Chicago, IL, Feb. 24, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire the assets of the Energy Intelligence Center, LLC (“EIC” - https://energyintelligencecenter.com/), a U.S. solutions provider for energy efficient buildings. This LOI follows FOMO’s 8-K filing on February 16, 2021, specifically relative to FOMO licensing the patent of Online Energy Manager, LLC (OEM) and FOMO’s option to purchase OEM. EIC and OEM are strategic partner companies, and these two recent developments set the stage to further position FOMO in 2021 as a clean energy technology company within the growing “Clean-Tech” and smart building marketplace.
FOMO’s prior asset acquisition of Independence LED Lighting, LLC (https://independenceled.com/) and Purge Virus, LLC (https://purgevirus.com/) serve as excellent complements to EIC for next generation clean air and energy efficient buildings. According to a recent survey by Smart Cities (https://www.smartcitiesdive.com/ex/sustainablecitiescollective/market-energy-efficiency-360-billionyr-and-bigger-renewables/1001556/), the global market for energy efficiency is $360 billion/year.
EIC was formed in 2019, and brings many benefits to FOMO including:
- License to use proven and patented technology;
- Implemented U.S. projects for a mixed-use science center, established by an Ivy League university, and a commercial office building, that is part of a major U.S. real estate development firm;
- Strategic relationships that include data analytics, measurement & verification, and thermal mass algorithmic efficiency;
- A growing sales channel and pipeline;
- Completed investment grade audits of facilities ranging from a large size brewery to a major blast freezing food processor; and,
- A business model with recurring monthly revenue, including a signed account from a customer with four years of payments to EIC using the share-of-energy savings approach.
In addition to the benefits above, EIC has leveraged its OptikW brand (https://energyintelligencecenter.com/optikw/) for the “platform” of solutions that include artificial intelligence (AI) for air conditioning and refrigeration https://energyintelligencecenter.com/ai-rd/.
Said Charlie Szoradi, EIC CEO: “As a sustainability professional for the past three decades, I am pleased that FOMO sees the value of including EIC along with FOMO’s other current holdings and planned acquisitions. I applaud Vik Grover and the FOMO Advisory Board for seeing that smart, healthy, and energy efficient buildings are a critical part of our sustainable future.”
Said Vik Grover, FOMO, CEO: “FOMO continues to position itself with a growing clean energy technology business. Our team welcomes the inclusion of the Energy Intelligence Center among the growing constellation of holdings and strategic partnerships.”
As consideration for the acquisition, with a 30-day due diligence period, FOMO will issue EIC 125,000 Series B Preferred Shares, convertible to 125 million common shares plus 50 million warrants, with a three (3) year term and performance criteria for allocation to members of the EIC team. This allocation of warrants with performance criteria is a key motivator for EIC to drive growth and increase the value of FOMO.
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. 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:
Wayman Baker, PhD
EVP Corporate Development and Investor Relations
FOMO CORP.
(630) 286-9560
IR@fomoworldwide.com