Fomo Corp. to Advise Homeland Resources to Get Sec Current and Explore M&a

Chicago IL, June 22, 2021 (GLOBE NEWSWIRE) -- FOMO CORP. (US OTC: FOMC) announces that its subsidiary FOMO ADVISORS LLC has been retained by Homeland Resources Ltd. (US OTC: HMLA) to bring HMLA current with regard to SEC reporting requirements and to advise on strategic mergers and acquisitions. As part of the relationship, FOMO CORP. has agreed to go exclusive with Homeland Resources Ltd. with a “no shop” through September 30, 2021 to explore the merger of its cannabis media subsidiary KANAB CORP., owner and operator of the cannabis health and wellness site Kanab Club (www.kanab.club), into the public entity.

Homeland Resources has been delinquent in its SEC filings for three years since filing a Form 15. Under the terms of the agreement, FOMO CORP.’s retainer will not vest until HMLA is brought current no later than September 30, 2021. FOMO CORP.’s CEO, Vik Grover, was appointed sole Director, CEO, CFO and Secretary of Homeland effective Monday June 21, 2021. Prior management and Directors concurrently resigned their roles at the Company.

Vik Grover, FOMO CEO, stated: “As I have said before, Kanab Club has been under development since 2019 when we began to reposition FOMO CORP. towards a portfolio of growth investments. With the United States legalizing flower and CBD and the federal government appearing to lean towards legalization, I believe Kanab Club is well positioned to carve out a niche sizeable user base in the U.S. and abroad with a worldwide addressable market of hundreds of millions of users including industry employees. For the foreseeable future, if not forever, I believe leading global social brands will not pursue this demographic directly or through advertising, leaving substantial share on the table for our early-mover social network. Looking ahead, we plan additional enhancements including iOS/Android apps and proprietary functionality to accelerate growth.

The potential merger into HMLA will position Kanab Club to achieve a greater valuation than that exhibited inside the FOMO CORP. holding company vehicle. The vehicle is an operating entity with a small cash flowing energy business. It has a small share structure of roughly two hundred fifty million common shares, a blanket preferred class that will facilitate corporate actions if implemented, and junior debt of roughly $125,000 making it an attractive vehicle for a turnaround and capital raising for a pure-play Internet business. Many of FOMO’s investors may not realize that we have been investing in this project steadily despite limited resources of the past. A potential Kanab Club carve-out/spin-out would separate it from cross-ownership with our disinfection, LED and energy management business and announced acquisitions making the FOMO story even more compelling. Such a move is inline with my vision to set up FOMO CORP. as a next-generation incubator of technology companies.”