Chicago, IL, April 08, 2022 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: FOMC) reports its subsidiary SMARTSolution Technologies LP (“SST”) has been posting strong sales that illustrate record levels and robust growth projected for 2022:
2020*: $3,070,300
2021*: $5,053,539
2022 (Jan-Mar)*: $2,746,378
2022E* $8-10 million
*All numbers are unaudited; projections are management’s best forecast but subject to change.
Based on substantial sales at and following the PETE&C (https://www.peteandc.org/) show in Hershey, PA in February 2022, management expects sales to continue to trend upwards setting the stage for SST to generate projected record annual 2022E revenues of $8-10 million. SST closed a purchase order from one school district for 263 of SMART interactive displays, with a total order value of more than $1.3 million in the month of February, with March’s sales booked at $563K based on recent wins with multiple K12 school districts for whiteboards and video walls. Today, SST has a backlog of several million dollars, including equipment sales and associated installation business, with deliveries scheduled for 2Q22-3Q22.
To unlock shipments of equipment for these sales, FOMO raised $1 million in the past week from third-party lenders including a $185,000 investment from the founder of SST. Additionally, SST’s supplier SMART Technologies (Canada) has indicated it intends to raise SST’s credit limit for equipment orders from $1 million to $3 million, which will unlock supply for all signed orders. SST is a diamond channel partner for SMART and is first in line for orders and shipments.
From a top-down level, there remain hundreds of billions of stimulus dollars allocated for public schools (“ESSER”) and additional significant funding allocated for private schools under the CARES Act. School budgeting windows typically range from April-May of the calendar year, which positions SST for robust growth after existing backlog is delivered and orders for the next school year commence. For further information see below:
Vik Grover FOMO CEO said: “The EdTech market is a great business not only due to the ongoing refresh cycle of equipment, but because it is evolutionary for instructors and students and the way they interact. With COVID showing no signs of going away, including the new stealth Omicron variant, and masks off/optional policies now in play, K12 schools need interactive whiteboards more than ever to allow students in classroom, at home, or elsewhere to be able to share the same curriculum. There are numerous acquisition targets in the EdTech sector to add scale. We intend to aggressively bulk up to build a super-regional footprint as well as density in out of market areas. We are forming a plan to move SST from its bread-and-butter region of eastern Ohio/western Pennsylvania to other markets, including certain southern states, Michigan and Alabama aided by our Advisory Board members former Congressman Kosowski of Michigan and former Senator Dial of Alabama. Meanwhile, we are strategizing to cross-sell our IAQ clean tech portfolio of UVC disinfection, including disinfection robots supplied by a spin-off of a world leader in the sector, to SST’s embedded base to help reopen schools in these challenging times. Despite the difficult situations around the world, which have no bearing on the K12 market, the domestic opportunity is significant and in our strike zone, which gives FOMO’s portfolio of companies substantial windows for growth.”
About SMARTsolution Technologies LP
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, education and nonprofits. SMARTSolution is a leader in interactive display technologies for use in all type of curriculums and has been providing interactive solutions for over 25 years.
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.
Contact:
Madison Ryan
Vice President Investor Relations
(386) 287-6950
ir@fomoworldwide.com
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