FOMO CORP. PLANNED ACQUISITIONS CLOSE MAJOR CONTRACTS

Rhea-AI Summary

FOMO CORP. (US OTC: ETFM) has announced the acquisition of EcoLite Holdings and SmartGuard Energy, highlighted by two significant contracts. EcoLite received a $550,000 contract for a lighting retrofit at East Alabama Medical Center, slated to begin on March 8, 2021. Meanwhile, SmartGuard secured a $66,000 initial order for UV-light disinfecting fans from the US Naval Base in San Diego. FOMO’s CEO emphasized the growth potential from these transactions. The company is evaluating these acquisitions and anticipates substantial contributions to shareholder value.

Positive

• EcoLite secured a $550,000 contract for a lighting retrofit, enhancing revenue potential.
• SmartGuard received a $66,000 initial order for air disinfecting fans, indicating strong demand.
• FOMO's strategic acquisitions could lead to increased market presence and growth.

Negative

• The successful integration of the acquired companies poses potential challenges.
• Future revenues are uncertain and depend on securing adequate financing.

Chicago, IL, Feb. 23, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce that EcoLite Holdings, LLC and SmartGuard Energy, LLC have recently closed major contracts. Both companies have signed a Letter of Intent for acquisition by FOMO.

EcoLite LED (https://www.ecoliteled.com/) has recently been awarded a Phase 1 $550,000 turnkey lighting retrofit contract with Bernhard MCC, LLC, a subsidiary of Bernhard Energy, LLC. EcoLite will provide all labor & LED new/retrofit indoor fixture solutions for the East Alabama Medical Center in Opelika, Alabama. The project is scheduled to commence on March 8, 2021, and the anticipated time for completion is four weeks. 

Lux Solutions (https://www.luxsolutions.com/), a division of SmartGuard Energy, offers five different types of patented UV fans which disinfect and clean the air in enclosed spaces. The US Naval Base at San Diego, after extensive vetting, has placed an initial order, worth $66,000, for 30 of the UV-light, air disinfecting fans for use at its indoor administrative facilities under the Navy's small business initiative program. Additional follow-on orders are currently being negotiated.

Said John Kelly, CEO of EcoLite Holdings, LLC: "This is EcoLite's first strategic partnership with Bernhard utilizing the "Lighting as a Service" model, and we are looking forward to working together on similar projects throughout the US for many years to come."

Hank Geier, Executive Chairman of SmartGuard-Solutions, LLC, commented: “SmartGuard Energy believes that the UV fans, as well as the UV-light disinfecting cabinets, which are used to disinfect school supplies and other materials, will be important to safely reopening schools. Accordingly, SmartGuard is gearing up for an extensive marketing program targeting schools for these products, particularly in light of the New Administration’s proposed $130 Billion stimulus package for school reopening.”

Said Vik Grover, CEO of FOMO CORP: “These sales demonstrate the value of the FOMO ecosystem and the growth potential of these businesses. We are in due diligence on these transactions and expect to close them.”

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 contracts did FOMO CORP.'s acquisitions secure?

EcoLite secured a $550,000 contract for a lighting retrofit, while SmartGuard received an initial $66,000 order for UV-light disinfecting fans.

What is the significance of the acquisition for FOMO CORP.?

The acquisition is expected to enhance FOMO's market presence and growth potential, benefiting shareholders.

When is the EcoLite project scheduled to begin?

The EcoLite project is set to commence on March 8, 2021.

What are the future prospects for FOMO CORP. after these acquisitions?

FOMO CORP. anticipates that these acquisitions will contribute significantly to shareholder value, although future financial success remains uncertain.

What is the expected impact of SmartGuard's products?

SmartGuard's UV fans are positioned to play a vital role in safely reopening schools, aligning with government initiatives for educational funding.