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Fomo Worldwide, Inc. (FOMC) delivers innovative technology solutions focused on sustainability and operational efficiency across industries. This news hub provides authorized updates directly from corporate communications, offering stakeholders timely insights into the company's strategic direction.
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FOMO WORLDWIDE, INC. (US OTC: FOMC) announced its definitive acquisition of Business Media Solutions, Inc. (BMS) for a total consideration of $285,000. This includes $110,000 cash upfront and performance-based earnout of $15,000. BMS specializes in online learning and digital marketing services, generating peak revenues of $1.2 million but currently operating near break-even levels. FOMO aims to leverage BMS’s capabilities to maximize revenue potential in the growing corporate e-learning market, projected to reach $117.5 billion by 2030. The strategic acquisition is expected to bolster FOMO's growth and enhance synergies with its existing portfolio.
FOMO WORLDWIDE, INC. (US OTC: FOMC) reported significant financial growth in its 2022 annual report, revealing a remarkable 1,044% increase in operating revenues to $7.5 million from $657,136 in 2021. This surge was primarily driven by the acquisition of SMARTSolution Technologies L.P. in February 2022, contributing to the strong K12 demand across 190 school districts in Eastern Ohio, Western Pennsylvania, and West Virginia. Despite facing challenges from the pandemic, SST achieved a record backlog and $8.3 million in equipment sales. The company aims to diversify its revenue by expanding beyond the K12 market, targeting sectors such as law enforcement and healthcare. The report indicates a focus on better financial reporting and strategic acquisitions to enhance growth opportunities.
FOMO WORLDWIDE, INC. (OTC: FOMC) has formally requested a special meeting of shareholders from the CEO of Peer to Peer Network, where they collectively hold 2.43 billion shares, representing 13.4% of the company's total. This meeting aims to address corporate governance issues and ensure transparency regarding business decisions since 2015. The group demands access to company records, evidence of past shareholder meetings, and clarification on various corporate actions, including board appointments and financing.
The letter emphasizes inadequate governance, dilution of shares leading to near-zero value, and a lack of functional business strategies. The investors seek a new board to facilitate transparency and potentially a turnaround for Peer to Peer Network. The situation calls for urgent action to protect shareholder interests.
