Fobi AI Inc., a leader in harnessing AI and data intelligence to enable digital transformation, recently announced a five-year $10 million licensing agreement with the Canadian beverage manufacturing company, BevWorks Brands Inc. on Friday, March 24th, 2023. The agreement will allow Fobi to deliver technology solutions to support BevWorks’ growth strategy by consolidating the independent beverage manufacturers in alcohol markets and beyond. Through the contract, Fobi is generating $10,000,000 in revenue, which will be recognized in accordance with IFRS policies over the 60-month duration of the contract.
BevWorks is a leading beverage manufacture that specializes in in-house production across various markets, including alcohol, beer, RTD (ready-to-drink) liquor, and alcohol replacements. With over 50 years of collective experience under their belt, BevWorks utilizes the Fobi Data Exchange (FDX) as well as Fobi’s real-time data processing, artificial intelligence applications, and mobile wallet pass technology, to deliver a competitive advantage to the beverage industry. Through their strategic mergers and acquisitions approach, BevWorks is a key factor in propelling the industry to move forward.
Fobi, on the other hand, is a prominent AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. The utilization of their various technologies will give BevWorks visibility into their processes, enabling them to 100% data-driven decisions that optimize product selection and development, and sales and marketing strategies. With the help of Fobi, BevWorks can evolve into a dynamic brand incubator and expand its position as a leading product and beverage manufacturer.
With this venture, Fobi is continuing its growth and monetization strategy, which is to reach out to high-value markets by licensing and joint-venture opportunities. This technology and data leader not only boosts the company’s revenue but also helps to maximize their value to all industry stakeholders.
Andrew Harris, CEO of BevWorks said, “We’re excited to partner with Fobi and utilize their cutting-edge technology to optimize our processes and deliver greater value to our customers. Our partnership marks a significant milestone for our business, and we look forward to delivering innovation to the industry.” Additionally, Rob Anson, CEO of Fobi added, “The value and importance of big data and AI applications cannot be understated. This agreement today not only helps us solidify the value of our Fobi IP, but it also puts us in a strong position to continue driving the significant momentum our company has generated in the first quarter of 2023.”
This landmark agreement is a great negotiating point for both Fobi and BevWorks and showcases how two leaders in their fields can come together and work to deliver innovation in the beverage and hospitality industries. This is just the start of Fobi and BevWorks’ story and there remains an immense amount of growth potential in the future.
