GlobeNewswire
FOMO CORP. Acquires Assets of Independence LED Lights
Chicago IL, Feb. 16, 2021 (Globe NEWSWIRE) — FOMO CORP., (US OTC: ETFM), has acquired the property of Independence LED Lighting, LLC (“ILED”) for 250,000 restricted Sequence B Most well-liked shares valued at $2.5 million. As portion of the transaction, FOMO incurs none of the ILED financial debt obligations. ILED, a U.S. producer of power-preserving lights, has a keep track of history of high-quality installations that include marquis properties these as Morgan Stanley’s Company Headquarters in New York City, MetLife’s workplaces throughout the U.S., and many small corporations. U.S Govt “mission-critical” installations involve about 30 U.S. Navy ships for Military Sealift Command, Maritime Corps Foundation Quantico, the U.S. Office of Veterans Affairs Durham Clinical Center, Walter Reed Countrywide Army Healthcare Center, and the Thumrait Air Foundation in Oman, between some others. ILED also tends to make increase lights, for indoor farming, which reduce the length from farm to table. An raising selection of vacant professional structures can be retrofitted into indoor increase farms for lettuce, microgreens, and other greens. The hashish sector is also expanding rapidly across the U.S., which provides an prospect for an ILED advanced-agriculture products line. Vik Grover, CEO of FOMO COEP., commented, ”Following the LOI that we introduced in January, we moved swiftly to shut this acquire. This fascinating acquisition delivers to us extensive merchandise, products and services, and systems in good lighting, electricity above ethernet (“PoE”), and an expansive buyer checklist spanning 10 a long time of cultivation by ILED’s entrepreneurial and proficient workforce. Further more, Independence LED is competent to provide to the federal government on the GSA agenda, and LED increase lights has established to be extremely charge-powerful with fantastic yield rewards in indoor farming and hashish. Both equally of these spots are going through transformative durations of significant expense and advancement.” Charlie Szoradi, ILED CEO, commented, “As faculties, enterprises, and govt facilities across the place and around the earth thrust to reopen and remain open safely, COVID-19 protocols have added appreciably to operating fees. The installation of LED lights dramatically lessens running expenses. As documented by Statista, a leader of industry investigate, there has been a massive acceleration in industrial adoption of LED lighting from an estimated 1% of full-set up lights in 2010 to around 60% in 2020. And according to Grand Look at Research, the global LED lights marketplace sizing was valued at $54 billion in 2019 and is projected to develop at a compound once-a-year growth rate (CAGR) of 13.4% from 2020 to 2027.” FOMO intends to incorporate the bulk of ILED’s property with its prepared acquisition of Ecolite LED Holdings, LLC, which is currently less than audit and in because of diligence. Administration is assessing the formation of an indoor agriculture division to goal the North American market for veggies and hashish, offered the probable Federal legalization. For far more data on Independence LED Lighting, LLC and its dad or mum organization, FOMO CORP., visit www.independenceled.com and www.fomoworldwide.com, respectively. About FOMO CORP: FOMO CORP., p/k/a 2050 Motors, Inc., is a publicly traded organization concentrated on small business incubation and acceleration. The Firm invests in and advises emerging corporations aligned with a progress mandate. FOMO is acquiring direct expenditure and affiliations – vast majority- and minority-owned as effectively as in joint enterprise formats – that afford to pay for rising companies accessibility to the general public markets for growth cash as properly as spin-out selections to come to be their possess stand-by yourself public companies. About Independence LED Lights: Independence LED Lights, proven in 2011, delivers change-vital lights options for a wide selection of customers that consists of a line of award-profitable Built in the United states of america LED fixtures for commercial marketplaces. Independence LED Lighting’s products and solutions are manufactured within just its partner’s 50,000 sq. foot manufacturing facility in Norristown, Pennsylvania. Ahead On the lookout Statements: Statements in this press launch about our long run expectations, like with no limitation, the chance that FOMO CORP. will be equipped to fulfill least profits anticipations, be productive and financially rewarding in the sector, convey significant value to FOMO CORP.’s stockholders, and leverage money marketplaces to execute its development system, represent “ahead-seeking statements” within the which means of Section 27A of the Securities Act of 1933, Segment 21E of the Securities Trade Act of 1934, and as that term is defined in the Personal Litigation Reform Act of 1995. This sort of ahead-searching statements contain hazards and uncertainties and are subject to transform at any time, and our true final results could vary materially from envisioned results. The Enterprise undertakes no obligation to update or launch any revisions to these ahead-wanting statements to mirror situations or situations immediately after the day of this statement or to mirror the occurrence of unanticipated situations, other than as required by law. FOMO’s small business strategy described in this push release is subject matter to countless hazards, most drastically, no matter if the Firm is productive in securing suitable funding. No details in this push launch should really be construed in any type condition or manner as an indicator of the Company’s potential revenues, monetary affliction, or inventory cost. Contact: Wayman Baker, PhDEVP Corporate Improvement and Trader RelationsFOMO CORP.(630) [email protected] Media Speak to:Dwain SchenckE: [email protected] M: 203-223-5230