FOMO CORP. LAUNCHES INDOOR AIR QUALITY AS-A-SERVICE (IAQaaS) TO REOPEN THE UNITED STATES

Rhea-AI Summary

FOMO CORP. (US OTC: ETFM) has launched Indoor Air Quality as-a-Service (IAQaaS) to assist schools, businesses, and government entities in improving indoor air quality without hefty upfront costs. This service emphasizes ventilation and disinfection in alignment with CDC guidelines to mitigate COVID-19 spread. The initiative aims to generate monthly recurring revenue (MRR), enhancing FOMO's valuation. Planned acquisitions, including SmartGuard Energy and EcoLite Holdings, will support the rollout. This model mirrors successful Software as-a-Service approaches, offering significant long-term economic benefits.

Positive

• Launch of IAQaaS to address cash flow constraints for facility owners.
• Potential to generate substantial monthly recurring revenue (MRR) for FOMO.
• Aligns with CDC guidance on improving indoor air quality and mitigating COVID-19.
• Planned acquisitions (SmartGuard Energy, EcoLite Holdings) expected to enhance service reach and customer base.

Negative

• None.

Chicago, IL, Feb. 22, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce that it has launched Indoor Air Quality (IAQ) as-a-Service (IAQaaS) to help schools, businesses and the government reopen. Many facility owners and operators seek improved IAQ, but they have cash flow constraints that limit their ability to make upfront payments for needed ventilation upgrades or disinfection equipment and installations. IAQ is commonly referenced across the heating, ventilation, and air conditioning (HVAC) marketplace, and the combination of ventilation and disinfection are part of the Centers for Disease Control (CDC) guidance to help reduce the spread of COVID-19. School administrators and business owners have often taken advantage of Software as-a-Service (SaaS) to “pay as you go,” and FOMO’s IAQaaS initiative now provides the same economic benefits.

One of FOMO’s planned acquisitions, SmartGuard Energy, LLC, pioneered Lighting as-a-Service (LaaS) to retrofit and finance installations at more than 300 buildings in the U.S. and Puerto Rico. Many of these accounts may welcome IAQaaS. Another one of FOMO’s planned acquisitions, EcoLite Holdings LLC, has numerous accounts that may also welcome improved indoor air quality through IAQaaS. FOMO is proactively offering this business model through its wholly owned subsidiary, Purge Virus, LLC.

Detailed information is available at https://purgevirus.com/iaq-as-a-service and additional documentation may be downloaded at https://purgevirus.com/wp-content/PURGE-VIRUS-IAQ-as-a-Service-Indoor-Air-Quality-through-proven-Bipolar-Ionization-2021-02-19.pdf

The economic advantages for IAQ as-a-Service customers are concomitant with the economic advantages for FOMO via monthly recurring revenue (MRR), creating a win-win. The margins for MRR often exceed the one-time payment for technology, which elevates the valuation of FOMO and its wholly owned subsidiaries, such as Purge Virus.

Said Charlie Szoradi, Purge Virus CEO, “We have met with many prospective customers that did not have the financial means to pay for the disinfection technology that they wanted. Now, with the FOMO IAQ as-a-Service, we can empower them to utilize state-of-the-art technology without the upfront cost burden. Purge Virus will align the most appropriate technology to existing HVAC systems, and customers can gain the benefits for a monthly service fee.”

Remarked John Kelly, Managing Member of EcoLite Holdings LLC: “We have been watching the market unfold for disinfection, and IAQaaS is a game-changing and powerful new paradigm to give our current and prospective customers an affordable way to improve their indoor air quality.”

Bill Butler, CEO of SmartGuard-Solutions, commented: “The Lighting as-a-Service model has revolutionized the lighting industry and dramatically increased our sales making LED retrofits more affordable across all industries. Our zero upfront cost and full turn key approach makes it hassle free.”

Said Vik Grover, FOMO CORP. CEO “As an incubation and acceleration company, FOMO is pleased to provide IAQ as-a-Service to help customers and create added value for our shareholders with monthly recurring revenue. We look forward to the market response, and we were inspired by early software pioneers who saw dramatic revenue increases in the adoption of their technologies with their Software as-a-Service offerings.”

About FOMO CORP.

FOMO CORP. is a publicly traded company focused on business incubation and acceleration. The Company invests in and advises emerging companies aligned with a growth mandate. FOMO is developing direct investment and affiliations - majority- and minority-owned as well as in joint venture formats - that afford targets access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.

Forward Looking Statements:

Statements in this press release about our future expectations, including without limitation, the likelihood that FOMO CORP. will be able to meet minimum sales expectations, be successful and profitable in the market, bring significant value to FOMO CORP.’s stockholders, and leverage capital markets to execute its growth strategy, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and our actual results could differ materially from expected results. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law. FOMO’s business strategy described in this press release is subject to innumerable risks, most significantly, whether the Company is successful in securing adequate financing. No information in this press release should be construed in any form shape or manner as an indication of the Company’s future revenues, financial condition, or stock price.

Contact:

Wayman Baker, PhD
EVP Corporate Development and Investor Relations
FOMO CORP.
(630) 286-9560
IR@fomoworldwide.com

FAQ

What is Indoor Air Quality as-a-Service (IAQaaS) by FOMO CORP. (ETFM)?

IAQaaS is a service launched by FOMO CORP. that allows customers to improve indoor air quality without upfront costs, utilizing a monthly subscription model.

How does IAQaaS benefit schools and businesses?

IAQaaS helps schools and businesses enhance indoor air quality by providing state-of-the-art ventilation and disinfection solutions through a pay-as-you-go model.

What are the expected financial advantages of IAQaaS for ETFM shareholders?

IAQaaS is projected to create monthly recurring revenue, which can elevate FOMO's valuation and provide consistent income for shareholders.

What companies are involved in FOMO's planned acquisitions related to IAQaaS?

FOMO CORP. plans to acquire SmartGuard Energy and EcoLite Holdings, both of which can leverage IAQaaS to improve indoor air quality for their existing customers.