2050 Updates Shareholders; Launches Cannabis Social Network
Chicago, IL, Jan. 23, 2020 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) today updates shareholders on its investment programs. The Company is pleased to announce that its cannabis social network “Kanab Club” (“KC”) is open for business @ .
Planned improvements to KC 1.0 include the following:
- Friend recommendation engine similar to those offered by Facebook, Instagram, SNAP, Twitter and The Meet Group, which will allow members to connect with one another, is expected to be completed within 15 days. Management believes this engine is critical to driving a network effect and building a community for the site, allowing KC to populate with daily active users (DAUs) and monthly active users (MAUs) which are key metrics used to track social media traffic.
- iOS and Android apps for smartphone access to the system will require about five months of programming. Given 80%+ of consumer Internet traffic today is generated from smartphones, management believes these apps will be critical to growth.
- E-commerce marketplace for the sale of CBD products/services on a business-to-consumer (B2C) basis will require about two months, allowing KC to benefit from global online trade.
- Advertising (banner and video) to monetize the site will be launched after the site has reached scale.
- 420 dating engine vaulting KC into match-making services offered by market leader Match.com which generally does not cater to the cannabis community.
- Dispensary search engine to match users with cannabis choices and points of sale in the United States.
- Launch of a cannabis stock chat forum similar to InvestorsHub and StockTwits.
- Sports and eSports betting as allowed by rule of law.
- eSports tournaments.
On the corporate action front, FOMO CORP. has changed its name with the Secretary of State of California and with the SEC’s EDGAR system. Management is completing the paperwork for a FINRA name change and ticker change and will file shortly. A new corporate website will be deployed at as management turns the page to a new chapter from the Company’s discontinued electric vehicle business operated by prior owners. A shareholder presentation can be found in a form 8-K recently filed with the SEC below:
Separately, FOMO continues to hold 210 million (210,000,000) common shares of Mobicard, Inc. (OTC/PTOP) which has a market value based on yesterday’s closing bid of roughly $150,000 and is a tangible asset listed on the Company’s balance sheet.
Said Vik Grover, CEO: “2019 was a pivotal year for FOMO as we brought the Company current with SEC reporting, exited failed prior businesses, and targeted incubation investments in emerging growth companies. While some previously negotiated transactions were not consummated primarily due to our low stock price, we quietly incubated a social network targeting the estimated 250 million cannabis enthusiasts consuming CBD and THC products that are not catered to by mainstream social media for legal, regulatory or other reasons. An adult use social site with the tailwinds from the expected U.S. legalization of cannabis at the federal level and from multiple states over the coming year provides a powerful growth platform in today’s online world where users seek to connect to others that share their preferences and experiences. Even using conservative estimates for market penetration for KC of 1MM-5MM-10MM DAUs in three years and venture discount rates applied to recent DAU median values for social networks which may have much lower usage rates than KC on a daily and monthly basis, I believe KC’s growth opportunity leaves FOMO significantly undervalued. Included in our 2020 budget are expenses for public relations and endorsements from sites like to highlight the KC opportunity for investors. Additionally, we have hired an investor relations and corporate development professional to enhance our communications with the Street and strategic partners.”
About FOMO CORP.
FOMO CORP. a/k/a 2050 Motors, Inc. (to be launched @ ) is a publicly- traded company focused on business incubation and acceleration. The Company invests in and advises emerging Internet companies aligned with 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.
Disclosure Statement
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.
(630) 708-0750
