Fobi AI Inc. (TSXV:FOBI) entered into a letter of intent to acquire Certain Intellectual Properties and Assets in Basket from Basket Savings, Inc. on May 12, 2022. Completion of the Transaction is subject to customary items, including satisfactory due diligence by both parties, completion of definitive agreements in respect of the Transaction and the approval of the TSX Venture Exchange. The transaction is expected to be completed by late May or early June 2022.