Wall Street Signals: #WallStreetNews - FOMO CORP TARGET LUX SOLUTIONS PARTICIPATES IN MAJOR WEST COAST UTILITY INCENTIVE PROGRAM

#WallStreetNews - FOMO CORP TARGET LUX SOLUTIONS PARTICIPATES IN MAJOR WEST COAST UTILITY INCENTIVE PROGRAM



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 has been installed by an approved partner. The incentive program announced by the utility does not involve any government funding but is intended to be stimulative to achieve the 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 carry over 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 - the 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.

Contact:

Wayman Baker, PhD
EVP Corporate Development
FOMO CORP.
(630) 286-9560

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