Chicago IL, June 22, 2021 (GLOBE NEWSWIRE) — FOMO CORP. (US OTC: FOMC) announces that its subsidiary FOMO ADVISORS LLC has been retained by Homeland Resources Ltd. (US OTC: HMLA) to bring HMLA current with regard to SEC reporting requirements and to advise on strategic mergers and acquisitions. As part of the relationship, FOMO CORP. has agreed to go exclusive with Homeland Resources Ltd. with a “no shop” through September 30, 2021 to explore the merger of its cannabis media subsidiary KANAB CORP., owner and operator of the cannabis health and wellness site Kanab Club (www.kanab.club), into the public entity.
Homeland Resources has been delinquent in its SEC filings for three years since filing a Form 15. Under the terms of the agreement, FOMO CORP.’s retainer will not vest until HMLA is brought current no later than September 30, 2021. FOMO CORP.’s CEO, Vik Grover, was appointed sole Director, CEO, CFO and Secretary of Homeland effective Monday June 21, 2021. Prior management and Directors concurrently resigned their roles at the Company.
Vik Grover, FOMO CEO, stated: “As I have said before, Kanab Club has been under development since 2019 when we began to reposition FOMO CORP. towards a portfolio of growth investments. With the United States legalizing flower and CBD and the federal government appearing to lean towards legalization, I believe Kanab Club is well positioned to carve out a niche sizeable user base in the U.S. and abroad with a worldwide addressable market of hundreds of millions of users including industry employees. For the foreseeable future, if not forever, I believe leading global social brands will not pursue this demographic directly or through advertising, leaving substantial share on the table for our early-mover social network. Looking ahead, we plan additional enhancements including iOS/Android apps and proprietary functionality to accelerate growth.
The potential merger into HMLA will position Kanab Club to achieve a greater valuation than that exhibited inside the FOMO CORP. holding company vehicle. The vehicle is an operating entity with a small cash flowing energy business. It has a small share structure of roughly two hundred fifty million common shares, a blanket preferred class that will facilitate corporate actions if implemented, and junior debt of roughly $125,000 making it an attractive vehicle for a turnaround and capital raising for a pure-play Internet business. Many of FOMO’s investors may not realize that we have been investing in this project steadily despite limited resources of the past. A potential Kanab Club carve-out/spin-out would separate it from cross-ownership with our disinfection, LED and energy management business and announced acquisitions making the FOMO story even more compelling. Such a move is inline with my vision to set up FOMO CORP. as a next-generation incubator of technology companies.”
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. 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.
Wayman Baker, PhD
EVP Corporate Development and Investor Relations
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