Chicago, IL, April 06, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM; “FOMO”), a business incubator and accelerator, provider of clean, smart and efficient HVAC, energy, lighting, and other key commercial building management services, announced that it has filed Form 10-K with the SEC, reporting its audited full year 2020 results.
2020 Highlights:
- Filed all SEC Forms 10-K/10-Q to regain “current” status as a fully reporting company,
- Restructured balance sheet to eliminate several hundred thousand dollars of corporate liabilities with legacy lenders,
- Raised new capital to launch growth strategy, beginning with acquisition of Purge Virus, LLC on October 19, 2020,
- Named Advisory Board consisting of veteran business leaders and in adherence to best practices in Environmental, Social, and Governance (ESG) standards and protocols.
Subsequent Highlights:
- Eliminated all default debt effective March 31, 2020,
- Closed acquisition of assets of Independence LED Lighting, LLC to move into smart lighting and power over ethernet (“PoE”); www.independenceled.com
- Closed acquisition of assets of Energy Intelligence Center, LLC (“EIC”) to target energy management services for commercial, industrial and government buildings; www.energyintelligencecenter.com
- Formed strategic partnership with Online Energy Manager, LLC (“OEM”) to obtain a license to OEM’s root patent for smart energy software for chiller plants in non-residential buildings with a purchase option for some or all of OEM; www.oem.us.com
- Signed letter of intent (“LOI”) to acquire Ecolite Holdings, LLC for preferred stock, cash, and notes; www.ecoliteled.com
- Signed LOI to acquire SmartGuard Solutions consisting of LED funding IV and Lux Solutions, LLC for preferred stock, cash and notes moving into lighting as a service (“LaaS”), energy audits, project design/engineering, and related; www.smartguard-solutions.com and https://www.luxsolutions.com/, respectively,
- Signed LOI to acquire a national HVAC services contractor to add go-to-market installation capabilities and cross-selling synergies with other portfolio companies; target is currently under national rebranding;
- Announced channel partnerships with AGILE Technologies Group, LLC and Clean Peak Energy, LLC to target their respective commercial and government customers with its growing clean building ecosystem of companies; www.4agiletech.com / https://cleanpeakenergy.us
Vik Grover, FOMO CEO, commented: “We relaunched FOMO in 2020 with the intent to build and maintain a valuable public company platform to fund, incubate and integrate growth businesses. We announced our first transaction when we acquired Purge Virus (“PV”), LLC in the second half of the year, and we recognized a small amount of revenues in the fourth quarter from the business. This was just the first step, and as we have previously announced in 2021, we are moving closer to our objective of being a one-stop-shop to provide the market with commercial building management services that save money and promote healthy living through smart/digital LED lighting, disinfecting and maintenance, and HVAC solutions. We expect to soon have the products, engineering, and installation services as well as financing capabilities for business, industrial and government customers.”
“As we have built this platform, we have tried to provide the maximum level of transparency of our strategy and each transaction we have pursued, through SEC filings, our website, and social media, and we believe there’s a great message not yet being recognized in the marketplace for our company. Further, our Advisory Board includes talented and experienced leaders in technology, construction, LED, and corporate finance, and reflects a culture of that is committed to being consistent with the ESG initiatives that FOMO is all about.”
“Upon completion of the above transactions which had a combined revenue of ~$11 MM in 2020, we will be in a position to recognize strong pro forma 2021E revenues based on current bookings alone, excluding sizable project already underway, in clean buildings, energy management, disinfection, and other verticals.”
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. Investors can find additional information about FOMO CORP. at our website: https://www.fomoworldwide.com/investor-relations.
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 certain 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:
Wayman Baker, PhD
EVP Corporate Development and Investor Relations
FOMO CORP.
(630) 286-9560
IR@fomoworldwide.com
Dwain Schenck
Schenck Strategies
(203) 223-5230
dwain@schenckstrategies.com
www.schenckstrategies.com
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