clinics have released its own e-commerce site and signed major distribution deals with several pharmacies and retail outlets across North America to stock Kai Care testing kits on their shelves. Empower is expecting additional distribution deals to be signed in the near future, which will increase the number of kits sold and customers worldwide, which management believes bode well for revenue projections for both Empower and Fobi.

A recent report from Grandview Research shows the COVID-19 antigen testing market size will grow at a CAGR (compound annual growth rate) of 6.7 per cent from 2021 and will reach $8.3-billion (U.S.) by 2027. With Fobi's wallet pass platform enabling an even more secure and seamless customer experience for COVID-19 testing and result verification, it is anticipated that Empower will increase its share of that market significantly.

Fobi chief executive officer Rob Anson stated: "Powering the Kai Care wallet pass and supporting Empower to leverage our artificial intelligence data applications clearly provides Empower Clinics and Kai Care with a clear product differentiator in the testing marketplace. There are other testing providers out there, but none of which offer real-time results delivered directly to the wallet. The Kai Care wallet pass solution will provide the means to deliver a new level of personalized client engagement, scheduling and messaging. This new product release also provides Empower and Fobi with the ability to generate additional revenue through the data and advertising monetization opportunities. We are very excited to continue our support of our strong partnership with Empower Clinics."

About Empower Clinics Inc.

Empower is an integrated health care company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. The company's health and wellness and diagnostics and technology business units are positioned to positively impact the integrated health of Empower's patients while simultaneously providing long-term value for the company's shareholders.

About Fobi AI Inc.

Fobi is a cutting-edge data intelligence company that helps its clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT (Internet of Things) device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across on-line and on-premise platforms creating highly scalable solutions for Fobi's global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports and entertainment, casino gaming, and hospitality and tourism industries.

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