Chicago IL, Feb. 16, 2021 (GLOBE NEWSWIRE) -- FOMO CORP., (US OTC: ETFM), has acquired the assets of Independence LED Lighting, LLC (“ILED”) for 250,000 restricted Series B Preferred shares valued at $2.5 million. As part of the transaction, FOMO incurs none of the ILED debt obligations.
ILED, a U.S. manufacturer of energy-saving lighting, has a track record of quality installations that include marquis buildings such as Morgan Stanley’s Corporate Headquarters in New York City, MetLife’s offices across the U.S., and many small businesses. U.S Government “mission-critical” installations include over 30 U.S. Navy ships for Military Sealift Command, Marine Corps Base Quantico, the U.S. Department of Veterans Affairs Durham Medical Center, Walter Reed National Military Medical Center, and the Thumrait Air Base in Oman, among others.
ILED also makes grow lights, for indoor farming, which reduce the distance from farm to table. An increasing number of vacant commercial buildings can be retrofitted into indoor grow farms for lettuce, microgreens, and other vegetables. The cannabis market is also expanding rapidly across the U.S., which provides an opportunity for an ILED advanced-agriculture product line.
Vik Grover, CEO of FOMO COEP., commented, ”Following the LOI that we announced in January, we moved quickly to close this purchase. This exciting acquisition brings to us extensive products, services, and technologies in smart lighting, power over ethernet (“PoE”), and an expansive customer list spanning ten years of cultivation by ILED’s entrepreneurial and talented team. Further, Independence LED is qualified to sell to the federal government on the GSA schedule, and LED grow lighting has proven to be highly cost-effective with exceptional yield benefits in indoor farming and cannabis. Both of these areas are undergoing transformative periods of significant investment and growth.”
Charlie Szoradi, ILED CEO, commented, “As schools, businesses, and government facilities across the country and around the world push to reopen and stay open safely, COVID-19 protocols have added significantly to operating costs. The installation of LED lighting dramatically reduces operating costs. As documented by Statista, a leader of market research, there has been a massive acceleration in commercial adoption of LED lighting from an estimated 1% of total-installed lights in 2010 to over 60% in 2020. And according to Grand View Research, the global LED lighting market size was valued at $54 billion in 2019 and is projected to expand at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027."
FOMO intends to combine the majority of ILED’s assets with its planned acquisition of Ecolite LED Holdings, LLC, which is currently under audit and in due diligence. Management is assessing the formation of an indoor agriculture division to target the North American market for vegetables and cannabis, given the potential Federal legalization.
About FOMO CORP:
FOMO CORP., p/k/a 2050 Motors, Inc., 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 emerging companies access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.
About Independence LED Lighting:
Independence LED Lighting, established in 2011, provides turn-key lighting solutions for a broad range of clients that includes a line of award-winning Made in the USA LED fixtures for commercial markets. Independence LED Lighting’s products are produced within its partner’s 50,000 square foot manufacturing facility in Norristown, Pennsylvania.
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.