Chicago, IL, April 01, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM; “FOMO”) is pleased to announce that it has retired the final piece of aged variable debt in default on its books since 2019. Specifically, FOMO has retired the residual balance of a $200,000.00 Master Note partially funded by Tri-Bridge Ventures (“TBV”) on March 15, 2019, with $2,286.00 remaining principal, $3,069.86 accrued interest and $231,930.14 accrued penalties. For consideration, FOMO CORP. issued TBV 75,000,000 common shares. The transaction, along with two years of similar financial transactions, eliminated all default debt within FOMO’s capital stack/debt table making the Company current with its sole creditor GS Capital that funded a $205,000.00 redeemable junior note on January 20, 2021. TBV and GS Capital both participated in a $250,000 private placement of Series A Preferred shares earlier this year, showing their support for FOMO’s clean building eco-system strategy.
Vik Grover, FOMO CORP. CEO, commented: “This action culminates a two-year campaign to turn the Company around, driven in part by debt retirement and legal settlements since March 2019 when I was appointed to my office and to the Board by former investors. Now FOMO can move ahead to consummate definitive agreements with several announced acquisitions in smart lighting, energy as a service (“EaaS”), energy audits, design work, consultation and engineering/design, disinfection, HVAC services, and other. In the future, we are looking hard at robots as a service (“RaaS”) and additional disinfection technologies, all of which will help the country handle the new normal. We are ready to turn the page to this exciting chapter of growth with a clean slate.”
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 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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