{"id":408889,"date":"2021-01-05T15:15:27","date_gmt":"2021-01-05T20:15:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=408889"},"modified":"2021-01-05T15:15:27","modified_gmt":"2021-01-05T20:15:27","slug":"fomo-corp-agrees-to-acquire-independence-led-lighting-llc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fomo-corp-agrees-to-acquire-independence-led-lighting-llc\/","title":{"rendered":"FOMO CORP. AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">\n        <strong>Chicago, IL, Jan.  05, 2021  (GLOBE NEWSWIRE) &#8212; <\/strong>FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire the assets of Independence LED Lighting, LLC (\u201cILED\u201d &#8211; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Cux7ioMUa7gpOBTOTXr4lfGh099m-7S5IYM0V2W2QgpkfGFWk_tO8RDAtxTONnC_maBW_eH3cJHtIbjvC_-JZNCN1_dNu3QHgFx56WBwvD4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.IndependenceLED.com<\/u><\/a>), a U.S. manufacturer of Buy American Act (BAA) Compliant light-emitting diode (LED) tubes, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0KLQEZgX1SYFQg_ZECNMJHFtlJU9twuOi-M-xLKdQwJxIQOyW0YwpP5ESh_U4UnmI5m4nSRfPbwXykSFy3df39lsWlla8beyNG3e4eNx4qWJdUV7CfMy3JumoepAjgt2\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">fixtures<\/a>, and specialized illumination for Controlled Environment Agriculture (CEA), commonly referred to as <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lBrplO0MkPCgLitiSrVfwwwEhHjiouCF0x-1-xNk4a7qyH8tnovhpZhAWzHEhbUmOX8rFBOBqsquWtdH7zY2a_Bl9nnSDMofG5pHH-3eh40=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">grow lights<\/a> for indoor farming.<\/p>\n<p align=\"justify\">ILED, formed in 2011, and brings many benefits to FOMO including:<\/p>\n<ul type=\"disc\">\n<li style=\"text-align:justify\">Patented technology, with a <a href=\"https:\/\/patents.google.com\/patent\/US20120062129A1\/en?q=szoradi+LED&amp;oq=szoradi+LED\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">2014 Patent<\/a> grant by the U.S. Patent and Trademark Office (USPTO) that focus on dynamic \u201cSMART\u201d lighting for improved user experience, which is in line with the recent December 21, 2020 announcement, \u201c<a href=\"https:\/\/www.prnewswire.com\/news-releases\/honeywell-and-signify-team-up-to-deploy-integrated-lighting-solutions-to-improve-occupant-experience-301196802.html\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Honeywell and Signify Team up to Deploy Integrated Lighting Solutions to Improve Occupant Experience<\/a>\u201d;<\/li>\n<li style=\"text-align:justify\">Direct Current (DC) powered \u201cdriverless\u201d fixtures, for <a href=\"https:\/\/independenceled.com\/dc-microgrids\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">DC microgrids<\/a>, which save more energy than other LED fixtures and include \u201cSMART\u201d controls from remote hubs and Internet of Things (\u201cIoT\u201d);<\/li>\n<li style=\"text-align:justify\">Proven <a href=\"https:\/\/independenceled.com\/case-studies\/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">case studies<\/a> and reliability with more than 50% energy savings over traditional lights and an industry leading 10-year warranty;<\/li>\n<li style=\"text-align:justify\">Options for zero upfront financing, utility rebate administration, and installation coordination;<\/li>\n<li style=\"text-align:justify\">\n          <a href=\"https:\/\/independenceled.com\/pdfs\/Independence-LED-Lighting-Sample-U.S.-Public-and-Private-Sector-Solutions-Q1-2020.pdf\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Private sector accounts<\/a> that have ranged from Morgan Stanley\u2019s Corporate Headquarters in New York City and MetLife\u2019s offices across the U.S. to quick serve restaurants (QSR) and small businesses;<\/li>\n<li style=\"text-align:justify\">U.S Government \u201c<a href=\"https:\/\/independenceled.com\/pdfs\/Independence-LED-Lighting-Sample-U.S.-Public-and-Private-Sector-Solutions-Q1-2020.pdf\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">mission-critical<\/a>\u201d installations on over 30 U.S. Navy ships for Military Sealift Command,\u00a0Marine Corps Base Quantico, the U.S. Department of Veterans Affairs Durham Medical Center, Walter Reed National Military Medical Center, and the Thumrait Air Base in Oman;\u00a0<\/li>\n<li style=\"text-align:justify\">Veteran Owned and Minority Owned Government contractor relationships to help facilitate sales and sources for other BAA Complaint and imported lights to match the regulatory and budgetary needs of any commercial or government customer; and<\/li>\n<li style=\"text-align:justify\">Robust and impressive search engine optimization (SEO) generated over the past decade with 1<sup>st<\/sup> page ranking on Google for dozens of terms related to, \u201cMade in America LED lighting\u201d. This is key to connect government and private sector buyers to ILED.<\/li>\n<\/ul>\n<p align=\"justify\">As consideration for the acquisition, with a 30-day due diligence period, FOMO will issue ILED 250,000 Series B Preferred Shares, convertible to 250 million common shares.<\/p>\n<p align=\"justify\">Said Charlie Szoradi, ILED CEO \u201cCOVID-19 has awakened the U.S. to the need for safe, efficient buildings with improved indoor air quality and operating cost reductions through energy savings. Aligning ILED with FOMO is a logical way to bring customers the results they seek. COVID-19 has also highlighted the vulnerabilities in the U.S. food supply chain. Increasing lines at food banks, are due in part to long distance food transit across state lines. ILED makes grow lights, for indoor farming, which reduce the distance from farm to table. An increasing number of vacant commercial\u00a0buildings can be retrofitted into indoor grow farms for lettuce, microgreens, and other vegetables. The cannabis and hemp\/CBD markets are also expanding rapidly across the U.S.\u201d<\/p>\n<p align=\"justify\">Said Vik Grover, FOMO, CEO: \u201cThis is the right deal for 2021, and I see significant upside. With the growing demand for energy-efficient buildings and President-elect Biden\u2019s plan to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bElOIfLkge8u4u6hmSAH_tSuVT0kxT4epLSZ5eQviB_OtePddPjfSPoBI-5pgs_P02xPUO-8mdSsyxE2AY55qxFD6PGX3PAjZSbtwPZ06w-GZjHAastcAdEHE8u57Cwh\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">upgrade 4 million buildings<\/a> for energy efficiency, ILED is ideally positioned with proven U.S. made clean-energy technology to help support the goals of the new administration. With 3.4 billion square feet of U.S. government real estate and an average of $.50 to $1.00 per square foot to retrofit with LEDs, the market is large and growing. To this end, a 37-page American LED Alliance <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YPwd0JQqCaInKJDQbGSvGmOvBBDfWtM0BrPfgl1iWRr7axHVkzXX76oa8Hfrv7a-xAgPimQ244sqT4r9wh6RzDUtFCrEPmYEefgK2Prgil4=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Full Report<\/a> identifies over $1.1 billion in annual energy savings with LED retrofits for the U.S Government.\u201d<\/p>\n<p>About the ILED Patent<\/p>\n<p align=\"justify\">On July 21, 2011 ILED\u00a0filed its \u201cSMART\u201d light patent, which was granted by the USPTO on October 14, 2014. The ILED patent US-20120062129A1:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=AZYNyX8TwiXQBS8nEz8GgdeQ5P095IaOz0b4iHEHAuJxC3_Bcw0uy90_2l3Bwn-06lyGeEJkocvWmHL5VLkLCTf320AxTW2n6FrjAxd8DxjLXVe1xZ7T_6Q9t0L17vHRvDt2K4Fz9uhEa07EXGyvmuCJh1Rfj1QGYJdKW0iBEsU2_r1j2FfqgysjYyB9Ocsk-_IuCwzGdmQt2hboLLS7wA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">LIGHT ENGINE DEVICE WITH DIRECT TO LINEAR SYSTEM DRIVER<\/a> is focused on LED lighting with remote drivers, rotatable linear modules, and computer control for smart illumination. Rotatability addresses the need of end users to have the flexibility to adjust the beam angles for a diverse range of commercial and industrial\u00a0applications. This benefit is valuable for indoor agriculture to maximize plant growth with the proper photosynthetic\u00a0photon flux density as well as building illumination. The granted patent also includes\u00a0remote computers coupled to\u00a0controllers by a network, which is increasingly relevant for the IoT for smart lighting.<\/p>\n<p>About FOMO CORP.<\/p>\n<p align=\"justify\">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 &#8211; majority- and minority-owned as well as in joint venture formats &#8211; 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.<\/p>\n<p>Forward Looking Statements:<\/p>\n<p align=\"justify\">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.\u2019s stockholders, and leverage capital markets to execute its growth strategy, constitute &#8220;forward-looking statements&#8221; 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\u2019s 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\u2019s future revenues, financial condition, or stock price.<\/p>\n<p>CONTACT:<\/p>\n<p>FOMO CORP.<br \/> Investor Relations<br \/>(630) 286-9560<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=ajAyXVzX7jdKvYnYfjCx7xt6VH55tgAnfX_086IImugW5jvf6FMzYCF6oW-8RnRs9hkP4J5GRuk1BP26MmBKa24CY70ecXaNfU2xPPAFL8A=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>IR@fomoworldwide.com<\/u><\/a><\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODEyMTAxNSMzOTA1ODA0IzUwMDA2NDg0Ng==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/5c7aff91-c4c8-49f5-813b-3298186e75a1\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chicago, IL, Jan. 05, 2021 (GLOBE NEWSWIRE) &#8212; FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire the assets of Independence LED Lighting, LLC (\u201cILED\u201d &#8211; www.IndependenceLED.com), a U.S. manufacturer of Buy American Act (BAA) Compliant light-emitting diode (LED) tubes, fixtures, and specialized illumination for Controlled Environment Agriculture (CEA), commonly referred to as grow lights for indoor farming. ILED, formed in 2011, and brings many benefits to FOMO including: Patented technology, with a 2014 Patent grant by the U.S. Patent and Trademark Office (USPTO) that focus on dynamic \u201cSMART\u201d lighting for improved user experience, which is in line with the recent December 21, 2020 announcement, \u201cHoneywell and Signify Team &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fomo-corp-agrees-to-acquire-independence-led-lighting-llc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;FOMO CORP. AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-408889","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FOMO CORP. AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/fomo-corp-agrees-to-acquire-independence-led-lighting-llc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FOMO CORP. AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Chicago, IL, Jan. 05, 2021 (GLOBE NEWSWIRE) &#8212; FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire the assets of Independence LED Lighting, LLC (\u201cILED\u201d &#8211; www.IndependenceLED.com), a U.S. manufacturer of Buy American Act (BAA) Compliant light-emitting diode (LED) tubes, fixtures, and specialized illumination for Controlled Environment Agriculture (CEA), commonly referred to as grow lights for indoor farming. ILED, formed in 2011, and brings many benefits to FOMO including: Patented technology, with a 2014 Patent grant by the U.S. Patent and Trademark Office (USPTO) that focus on dynamic \u201cSMART\u201d lighting for improved user experience, which is in line with the recent December 21, 2020 announcement, \u201cHoneywell and Signify Team &hellip; Continue reading &quot;FOMO CORP. 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AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/fomo-corp-agrees-to-acquire-independence-led-lighting-llc\/","og_locale":"en_US","og_type":"article","og_title":"FOMO CORP. AGREES TO ACQUIRE INDEPENDENCE LED LIGHTING, LLC - Market Newsdesk","og_description":"Chicago, IL, Jan. 05, 2021 (GLOBE NEWSWIRE) &#8212; FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a letter of intent (LOI) to acquire the assets of Independence LED Lighting, LLC (\u201cILED\u201d &#8211; www.IndependenceLED.com), a U.S. manufacturer of Buy American Act (BAA) Compliant light-emitting diode (LED) tubes, fixtures, and specialized illumination for Controlled Environment Agriculture (CEA), commonly referred to as grow lights for indoor farming. ILED, formed in 2011, and brings many benefits to FOMO including: Patented technology, with a 2014 Patent grant by the U.S. Patent and Trademark Office (USPTO) that focus on dynamic \u201cSMART\u201d lighting for improved user experience, which is in line with the recent December 21, 2020 announcement, \u201cHoneywell and Signify Team &hellip; Continue reading \"FOMO CORP. 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