FOMO Worldwide Inc (IGOT)

[Tenseevol]

FOMO CORP. RETIRES ALL DEFAULT DEBT AND ENTERS NEW ERA OF GROWTH

FOMO CORP.

April 1, 2021, 10:26 am

Chicago, IL, April 01, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: ETFM; “FOMO”) is pleased to announce that it has retired the final piece of aged variable debt in default on its books since 2019. Specifically, FOMO has retired the residual balance of a $200,000.00 Master Note partially funded by Tri-Bridge Ventures (“TBV”) on March 15, 2019, with $2,286.00 remaining principal, $3,069.86 accrued interest and $231,930.14 accrued penalties. For consideration, FOMO CORP. issued TBV 75,000,000 common shares. The transaction, along with two years of similar financial transactions, eliminated all default debt within FOMO’s capital stack/debt table making the Company current with its sole creditor GS Capital that funded a $205,000.00 redeemable junior note on January 20, 2021. TBV and GS Capital both participated in a $250,000 private placement of Series A Preferred shares earlier this year, showing their support for FOMO’s clean building eco-system strategy.
Vik Grover, FOMO CORP. CEO, commented: “This action culminates a two-year campaign to turn the Company around, driven in part by debt retirement and legal settlements since March 2019 when I was appointed to my office and to the Board by former investors. Now FOMO can move ahead to consummate definitive agreements with several announced acquisitions in smart lighting, energy as a service (“EaaS”), energy audits, design work, consultation and engineering/design, disinfection, HVAC services, and other. In the future, we are looking hard at robots as a service (“RaaS”) and additional disinfection technologies, all of which will help the country handle the new normal. We are ready to turn the page to this exciting chapter of growth with a clean slate.”