FOMO CORP. REPORTS STRONG 1Q2022 NUMBERS AND PROJECTIONS

Rhea-AI Summary

FOMO CORP reported strong first-quarter performance for its subsidiary SMARTSolution Technologies LP (SST), following its acquisition on February 28, 2022. SST has successfully closed approximately $600,000 of a $3.5 million contract backlog and signed an additional $1 million in contracts. From April 1 to May 31, SST is projected to close $2 to $2.5 million in contracts and sign another $2 million. The 2022 sales forecast for SST is $8 to $10 million. FOMO's Form 10-Q filing is slightly delayed but has no audit disagreements, expected to be submitted shortly.

Positive

• SST closed approximately $600,000 of a $3.5 million contract backlog.
• SST signed an additional $1 million in customer contracts.
• SST is projected to close $2 to $2.5 million in contracts from April 1 to May 31.
• Total 2022 sales forecast for SST is $8 to $10 million.

Negative

• The Form 10-Q filing is delayed, indicating potential issues in financial reporting.

Chicago, IL, May 24, 2022 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC PINK: FOMC) announces the strong 1Q2022 numbers for SMARTSolution Technologies LP (SST).

On February 28, FOMO CORP purchased SMARTSolution Technologies LP (SST), and part of the acquisition was $3.5 million dollars of customer contracts in backlog. In March of 2022 SST closed approximately $600,000 of that backlog, while also signing an additional $1 million in customer contracts. During the period of April 1^st to May 31^st , SST closed $2 to $2.5 million in customer contracts and signed an additional $2 million in customer contracts. SST is expecting to sign an additional $2 to $2.5 million in customer contracts through June 30, 2022, and also closing $1.5 to $2 million in contracts.

The total projection for the SST’s 2022 year is approximately $8 to $10 million in sales contracts.

Our Form 10-Q is delayed for a few days as we complete SST’s books and records, converting them to a GAAP basis. There are not disagreements with our auditing firm, which is the same firm that audited FOMC for years ended in December 31, 2021 and 2020. We expect to file our Form 10-Q within the next few days.

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.

About SST

SMARTSolution Technologies LP (https://smarterguys.com/), a wholly-owned subsidiary of FOMO CORP., is a Pittsburgh, PA–based audiovisual systems integration company that designs and builds presentation, teleconferencing and collaborative systems for businesses, educational institutions and other nonprofits organizations. SMARTSolution is a leader in interactive display technologies for use in all type of curriculum, and has been providing interactive solutions to the EdTech market for over 25 years.

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.

Contact:

FOMO CORP.
Madison Ryan
VP Investor Relations
(386) 287-6950
ir@fomoworldwide.com

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FAQ

What were FOMO CORP's first-quarter results for 2022?

FOMO CORP reported strong first-quarter results for its subsidiary SST, with significant contract closures and a sales forecast of $8 to $10 million for 2022.

What is the sales forecast for SMARTSolution Technologies LP in 2022?

The sales forecast for SMARTSolution Technologies LP is approximately $8 to $10 million for 2022.

When is FOMO CORP expected to file its Form 10-Q?

FOMO CORP expects to file its Form 10-Q within the next few days due to delays in completing SST's records.

How much backlog did SMARTSolution Technologies LP have when FOMO CORP acquired it?

SMARTSolution Technologies LP had a backlog of $3.5 million in customer contracts at the time of the acquisition.

What are the expected contract closures for SST through June 30, 2022?

SST expects to sign an additional $2 to $2.5 million in customer contracts and close $1.5 to $2 million in contracts through June 30, 2022.