FOMO WORLDWIDE DEMANDS SPECIAL SHAREHOLDER MEETING BE HELD BY PEER TO PEER NETWORK
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.
- Shareholder group represents 13.4% of Peer to Peer Network's shares, indicating significant investor interest.
- A demand for a special meeting could lead to improved corporate governance and transparency.
- Inadequate corporate governance has been highlighted, leading to shareholder discontent.
- The company's patents are reportedly obsolete, raising concerns about future viability.
- Significant stock dilution has diminished share value to near-zero, limiting liquidity and potential recapitalization.
Pittsburgh, PA, April 05, 2023 (GLOBE NEWSWIRE) -- FOMO WORLDWIDE, INC. (US OTC: FOMC) has issued the following letter to the Board of Directors and management of Peer to Peer Network (listed on OTCMarkets.com) demanding a special meeting of the shareholders be held immediately to review the Company’s corporate actions and books and records since 2015. Peer to Peer Network shareholders are encouraged to join such demand and are urged to not consent to any corporate actions currently being solicited by management unless and until a quorum and majority is assembled and verified to vote on shareholder matters including potentially appointing a new Board of Directors. A copy of the correspondence is below:
April 2, 2023
Josh Sodaitis
Chief Executive Officer
Peer to Peer Network aka Mobicard Inc.
https://www.ptopnetwork.com/
https://freemobicard.com/
Corporate Office:
45 Prospect Street
Cambridge, MA 02139
Registered Agents Inc.:
30 N Gould St. Ste R
Sheridan, WY 82801
via certified mail, first class mail, and e-mail: joshsmobicardinc@gmail.com & info@freemobicard.com
Mr. Sodaitis,
I represent a group of shareholders holding 2,432,797,448 common shares of Peer to Peer Network aka Mobicard Inc. (listed on OTCMarkets.com), which are
- Document and provide evidence of shareholder meetings, votes for and approvals of, and explanations of corporate developments and actions taken since January 1, 2015 on or around the time the change of control transaction with Code2Action was initiated,
- Provide access to the books and records of the Company for inspection,
- Approve appointments to the company’s Board of Directors as nominated by shareholders.
Our shareholder group has not been provided access to or notice of corporate events, including meetings or opportunities to vote on corporate actions, which may be a violation of state rules and the Company’s bylaws if you did not obtain majority approval in writing of said actions. We have not been asked to vote on corporate actions including equity financings, planned reverse splits, numerous authorized share increases, or the recent re-domestication to Wyoming from Nevada, despite the Company’s filings with the Secretaries of States of Nevada and Wyoming indicating that management obtained majority shareholder approvals as required by their states’ corporate statutes. To my knowledge, the Company’s re-domestication was not filed with regulators or approved by FINRA which appears to be a disclosure issue. Further, we were not provided notification on a post hoc basis of any prior corporate actions, even if “dragged along” by consent as your counsel has indicated.
To be clear, our investor group demands proof of meetings’ notices to shareholders, the actual votes by shareholder name and class on all corporate actions, and minutes of said meetings signed and attested to by you and/or Peer to Peer Network’s Secretary since 2015.
It’s Time to be Transparent and Do Right by Shareholders
It has come to my attention that you have notified certain service providers and shareholders in previous years to have no contact with my office. I can only surmise it was in the hopes of avoiding having the above basic business questions answered because, many years ago, I was very involved in the Code2Action (“C2A”) change of control as C2A’s advisor on the Peer to Peer Network transaction, and then as the Company’s V.P. of Corporate Finance and advisor after I left Wall Street in mid-2015. It’s time for you to demonstrate and prove that you have been acting in the best interests of shareholders since your appointment as CEO and sole Director several years ago. The Company appears to have inadequate corporate governance. Further, the Company has not delivered on years of “mobile business card promises” (i.e., the “mobicard”) made to the myriad of investors you have attracted to the stock since your appointment. It appears the Company’s patents are obsolete, invalid and/or incomplete, its service does not function properly on the Apple and Google app stores possibly due to non-payment of vendors, and there is no strategy or idea how to monetize a working app if one could be completed. Further, the Company has diluted its stock so substantially that it is now almost zero with no liquidity. As an alternative reporting entity, Peer to Peer Network has little hope of completing a proper recapitalization and drastic measures are called for to save the business.
We would like to help Peer to Peer Network pursue a turnaround. To put it mildly, our prior communications to your office have failed. We are open to working with management and mutually agreeable third parties if and only if it will serve the best interests of all shareholders, which means a new Board of Directors must be appointed at the requested Special Meeting.
For further discussions, and for any shareholder interested in participation in this process, I can be reached at the following:
Vik Grover
Chief Executive Officer
FOMO WORLDWIDE, INC.
831 W North Ave.
Pittsburgh, PA 15233
(630) 708-0750
info@fomoworldwide.com
FOMO WORLDWIDE, INC. reserves all rights. There is no litigation underway or contemplated in this matter. Further, this is not an offer of settlement, nor is it a solicitation for investment in FOMO WORLDWIDE, INC. or its subsidiaries or affiliates.
Time is of the essence.
Sincerely,
Vikram Grover
Chief Executive Officer
FOMO WORLDWIDE, INC.
| cc: | Dale Bergman, Esq. (FOMO WORLDWIDE, INC. SEC counsel), |
| Scott Olson, Esq. (Peer to Peer Network SEC counsel), | |
| FINRA Corporate Actions Group, | |
| OTC Markets Issuer Services, | |
| Securities Exchange Commission (by EDGAR), | |
| Secretary of State of Nevada, | |
| Secretary of State of Wyoming, | |
| Andy Sanjani, CEO Think Latitude (owner of 1,662,455,448 common shares), | |
| James Bento, former CEO, CFO & Secretary Peer to Peer Network (owner of 390,000,000 common shares), | |
| Marc Lasky, former CEO Peer to Peer Network (owner of 135,529,500 common shares), | |
| Michael Lasky, former Chairman Peer to Peer Network (owner of 34,812,500 common shares), | |
| Vikram Grover, CEO FOMO WORLDWIDE, INC. (owner of 210,000,000 common shares; proxy for above). |
About FOMO WORLDWIDE, INC.
FOMO WORLDWIDE, INC. (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 WORLDWIDE, INC. will be able to meet minimum sales expectations, be successful and profitable in the market, bring significant value to FOMO’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.
FOMO WORLDWIDE, INC.
Investor Relations
(630) 708-0750
IR@fomoworldwide.com
FAQ
What is FOMO WORLDWIDE's involvement with Peer to Peer Network?
Why is there a demand for a special meeting regarding Peer to Peer Network?
How many shares does FOMO WORLDWIDE control in Peer to Peer Network?
What issues are raised in the letter to Peer to Peer Network's CEO?
What are the implications of the stock dilution mentioned?
