Chicago, IL, Oct. 19, 2020 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) and Purge Virus, LLC (PV–https://purgevirus.com/) are pleased to announce that the acquisition of PV by FOMO has been completed, effective October 19, 2020. Under the terms of the all-stock acquisition, PV has transferred all (100) membership units to FOMO in exchange for 2,000,000 shares of Preferred B stock issued to Mr. Charles Szoradi, Chief Executive Officer and founder of PV.
PV is a proven source for cost-effective germicidal disinfection of air and hard surfaces spanning commercial and residential buildings and structures. PV also provides Personal Protective Equipment (PPE) that mitigates the spread of COVID-19 and future pathogens. In short, PV focuses on creating safe, healthy, and also energy efficient “smart” properties. PV has established a consortium of industry professionals, manufacturers, and installers, so that the most appropriate disinfection solutions can be recommended and provided for a diverse range of facilities in the U.S. and around the world.
PV is currently pursuing 70 different sales opportunities ranging from single-family residential space to hotels, cruise ships, Veteran Affairs hospitals, and government and commercial office spaces. The possible revenue for the sales opportunities being pursued is substantial, not including PPE sales being generated by PV partner PPE Source International (PPESI) which is under a six-month M&A exclusive Agreement with FOMO. Under a separate Strategic Partnership Agreement, PV and PPESI split (50/50) the Adjusted Gross Profit (AGP) generated from the sale of PPE. AGP is defined as the total revenue generated less the cost of goods sold.
Vik Grover, FOMO CORP. CEO, said “I have known Charles Szoradi for three years. His portfolio of Companies – Energy Intelligence Center, Independence LED, and Purge Virus - along with PPESI, have the potential to become a one-stop shop for clean buildings and the COVID-19 response. This is the right deal at the right time to vault FOMO into a new era of growth.”
Charles Szoradi, PV CEO, said “Our team is so pleased to become a part of FOMO. With so many states seeing surges in COVID-19 cases and recent studies reporting COVID-19 mutations, vaccines alone may not solve this crisis. America and the world may have to accept a new normal for many years to come, and we are pleased to contribute to safe and healthier living.”
As part of the closing, Charles Szoradi has joined the FOMO Advisory Board and is expected to become a Director of FOMO in the future. In other FOMO Company news, the financial statements have been completed for December 2019, March 2020, and June 2020. 10-K and 10-Q documents should be completed in the near future and filed with the SEC.
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.
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.