Chicago, IL, Aug. 27, 2020 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire Purge Virus (www.purgevirus.com), a provider of COVID-19 disinfection technology, supplies and Personal Protective Equipment (PPE) products/services.
Purge Virus brings many benefits to ETFM including:
As consideration, FOMO will issue owners of PV 1.6MM Series B Preferred Shares subject to adjustment, which equates to 1.6BN common shares. PV will also generate additional equity based on an earn-out.
On the corporate action front, FOMO CORP. has increased its share structure to accommodate the acquisition using preferred stock which will not dilute common shareholders directly. The Company has not approved nor intends to execute a reverse split in 2020.
Said Charlie Szoradi: “Our Purge Virus team is excited to take our advanced disinfection technology offerings public through FOMO, given the massive size of the total addressable market in the U.S. and around the world. To date the market has been fragmented and our one-stop shop approach is not only timely given COVID-19 but also foundational for many years as people and businesses seek safe indoor air and energy efficiency advantages that come with proper HVAC disinfection”.
Said Vik Grover, CEO: “We understand the ramifications of the pandemic and what is means to the world. Capitalizing PV is a step forward in the rebirth of our Company and is a positive for mankind. This is the right deal at the right time, and I see significant upside.”
Global PPE Market $84.7BN+ forecast. Additional funding is being sought to handle the potential ramp-up in business volume.
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 Internet companies aligned with 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.
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.