FOMO CORP. SIGNS STRATEGIC AGREEMENT WITH CLEAN PEAK ENERGY

Rhea-AI Summary

FOMO CORP has entered a strategic agreement with Clean Peak Energy Group to promote energy storage solutions, thereby enhancing operational efficiencies for building owners. This partnership allows FOMO to generate profit-sharing from projects adopting Clean Peak Energy's solutions, focusing on reducing energy costs without capital expenditure. The collaboration is expected to contribute to FOMO's ecosystem of clean technologies, aiming for long-term sustainability and economic recovery. Both companies see significant potential in addressing energy use and greenhouse gas emissions in residential and commercial buildings.

Positive

• Strategic partnership with Clean Peak Energy Group for advanced energy storage solutions.
• Profit-sharing agreement enhances revenue potential for FOMO.
• No capital cost for customers utilizing Clean Peak's energy storage technology.
• Potential for improved operational efficiencies for building owners.

Negative

• None.

Chicago, IL, Feb. 25, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce it has signed an agreement with Clean Peak Energy Group, LLC (CPE - https://cleanpeakenergy.us/), a Stamford, CT-based company that focuses on using a building’s existing thermal mass and air conditioning systems to create energy storage and reduce building related CO₂ emissions. The agreement includes a profit-sharing structure generated from projects, referred by FOMO, that adopt CPE solutions. CPE, which also provides electric supply pricing for commercial customers, will additionally enable FOMO to offer customers competitive electric supply through CPE, in States where competitive electric choice is available. Through CPE’s advanced energy storage technology, facilities can save on energy costs with zero capital construction cost. This opportunity is in addition to other programs that FOMO can provide to its customers though its various subsidiaries and strategic relationships.

CPE’s patented solution uses the thermal mass within a building’s envelope and interior mass as energy storage. CPE takes advantage of cooler nighttime temperatures and air conditioning efficiency to store electricity, converted into cooled air, stored in the building’s mass and available to reduce demand, consumption and costs during more expensive peak energy costs.

According to the U.S. Department of Energy (https://www.energy.gov/sites/prod/files/2017/03/f34/qtr-2015-chapter5.pdf), more than 76% of all U.S. electricity use and more than 40% of all U.S. energy use and associated greenhouse gas (GHG) emissions are associated with providing comfortable, well-lit, residential and commercial buildings. Saving energy in buildings translates directly into saving money, which are keys to economic recovery as well as long-term sustainability.

“We are pleased to participate with FOMO CORP to offer their customers and companies access to CPE’s advanced energy storage and management technology and customer electricity supply programs,” said Ed Levene, Clean Peak Energy Group, LLC CEO.

Said Vik Grover, FOMO CORP. CEO, “This strategic relationship with CPE further reinforces FOMO’s growing ‘eco-system’ of clean technology products and services to help building owners and operators reduce operating costs with safe and energy-smart facilities during and following the COVID-19 pandemic. We are also reviewing investment in CPE.”

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

John Callanan
Media and Investment Relations
Clean Peak Energy Group, LLC
(203) 614-1485
john.callanan@cleanpeakenergy.us

FAQ

What is the recent agreement between FOMO CORP and Clean Peak Energy Group?

FOMO CORP has signed a partnership agreement with Clean Peak Energy Group to promote energy storage solutions, enabling profit-sharing from projects that adopt these technologies.

How does the Clean Peak Energy technology benefit building owners?

The technology allows building owners to save on energy costs by utilizing existing infrastructure for energy storage with zero capital construction costs.

What is FOMO CORP's stock symbol?

FOMO CORP is traded under the stock symbol ETFM.

What are the potential economic benefits of the FOMO and Clean Peak partnership?

The partnership aims to reduce operating costs for building owners while contributing to long-term sustainability and economic recovery.

When was the agreement between FOMO CORP and Clean Peak Energy announced?

The announcement was made on February 25, 2021.