FOMO Worldwide Inc (IGOT)

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FOMO CORP.’S M&A TARGET ECOLITE WINS LARGE LIGHTING CONTRACT

March 19, 2021 8:00 AM

Chicago, IL, March 19, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM) is pleased to announce that EcoLite Holdings LLC, d/b/a EcoLite LED, has recently been awarded a contract with the Pelican Park Recreation District in Mandeville, Louisiana. EcoLite LED (https://ecoliteled.com/) has signed a Letter of Intent for acquisition by FOMO CORP.
The scope of the $1.5MM contract includes LED Sports Lighting upgrades on more than 32 baseball, softball, football and soccer fields, along with a dog park, skate park, parking area lots, gymnasium, concession stands, and a multiplex administration building. Phase 1 and 2 include 388 new sports lights and was completed in less than 60 days. The remaining Phases 3 and 4 consist of replacing more than 1000 of the 1500 W High-Intensity Discharge sports lights with new EcoLite 735 W Super Nova G-IV Sports Lights. This upgrade will increase the current lumen output average of 20-foot candles to nearly 40-foot candles, while reducing the kilowatt usage by more than 50%. EcoLite, in collaboration with the regional utility provider, Central Louisiana Electric Company (CLECO - https://www.cleco.com/), performed a comprehensive energy audit and estimated a net energy savings of 50% annually. As a result, CLECO agreed to pay 100% of the total cost of the lighting project.

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Jason Hewitt, Energy Solutions Consultant at Brilliant Efficiencies (http://www.brilliantefficiencies.com/) stated: "Simply put, the EcoLite Team hit it out of the park for this client! Projected to cost $1.5MM and take five years to upgrade the sports lighting, EcoLite will complete the project within one year and the negotiated rebate will cover 100% of the project cost!"
Said John Kelly, Founder and CEO of EcoLite Holdings: “It has been a pleasure to work with Jason Hewitt on the Pelican Park Project. The EcoLite Team has worked hard to complete this project in record time, and our client will realize significant savings in the years to come.”
Vik Grover, FOMO CORP. CEO, commented: “FOMO CORP. is proud to highlight this very successful project by EcoLite Holdings LLC. By covering 100% of the cost of the project through the savings for the client, EcoLite sets a great example for the smart lighting industry which has a projected revenue of more than $38BN by 2026 (https://www.alliedmarketresearch.com/smart-lighting-market).”