ITEM 8.01 Other Events
FOMO CORP. issued the following press release on December 1, 2020 regarding its
approval to join the Alibaba Global Gold Supplier Program:
FOMO CORP. ANNOUNCES E-COMMERCE AGREEMENT BETWEEN PURGE VIRUS, LLC AND ALIBABA
PURGE VIRUS PRODUCTS TO BE OFFERED WITHIN ALIBABA'S B2B GLOBAL GOLD SUPPLIER
PROGRAM
Chicago, IL, Dec. 01, 2020 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM)
announces that its wholly owned subsidiary, Purge Virus, LLC ("PV";
https://purgevirus.com/), has met the necessary business verification criteria
and has been approved by Alibaba Group Holding Limited (NASDAQ: BABA; "Alibaba";
https://www.alibaba.com/) for its Global Gold Supplier Program effective
November 30, 2020. This approval provides a significantly expanded distribution
platform for Purge Virus. It is expected that PV disinfection technology
products will be available on the Alibaba platform globally on or before January
1, 2021. Purge Virus products will be incorporated online with volume-tiered
pricing to give business owners the ease of purchasing products by matching
their heating, ventilation, and air conditioning (HVAC) systems to the most
appropriate disinfection technology.
Alibaba is the world's largest retailer and e-commerce company with a market
capitalization of more than $750 billion and over 10 million active buyers in
their Business to Business (B2B) Program. Alibaba is uniquely positioned to
foster major portfolio accounts for Purge Virus that involve hotel and
restaurant chains, among large operators in other economic sectors such as
schools, hospitals, municipal buildings, medical facilities, commercial
buildings (malls, offices, etc.), airports, and other verticals.
The need for COVID-19 disinfection across the hospitality industry sparked this
engagement between Purge Virus and Alibaba. According the American Hotel and
Lodging Association (AHLA), there are over 5 million hotel rooms in the United
States, and, as of 2018, 16.97 million hotel rooms worldwide according to
Statista. Packaged Terminal Air Conditioner (PTAC) units are ubiquitous across
the hospitality industry. A PTAC unit is a type of self-contained heating and
air conditioning system commonly found in hotels and many other buildings. Purge
Virus does not manufacture PTACs but can improve PTACs by retrofitting them to
disinfect indoor air. Customers may also buy Purge Virus disinfection devices
and insert them into the PTAC units themselves. More info may be found here:
https://purgevirus.com/ptac-disinfection/.
PTAC unit retrofit solutions are ideal for hotels and motels, senior housing
facilities, and hospitals that face the most acute challenges for COVID-19. The
average cost of equipment and installation per room is $550 - $650. Purge Virus
also offers zero upfront cost financing over 3-5 years. The monthly cost can be
as low as $10 per month per room.
"We are so pleased to engage with Alibaba to increase the exposure of
disinfection technologies in the U.S. and around the world. Alibaba's platform
also gives us the ability to highlight key advantages of our solutions. As an
example, in addition to helping to reduce the spread of COVID-19, influenza and
other pathogens, Purge Virus technology offerings include odor removal, which is
an added feature to reduce tobacco and cannabis odors in hotel and motel rooms
and in other environments," said Charlie Szoradi, CEO of Purge Virus.
In Other Purge Virus News:
In order to proactively support forthcoming COVID-19 vaccines, Purge Virus has
developed and launched its Vaccine Center
(https://purgevirus.com/vaccine-center/). The Vaccine Center includes news and
vaccination location information, plus pins, masks and apparel for people who
may choose to inform their friends, colleagues, or customers that they have been
vaccinated.
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 -
majority- and minority-owned as well as in joint venture formats - that afford
emerging companies 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.'s 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.
CONTACT:
Vik Grover
CEO
FOMO CORP.
fomocorp2020@gmail.com
(630) 286-9560
Item 9.01. Exhibits
(a) Exhibits. The following exhibit is filed with this Current Report on Form
8-K:
Exhibit No. Description
10.1 FOMO CORP. - Alibaba Press Release 12-01-2020
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