FOMO CORP. SIGNS LOI WITH ONLINE ENERGY MANAGER, LLC FOR SMART BUILDING MANAGEMENT

Chicago, IL, Feb. 19, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: ETFM) is pleased to announce that it has signed a Letter of Intent (LOI) with Online Energy Manager, LLC (“OEM” - https://www.oem.us.com/), an international solutions provider of algorithmic software solutions for commercial building energy optimization. This LOI further establishes FOMO as a clean energy technology company within the growing “Clean-Tech” and smart building marketplace.

Established in 2008, OEM owns the patent Central Cooling and Circulation Energy Management Control System (Patent No. 8660702B2), granted by the U.S. Patent and Trademark Office (USPTO) in 2014. OEM’s trademarked Efficient Cooling and Refrigeration (ECORE-CI⁾ platform is based on this patented technology and serves as the foundation for OEM’s solutions that dynamically manage Heating, Ventilation, and Cooling (HVAC) systems, using non-disruptive and warranty-compliant implementation and connect to existing Building Management Systems to make facilities smarter and more energy efficient. Moreover, these solutions do not require replacing existing HVAC systems. A leading business consulting firm, that specializes in technology-based market research and analysis, assessed OEM’s patent and business model and estimated the risk-adjusted Net Present Value (rNPV) at between $17.2 and $62.4 million.

The ECORE Platform has been installed in nine Leadership in Energy and Environmental Design (LEED) Platinum hotels of the Starwood Group, as well as many other commercial properties including hotels and office buildings, all of which have resulted in HVAC system energy and cost savings of 20 to 35% with less than a three-year payback. ECORE also optimized a massive District Cooling Plant in the Middle East, which has installed cooling capacity of 25,000 tons (10 large chillers, each with 2,500 tons). That project yielded annual energy savings of over 15 million kilowatt hours and cost savings of $600,000. OEM offers clients an option to pay for ECORE from a share of the achieved savings, thereby minimizing or eliminating up-front costs. The low up-front costs and payments from savings provide an attractive option for customers, given the current economic challenges of COVID-19. As the world faces the continuing challenges related to climate change, reducing energy consumption is also a powerful means to reduce CO₂ for long-term sustainability.