FOMO CORP. RETIRES ALL DEFAULT DEBT AND ENTERS NEW ERA OF GROWTH

Rhea-AI Summary

FOMO CORP. has successfully retired its final piece of aged variable debt, eliminating $231,930.14 in penalties and overdue interest. This action resolves all default debt on its books, enhancing FOMO’s financial standing. In exchange, the company issued 75 million common shares to Tri-Bridge Ventures. CEO Vik Grover highlighted this milestone as part of a two-year turnaround strategy, allowing the company to pursue new growth opportunities in the smart lighting and energy sectors. FOMO also aims to explore advanced technologies like robots as a service.

Positive

• Retirement of final aged variable debt enhances financial standing.
• Elimination of $231,930.14 in penalties and overdue interest aids in capital restructuring.
• Issuing shares to Tri-Bridge Ventures strengthens investor relationships.
• Opportunity to pursue growth in smart lighting and energy as a service sectors.

Negative

• Potential risks associated with future acquisitions remain unassured.
• Reliance on external funding for financing future growth strategies.

Chicago, IL, April 01, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM; “FOMO”) is pleased to announce that it has retired the final piece of aged variable debt in default on its books since 2019. Specifically, FOMO has retired the residual balance of a $200,000.00 Master Note partially funded by Tri-Bridge Ventures (“TBV”) on March 15, 2019, with $2,286.00 remaining principal, $3,069.86 accrued interest and $231,930.14 accrued penalties. For consideration, FOMO CORP. issued TBV 75,000,000 common shares. The transaction, along with two years of similar financial transactions, eliminated all default debt within FOMO’s capital stack/debt table making the Company current with its sole creditor GS Capital that funded a $205,000.00 redeemable junior note on January 20, 2021. TBV and GS Capital both participated in a $250,000 private placement of Series A Preferred shares earlier this year, showing their support for FOMO’s clean building eco-system strategy.

Vik Grover, FOMO CORP. CEO, commented: “This action culminates a two-year campaign to turn the Company around, driven in part by debt retirement and legal settlements since March 2019 when I was appointed to my office and to the Board by former investors. Now FOMO can move ahead to consummate definitive agreements with several announced acquisitions in smart lighting, energy as a service (“EaaS”), energy audits, design work, consultation and engineering/design, disinfection, HVAC services, and other. In the future, we are looking hard at robots as a service (“RaaS”) and additional disinfection technologies, all of which will help the country handle the new normal. We are ready to turn the page to this exciting chapter of growth with a clean slate.”

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. Additionally, although the Company has announced letters of intent to acquire certain companies, there is absolutely no assurances that any such transactions will result in a completed acquisition. 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

Dwain Schenck
Schenck Strategies
(203) 223-5230 
dwain@schenckstrategies.com
www.schenckstrategies.com

Follow us on social media:

Twitter: https://twitter.com/FOMO_CORP 
Facebook: https://www.facebook.com/FOMOCORP

FAQ

What recent financial milestone has FOMO CORP. achieved?

FOMO CORP. has retired its final piece of aged variable debt, improving its financial position.

How much debt was retired by FOMO CORP.?

FOMO CORP. retired a $200,000 Master Note, along with $231,930.14 in penalties and overdue interest.

What is FOMO CORP.'s strategy after eliminating its debt?

FOMO CORP. plans to pursue acquisitions in smart lighting, energy as a service, and other sectors.

What were the terms of the debt retirement for FOMO CORP.?

FOMO CORP. issued 75,000,000 common shares to Tri-Bridge Ventures for the debt retirement.

Who is the CEO of FOMO CORP.?

The CEO of FOMO CORP. is Vik Grover.

What future technologies is FOMO CORP. considering?

FOMO CORP. is looking into robots as a service and disinfection technologies.