FOMO CORP.’S M&A TARGET ECOLITE WINS LARGE LIGHTING CONTRACT

Rhea-AI Summary

FOMO CORP. (OTC: ETFM) announced a $1.5 million contract awarded to EcoLite Holdings for LED sports lighting upgrades at Pelican Park in Mandeville, Louisiana. The project includes installing 388 new lights and replacing over 1000 existing ones, aiming to boost lumen output from 20 to nearly 40-foot candles while reducing energy usage by more than 50%. EcoLite will complete the project in under a year, with 100% of costs covered by CLECO, due to projected annual energy savings.

Positive

• Awarded a $1.5MM contract for LED sports lighting upgrades.
• Projected completion of the project in less than one year.
• Energy savings estimated at 50% annually, leading to full cost coverage.

Negative

• None.

Chicago, IL, March 19, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM) is pleased to announce that EcoLite Holdings LLC, d/b/a EcoLite LED, has recently been awarded a contract with the Pelican Park Recreation District in Mandeville, Louisiana. EcoLite LED (https://ecoliteled.com/) has signed a Letter of Intent for acquisition by FOMO CORP.

The scope of the $1.5MM contract includes LED Sports Lighting upgrades on more than 32 baseball, softball, football and soccer fields, along with a dog park, skate park, parking area lots, gymnasium, concession stands, and a multiplex administration building. Phase 1 and 2 include 388 new sports lights and was completed in less than 60 days. The remaining Phases 3 and 4 consist of replacing more than 1000 of the 1500 W High-Intensity Discharge sports lights with new EcoLite 735 W Super Nova G-IV Sports Lights. This upgrade will increase the current lumen output average of 20-foot candles to nearly 40-foot candles, while reducing the kilowatt usage by more than 50%. EcoLite, in collaboration with the regional utility provider, Central Louisiana Electric Company (CLECO - https://www.cleco.com/), performed a comprehensive energy audit and estimated a net energy savings of 50% annually. As a result, CLECO agreed to pay 100% of the total cost of the lighting project. 

Jason Hewitt, Energy Solutions Consultant at Brilliant Efficiencies (http://www.brilliantefficiencies.com/) stated: "Simply put, the EcoLite Team hit it out of the park for this client! Projected to cost $1.5MM and take five years to upgrade the sports lighting, EcoLite will complete the project within one year and the negotiated rebate will cover 100% of the project cost!"

Said John Kelly, Founder and CEO of EcoLite Holdings: “It has been a pleasure to work with Jason Hewitt on the Pelican Park Project. The EcoLite Team has worked hard to complete this project in record time, and our client will realize significant savings in the years to come.”

Vik Grover, FOMO CORP. CEO, commented: “FOMO CORP. is proud to highlight this very successful project by EcoLite Holdings LLC. By covering 100% of the cost of the project through the savings for the client, EcoLite sets a great example for the smart lighting industry which has a projected revenue of more than $38BN by 2026 (https://www.alliedmarketresearch.com/smart-lighting-market).”

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

FAQ

What is the significance of the $1.5 million contract awarded to EcoLite Holdings?

The contract for LED sports lighting upgrades at Pelican Park demonstrates FOMO CORP.'s commitment to eco-friendly solutions and could enhance its market presence.

How will the LED upgrades impact energy consumption?

The upgrades will reduce energy consumption by over 50%, translating into significant annual savings.

What is the expected completion time for the LED lighting project?

The project is expected to be completed in less than one year, significantly ahead of the initial five-year plan.

Which company is responsible for the sports lighting upgrades at Pelican Park?

EcoLite Holdings LLC is responsible for the sports lighting upgrades at Pelican Park.