Termination of Agreement and Legal Action - Brand Engagement Network Inc (BEN) terminated its Exclusive Reseller Agreement with AFG Companies Inc (AFG) and filed a lawsuit against AFG and its CEO, alleging fraudulent misrepresentation, breach of contract, and concealment of a ransomware attack [1] - The Agreement, signed in August 2023, aimed to expedite BEN's entry into the automotive market but was hindered by AFG's failure to provide access to the agreed-upon operational-ready data platform [2] - BEN believes AFG's actions caused significant delays in key automotive initiatives and irreparably damaged trust in the partnership [2] Impact on Automotive Initiatives - The termination of the Agreement was deemed essential to protect BEN's strategy and focus on delivering impactful AI solutions to the automotive industry [3] - BEN's systems, data, and customers were not impacted by the ransomware attack, as it occurred before any integration with AFG [3] Automotive AI Agent Rollout - BEN is finalizing preparations to launch its Automotive AI Agent, which integrates with major automotive data and service platform providers and supports over 13,000 dealerships nationwide [4] - The AI Agent aims to streamline dealership operations by improving lead conversion, automating scheduling, enhancing service efficiency, and providing advanced analytics [4] - BEN plans to expand its efforts through pilot programs in the Midwest, stronger reseller partnerships in Mexico, and collaborations with Canadian dealership groups [4] Expansion of AI Healthcare Solutions - BEN continues to expand its AI healthcare solutions, which transform patient engagement and streamline communications while adhering to key regulations such as HIPAA, GDPR, SOC 2 Type 1, and CCPA [5] - These solutions prioritize robust data security and reduce administrative burdens, enabling healthcare providers to focus on delivering high-quality care [5] Commitment to Trust and Partnerships - BEN emphasizes the importance of data security and trust in the automotive industry, particularly in light of the termination of the Agreement with AFG [6] - The company's decisive action strengthens its ability to prioritize initiatives that benefit its automotive partners [6] Company Overview - Brand Engagement Network Inc (BEN) is a global leader in AI-powered customer engagement solutions, headquartered in Jackson, Wyoming, with offices in Seoul, South Korea [6] - BEN delivers advanced technology to enhance data utilization, improve interactions, and drive operational efficiency across industries such as automotive, healthcare, and customer service [6] - The company provides a secure, scalable AI platform through SaaS, Private Cloud, and On-Premises technology, ensuring data privacy and security while enabling efficient operations [6]
BEN Ends Exclusive Reseller Relationship with AFG, Advances Automotive Initiatives