FOBI AI Inc. Announces Sale of German Subsidiary

Core Viewpoint - Fobi AI Inc. has entered into a share purchase agreement to sell its wholly owned German subsidiary, Fobi AI Germany GmbH, for a total of EUR 1,540,000, which includes a cash purchase price of EUR 1,400,000 and an additional EUR 140,000 to be paid on behalf of Fobi by the purchaser [1][2]. Group 1: Transaction Details - The total payment for the acquisition is EUR 1,540,000, comprising EUR 1,400,000 in cash and EUR 140,000 to be paid by the purchaser to the acquired company [2]. - The acquired company will grant Fobi a non-exclusive, worldwide, irrevocable, and sublicensable license for the "Passcreator Software" for a total price of EUR 140,000, with a term of 48 months post-transaction closing [3]. Group 2: Strategic Implications - The CEO of Fobi stated that the sale of the German subsidiary is a strategic decision aimed at enhancing the company's financial position and supporting future growth without further diluting shareholder value [4]. - The company has been preparing for its next evolution by aligning with transformative shifts in AI and Web3, indicating a focus on advancing its business model [5]. Group 3: Company Background - Fobi, founded in 2017 in Vancouver, Canada, is a leading AI and data intelligence company that helps businesses digitally transform and leverage customer data for personalized experiences [7]. - The company collaborates with major global organizations across various sectors, including retail, insurance, and entertainment, and is recognized as a technology leader in North America and Europe [8].