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Chicago, IL, Jan. 05, 2022 (GLOBE NEWSWIRE) — FOMO CORP. (US OTC: FOMC), a technology business incubator, announces it has signed a $1 million dollar term sheet from an institutional investor for non-dilutive financing to close the planned acquisition of SMARTSolution Technology Inc. [“SST”] (https://smarterguys.com). Under the definitive agreement between the Companies, FOMO will issue SST’s owners one million Series B Preferred shares, issue three hundred million stock options for employees with a vesting schedule to be determined by FOMO and SST, and assume debt obligations for 100% ownership of the business. The funding will be used to refinance several hundred thousand dollars of bank debt and high interest credit lines and provide incremental capital for growth with upside expansion for SST’s needs or other FOMO acquisitions. SST currently has several six-figure contracts scheduled to be delivered in the first quarter of 2022 for sales and installations of collaborative audiovisual systems and integrated information sharing and presentation solutions, videoconferencing, and interactive meeting technology for K12 schools, colleges and universities and businesses.
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