FOMO CORP. has signed a letter of intent to acquire the assets of Independence LED Lighting LLC, specialized in CEA illumination. 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.
Charlie Szoradi, ILED CEO, says: “COVID-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 buildings 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.”
Said Vik Grover, FOMO, CEO: “This is the right deal for 2021, and I see significant upside. With the growing demand for energy-efficient buildings and President-elect Biden’s plan to upgrade 4 million buildings for energy efficiency, ILED is ideally positioned with proven U.S. made clean-energy technology to help support the goals of the new administration.
For more information:
Independence LED Lighting