Chicago, IL, Aug. 16, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (OTC: FOMC) has signed a Letter of Intent (“LOI”) to acquire SMARTSolution Technologies Inc. (SST - https://smarterguys.com/ ). The business will operate as a wholly owned subsidiary of FOMO and keep its name and brand in addition to its current HQ in Pittsburgh, PA. The transaction is expected to be completed by end of September 2021, subject to signing a Definitive Agreement and refinancing of SST’s bank debt of several hundred thousand dollars.
SST is a well-established provider of interactive communication tools and related IT systems to schools and colleges, as well as to corporations and healthcare institutions including hospitals and clinics for telemedicine. SST designs and builds advanced audio-visual enabled conference rooms, training rooms, and classrooms. The Company also provides professional audio-visual equipment, installation and related-IT integration, as well as follow-up maintenance and support services.
Some of the capabilities of SST include collaborative technologies, sharing information over multiple devices and multiple locations, interactive meeting tools, audio systems for group sharing, digital signage, the latest audio and visual technologies, videoconferencing, and interactive meeting technologies, including white boards. In addition to SST’s growing clients in the corporate and healthcare sectors, the company’s current largest client-base also includes over 150 school districts located in Pennsylvania and the neighboring Mid-Atlantic states.
In brief, SST is well-positioned to capitalize on the growing demand for remote communication technologies coupled with advanced teaching (i.e., "EdTech") tools such as its line of digital boards for schools and colleges in the current and post-COVID environment. Additional add-on acquisitions are planned to complement SST’s product line and to aggressively expand geographically in the coming months.
Under the LOI, the terms of the offer include the issuance of one million (1,0000,000) Series B Preferred shares, three hundred million (300,000,000) common stock purchase warrants struck at $0.02, and the assumption of several hundred thousand dollars in bank debt. FOMO is currently in discussions with commercial lenders, family offices, and institutional investors for financial backing. An accelerated due diligence effort is underway with an on-site review and analysis scheduled for August 25, 2021.
Both SST and FOMO management see a significant opportunity for expansion and plan to form an “EdTech” division in FOMO with like acquisitions, grow SST organically in additional markets, and cross-sell clean air, lighting, robots as a service (“RaaS”), energy management, and broadband to SST’s existing and future customers.
Mitchell Schwartz, current CEO & Founder of SST added: "I look forward to SST's joining FOMO's expanding family of "tech-driven" firms. This transaction also allows SST to gain access to additional capital to accelerate its growth by beefing-up its sales & marketing resources, pursuing complementary acquisitions, and capitalizing on cross-selling opportunities within FOMO's family of companies. For SST's dedicated staff, the transaction will expand career opportunities, and for our clients including more than 150 school-districts in the Mid-Atlantic, this will offer them access to broadened and innovative products & services from SST and FOMO's family of companies covering Ed-Tech, Energy Efficiency and Safety solutions for buildings. In brief, I couldn't be more thrilled by this pending "win-win-win" combination of SST and FOMO".
Vik Grover, CEO of FOMO CORP., stated: “This accretive acquisition nicely complements and significantly broadens its portfolio of companies and planned acquisitions in the clean-tech arena and should provide good value to FOMO shareholders. I am extremely pleased with the opportunity to acquire SST”.
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