FOMO CORP. AGREES TO ACQUIRE SMARTSOLUTION TECHNOLOGIES
FOMO CORP. has signed a definitive agreement to acquire SMARTSolution Technologies, Inc. (SST), a leading audio-visual systems integration company. Based in Pittsburgh, SST has extensive experience in educational technology, offering solutions for K12, universities, and enterprises. This acquisition aims to expand FOMO's reach beyond Pennsylvania, West Virginia, and Ohio.
SST currently holds a $2.5 million backlog of contracts expected to close in Q1 2022, supported by federal stimulus funding. FOMO plans to leverage synergies between its existing solutions and SST's customer base.
- Acquisition of SST strengthens FOMO's market presence.
- SST has a $2.5 million backlog of contracts expected to close in Q1 2022.
- Potential for cross-selling between FOMO's solutions and SST's existing customers.
- No assurances that funding to complete the acquisition will be secured.
- Risks associated with integrating SST into FOMO's operations.
Chicago, IL, Dec. 15, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: FOMC) has signed a definitive agreement to acquire SMARTSolution Technologies, Inc. (“SST” - https://www.smarterguys.com), a Pittsburgh-based audio-visual systems integration company that pioneered the use of interactive whiteboards in the classroom over the last 25 years. SST customizes presentation technologies, teleconferencing and collaborative systems for meetings, presentations and instruction to students and executives. The Company is a multi-million-dollar revenue company that does business throughout the state of Pennsylvania, West Virginia and Ohio, and through this acquisition hopes to broaden its reach to other states. SST currently has a
Mitchell Schwartz, SST Founder: “This acquisition will allow us to take SMARTSolution Technologies to the next level, providing more turnkey solutions for its customer base. We are excited to join the FOMO ecosystem and see great upside on a standalone basis and through synergies derived from the FOMO family selling into our base of many years.”
Vik Grover, FOMO CEO stated: "There are substantial synergies from marrying our existing disinfection, smart lighting and energy management solutions to SST's embedded base. It is time to reopen the world. K12, universities and enterprises embedded in SST's 25-year customer base are obvious candidates for cross-sell. We are looking at rolling out a bundled offering to additional markets and exploring acquisitions of like businesses to propel us to the next level. A vision of mine is to offer robotic disinfection services to K12 which should propel the market to reopen if and when we prove it, and we have already paid for one such trial. We are in discussions with funders to close this transaction and other acquisitions on file, which can vault us to the next level. It is breakaway time."
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 additional 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.
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Madison Ryan
VP Investor Relations
(386) 287-6950
ir@fomoworldwide.com
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FAQ
What is the significance of FOMO CORP.'s acquisition of SST?
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