Chicago IL, Oct. 05, 2022 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: FOMC) has engaged Elmcore Securities LLC, a member FINRA/SIPC broker-dealer, to advise on strategic mergers and acquisitions in the education technology market. The firm has an extensive track record in technology M&A and has a proprietary target list of several dozen entities, including stand-alone companies and corporate divestitures of education technology and services for corporate training, K-12, post-secondary colleges and universities, private education, enterprises, and others.
Felix Danciu, Elmcore’s CEO said, “We’re excited to help pursue a roll-up strategy with FOMO in the EdTech industry. Remote learning continues to grow and we believe there are both revenue and cost synergies among small- to medium-sized companies by merging with one another.”
Vik Grover, FOMO’s CEO commented: “It’s time for FOMO to bring real horsepower to its merger and acquisition strategy and take the company to the next level. After talking to many investment banks and spending twenty years on Wall Street, I believe Elmcore’s middle market focus and expertise in technology make its organization ideal for assisting us in growing our business and enhancing FOMO’s positioning as a publicly traded entity.
The SMARTSolution Technologies, LP (“SST”) acquisition completed earlier this year is generating record sales and its audit is nearing completion. Though that has taken longer than expected, it is now time to add to SST’s strong organic growth by folding businesses into our ecosystem that add new markets, new products, new services, and other diverse opportunities that can add to the top line and accelerate growth. SST is well positioned in its core markets in eastern Ohio, western Pennsylvania and West Virginia leaving a large regional and national growth opportunity wide open for the taking. We are currently expanding into Philadelphia and assessing nearby states for expansion. Today, the smart board industry is booming aided by billions of stimulus dollars from ESSER funds I-II-III, but it is fragmented with numerous companies similar to SST’s size available for consolidation.
Meanwhile, we have rebranded our clean technology businesses and are ready to cross-sell UV-C and ionization air disinfection, LED retrofit and HVAC energy management technologies to our existing and new customers which should further catalyze growth. Such project sales have a longer lead time and typically require engineering audits of properties, but the revenue opportunity per location can be in the hundreds of thousands of dollars and even millions. Over time, as we add products and services to the embedded base, edge out and expand into new markets, and layer digital media services and on demand instruction to the portfolio, I believe our education technology and clean technology businesses will generate significant value for our shareholders. The total addressable market is enormous.”
About Elmcore Securities LLC
Elmcore Securities LLC, a wholly-owned subsidiary of Elmcore Group Inc., is a member FINRA/SIPC broker-dealer based in Chicago, Illinois (http://elmcore.com/), which specializes in mergers and acquisitions advisory services, debt and equity capital raising, strategic advisory, and financial transaction analysis, including fairness opinions and valuations. Coupled with a “hands-on” approach and a wealth of “real world” business experience, Elmcore Securities continues to build upon a foundation that is unique and critical in this current economic climate. The firm takes a practical approach to investment banking and lends operations know-how to each of its engagements.
About FOMO CORP.
FOMO CORP. (https://www.fomoworldwide.com/) 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. 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.
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