Fomo corp., has acquired the assets of Independence LED Lighting, LLC (“ILED”) for 250,000 restricted Series B Preferred shares valued at $2.5 million. As part of the transaction, Fomo incurs none of the ILED debt obligations.
ILED, a U.S. manufacturer of energy-saving lighting, has a track record of installations that include marquis buildings such as Morgan Stanley’s Corporate Headquarters in New York City. ILED also 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 market is also expanding rapidly across the U.S., which provides an opportunity for an ILED advanced-agriculture product line.
Vik Grover, CEO of Fomo, commented, ”This exciting acquisition brings to us extensive products, services, and technologies in smart lighting, power over ethernet (“PoE”), and an expansive customer list spanning ten years of cultivation by ILED’s entrepreneurial and talented team.”
Charlie Szoradi, ILED CEO, commented, “As schools, businesses, and government facilities across the country and around the world push to reopen and stay open safely, COVID-19 protocols have added significantly to operating costs. The installation of LED lighting dramatically reduces operating costs."
Fomo intends to combine the majority of ILED’s assets with its planned acquisition of Ecolite LED Holdings, LLC, which is currently under audit and in due diligence. Management is assessing the formation of an indoor agriculture division to target the North American market for vegetables and cannabis, given the potential Federal legalization.
