2050 Updates Shareholders; Launches Cannabis Social Network
January 27 2020 - 12:48PM
InvestorsHub NewsWire
2050 Updates
Shareholders; Launches
Cannabis Social Network
Chicago,
IL -- January
27, 2020 --
InvestorsHub 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 @ www.kanab.club.
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
size 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 www.fomo.win 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:
https://www.sec.gov/Archives/edgar/data/867028/000149315220000797/form8-k.htm
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 www.cameo.com 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. p/k/a 2050 Motors,
Inc. (to be launched
@ www.fomo.win) 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
fomocorp2020@gmail.com