Fobi AI Inc V.FOBI

NEWS -- Advances Projects with North American Telecom

[PowerofNow]

VANCOUVER, BC, July 13, 2020 /CNW/ - Loop Insights Inc. (TSXV: MTRX) (the "Company" or "Loop"), a provider of transformative artificial intelligence ("AI") Internet of Things ("IoT") solutions has accelerated conversations and projects with two of Canada's largest telecommunications companies as well as two of the largest network providers in the United States (collectively, the "Telco('s))". In a recent global telecommunications study (source: Ernst & Young), 74% of Telco's cite that their top challenge is rapid increase in disruptive competition. With concern that traditional services will become obsolete, many Telco's are making strategic moves to expand their IoT product offerings. Loop's Fobi device is incredibly appealing to them as it is the disruptive turnkey solution that Telco's have been looking for to get in front of the competition. Fobi has the potential to enable Telco's customers to unlock their retail data to make smarter, faster, data-driven decisions in addition to tracking recency and frequency data in-store and online.  It also can enable users to easily create and distribute cross-channel personalized marketing with a view to driving traffic and increasing revenue. Loop's goal is to deliver this new innovative product to the Telco's such that it can be re-sold to existing customers through their re-seller channels, thereby fast-tracking Loop's distribution plans. CEO Rob Anson: "We have been focused on laying the foundation for a channel re-seller partnership model because it is proven to be successful in accelerating growth while allowing the company to remain lean, agile and profitable. Loop's ability to provide a fully commercialized IoT product to the largest Telco's in North America is expected to increase shareholder value not only through accelerating the path to significant revenue generation but also by making Loop a significant player in this sector which should increase Loop's attractiveness for possible acquisition."  Fobi has been engineered to produce LTE connectivity through a SIM card. This capability provides an independent secure network for the client and provides extremely valuable revenue generating ability to Telco partners. With Loop's products now ready for mass implementation, fast and widespread distribution has been its focus.  Loop is of the view that partnering with Telco's as re-sellers, which have tens of thousands of existing customers each, is the best way to obtain Loop's goal of achieving a high rate of implementation in a short amount of time.  The Telco's are also in search of a technology that can not only keep them current, but also that is highly scalable for speedy and wide use.