Chicago, IL, Oct. 20, 2021 (GLOBE NEWSWIRE) --FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: FOMC) is pleased to announce that its acquisition target, Lux Solutions LLC (Lux), an expected division of SmartGuard Energy LLC (https://smartguard-energy.com/) subject to closing, is participating in a large West Coast utility incentive program by conducting audits and implementation of energy efficiency technology including HVAC, lighting, and refrigeration. Lux’s effort is part of the utility’s five-year, $800 million incentive program throughout its service area. Lux’s participation is due in part to its long-standing relationship with the utility’s outside program manager, a division of the largest NASDAQ publicly traded Energy Service Company (ESCO) on the West Coast.
Lux’s participation along with several other similarly designated entities means that the cash incentives available under the utility’s new program can only be accessed by the utility’s customers if the installation of the new energy efficiency technologies have been installed by an approved partner. The incentive program announced by the utility does not involve any governmental funding but is intended to be stimulative to achieve a desired result - i.e., reducing energy consumption through the use of advanced technologies. While incentives are used to reduce the material cost of the modern technology itself, it potentially has a multiplier effect on the labor portion of the revenues charged by installers. Lux will focus on the commercial, industrial, and multi-family portion of the incentive program and has begun marketing this program to its customers. Lux has already completed the first program installation, and is beginning the second installation at the end of this month with several dozen more installations in the pipeline. In addition, Lux is working through audits and project development for referrals via the program manager.
Bill Butler, CEO of SmartGuard Energy, stated: “We are incredibly pleased that the utility and its program manager have recognized Lux’s capabilities and potential as a preferred vendor of services. This is a major opportunity for us in that it represents an immediately actionable source of major new business which will carryover for five years and is consistent with our overall objective of generating substantial recurring revenues over a multi-year period.”
Vik Grover, FOMO’s CEO, commented: “Lux’s participation in this program confirms what our due diligence process has disclosed about Lux - namely that Lux is a highly valued and trusted partner of major companies seeking to transition to new energy efficiency technologies. This is a significant new business opportunity, which adds to their existing $30 million weighted sales funnel through 2022. We look forward to closing our acquisition of SmartGuard Energy, which includes LEDF and Lux, near-term. The sky is the limit for our businesses aided by hundreds of billions of stimulus. The world has changed, and we are in the sweet spot.”
About FOMO CORP.
FOMO CORP. 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 targets access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.
Forward Looking Statements:
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. Additionally, although the Company has announced letters of intent to acquire additional companies, there is absolutely no assurances that any such transactions will result in a completed acquisition. 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.
Wayman Baker, PhD
EVP Corporate Development
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