FOMO CORP. ACQUISITION TARGET SMARTGUARD-SOLUTIONS LLC QUALIFIES FOR NON-COMPETITIVE BID AND PROCUREMENT PROCESS
FOMO Corp has announced its acquisition of SmartGuard-Solutions LLC (SGS), whose air disinfecting UV-C light fan has been qualified by the U.S. Navy for a non-competitive bid. SGS's product surpassed 19 competitors in specifications and pricing. The fan, effective against COVID-19 and other pathogens, has seen early purchases from various government agencies and industries. The acquisition is expected to enhance FOMO's market presence, leveraging SGS's unique product offerings as the demand for disinfection solutions grows post-COVID.
- U.S. Navy's qualification opens a non-competitive procurement process for SGS's UV-C light fan.
- SGS's product outperformed 19 competitors, indicating strong market viability.
- Existing contracts with U.S. government agencies, airports, and schools signal diverse revenue potential.
- FOMO expects significant sales opportunities, particularly with schools and universities.
- None.
Chicago IL, May 24, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com - US OTC: FOMC) is pleased to announce that its acquisition target, SmartGuard-Solutions LLC (SGS - https://smartguard-solutions.com), has been advised that the U.S. Navy has qualified the SGS air disinfecting UV-C light fan for a NON-COMPETITIVE BID AND PROCUREMENT PROCESS. Furthermore, the U.S. Navy views the fan as a “unique or highly specialized” product and that SGS is the only source for procurement of this product. SGS was further advised that, in the vetting process, SGS’s fan was compared with 19 other vendors supplying products similar to that of the SGS fan and that SGS prevailed on the basis of superior specifications, efficacy of performance and pricing.
The U.S. Navy has been purchasing SGS’s air disinfecting UV-C light fan since early 2021. This fan eliminates/deactivates indoor airborne pathogens causing the COVID-19 virus as well as other viruses plus all odors. Other clients using the fan include U.S. government agencies, airports, schools, universities, major property managers and hospitality companies, among others. With the recent CDC announcement that COVID-19 spreads primarily through air particles within enclosed settings, SGS believes it is well positioned to participate in the growth of the disinfection market.
Bill Butler, SmartGuard-Solutions CEO, commented: “This classification validates SGS’s market position, and combined with our financing capability creates, in our view, a significant sales opportunity with potential annuitized revenues particularly with respect to schools, universities and office buildings as the U.S. economy emerges from the COVID shutdown.”
Vik Grover, FOMO’s CEO, added: “SGS’s UV-C light fan is a truly unique product and when offered in conjunction with the SGS as-a-Service business model, clients will be presented with a compelling value proposition. We believe our stockholders will be well served with the expected returns from our investment in SGS.”
About FOMO CORP.
FOMO CORP. (https://www.fomoworldwide.com) 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.
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FOMO CORP.
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ir@fomoworldwide.com
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