Chicago, IL, Oct. 13, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: FOMC) is pleased to announce that its acquisition target, SmartGuard Energy (https://www.smartguard-solutions.com/-SGE), is beginning a pilot program for the installation of energy efficient refrigeration technology in a major retail chain with over 400 stores throughout the Southwest U.S. As previously reported on September 30, 2021, FOMO is investing in an initial 40% membership interest in LED Funding IV LLC (LEDF) and Lux Solutions LLC (Lux) in a phased transaction that is expected to lead to the acquisition of 100% of each entity which will be owned and operated by a FOMO wholly owned subsidiary, SmartGuard Energy LLC (Wyoming) that has already been created. Lux has been designated the energy efficiency coordinator for the retail chain pilot effort.
This energy efficient refrigeration technology provides significant energy savings and, depending upon rebates, ROIs under one year. Upon confirmation of energy savings, the retail chain has indicated that it expects to authorize the installation of the technology in each of its locations. Estimated revenue from this project is projected to exceed significantly more than $10 million. The initial pilot program should be completed before Thanksgiving. Lux is discussing similar programs with other retail and convenience store chains throughout the U.S. Additionally, SmartGuard is in discussion with its Puerto Rican partner, ESCOPR, to deploy the technology in Puerto Rico.
Bill Butler, the SGE CEO, commented: "We are very excited about this pilot program and see an enormous growth opportunity with this new technology. The combination of innovative state-of-the-art energy savings technologies with access to capital to help accelerate sales is all part of our long-term growth strategy. We look forward to scaling this to other retail chains throughout the U.S. and to other verticals as well."
Vik Grover, FOMO CORP. CEO, said: “This is exactly the type of opportunity we envisioned for FOMO with the acquisition of SmartGuard Energy. They are well-positioned to expand their already impressive footprint in the energy management space. We expect to close our initial investment in LEDF and Lux (SGE) imminently. We are working hard to close the entire SGE deal by the end of 2021. SGE will take FOMO to the next level. Now it’s gametime.”
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:
Wayman Baker, PhD
EVP Corporate Development
FOMO CORP.
(630) 286-9560
ir@fomoworldwide.com
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