FOMO CORP. AND PURGE VIRUS LLC ANNOUNCE DEFINITIVE AGREEMENT SIGNING
Rhea-AI Summary
On September 30, 2020, FOMO CORP. (US OTC: ETFM) announced the acquisition of Purge Virus, LLC, enhancing its service offerings against COVID-19 and other infectious diseases. This all-stock deal highlights a multi-billion dollar market potential with a comprehensive solutions package, including UV lighting and PPE products. The acquisition gives access to a federal bidding schedule with significant growth prospects and relationships with energy management providers. Purge Virus has projected revenues and zero upfront cost financing options for clients, which could boost FOMO's market position.
Positive
- Acquisition of Purge Virus enhances product offerings against infectious diseases.
- Access to a multi-billion dollar market opportunity.
- Projected revenues and profits from Purge Virus.
- Ability to offer zero upfront cost options to customers via financing.
Negative
- Success is contingent on FOMO securing adequate financing.
- Risks and uncertainties tied to future profitability and sales expectations.
Chicago, IL, Sept. 30, 2020 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) and Purge Virus, LLC are pleased to announce they have signed a definitive agreement for the acquisition of Purge Virus, LLC by FOMO CORP. The all-stock acquisition provides several notable benefits to the two companies, their customers, and FOMO shareholders, as cited in an August 27, 2020 press release announcing the Letter of Intent signing, including:
- A total solutions package to allow enterprises to disinfect their premises from COVID-19 and future infectious diseases the world may encounter, which is estimated to be a multi-billion-dollar market opportunity;
- Ultraviolet (UV) lighting solutions, bipolar ionization, and photoplasma, plus Personal Protection Equipment (PPE) products/sales to assist clients in protecting their premises and clients from virus proliferation, which is an urgent global need;
- Access to a federal bidding schedule with up to three billion square feet of federal real estate with substantial growth potential above and beyond that level; and,
- Relationships with energy management providers that allows growth in the “network in the ceiling” above and beyond the initial COVID-19 opportunity.
Purge Virus, LLC is a vibrant existing business with projected revenues and profits. The company has access to over
PV has been actively recruiting and training a growing sales network to address the property types most applicable to its technology solutions as defined on its website (https://purgevirus.com/): Healthcare, Hospitality, Education, Retail, Offices, Industrial, Residential, Multi-Family, and Public Assembly.
Vik Grover, FOMO CORP. CEO said “I have known Charles Szoradi for several years and have been impressed with his business acumen. The Purge Virus portfolio of products and services is the right deal to fight the pandemic. I am thrilled that this agreement has been signed.”
"Given the timeliness of the opportunity to merge with FOMO, our team was pleased that we could navigate the complexity of the final Definitive Agreement with such focus and attention to detail. I credit both our team and FOMO for working with agility and tenacity to bring it to fruition," said Charlie Szoradi, founder and CEO of Purge Virus LLC.
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.
Disclosure Statement
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.
CONTACT:
Vik Grover
CEO
FOMO CORP.
(630) 708-0750
fomocorp2020@gmail.com
