ThermoCredit Creates A $2.5 Million Finance Package for Publicly Traded FOMO CORP
CUSTOM FUNDING SOLUTION DESIGNATED FOR ACQUISITION OF SMARTSOLUTION TECHNOLOGIES, IMPROVE FOMO CORP. LIQUIDITY, AND CAPITAL FOR ANTICIPATED GROWTH.
Tampa, FL, August 23, 2022 -- ThermoCredit announced two new credit facilities totaling 2.5-million dollars for FOMO CORP. (FOMO), enabling the acquisition of SMARTSolution Technologies (SST) and liquid capital for future endeavors. The credit facilities were provided to FOMO CORP. via an Asset Based Loan and purchase order funding, which allowed for maximum flexibility as the needs of the combined companies evolve.
“ThermoCredit’s extensive M&A expertise, simplified approval process, and practical funding requirements inspired confidence,” FOMO CFO Terry Johnson commented. “Working with Seth Block and his team saved us time and money. They listened to our needs and provided options and to address them.” FOMO’s CEO Vik Grover added, “I’ve had past dealings with ThermoCredit and they’ve become my go-to for custom finance solutions. ThermoCredit’s team provided exceptional guidance and assistance which helped ensure success in the SST acquisition. ThermoCredit is a real business partner—one with FOMO’s best interests at heart.”
When FOMO required funding to acquire SST, ThermoCredit crafted a package to meet the specifications of the deal. ThermoCredit created a credit facility comprised of a 1.5-million–dollar asset-based loan in conjunction with a 1-million–dollar purchase order facility.
“When we were approached about providing financial support to FOMO with their acquisition of SST, we realized this was an ideal situation. The ThermoCredit team looked at the details of the FOMO business plan, the needed financial resources, and it was an easy decision to provide funding,” stated ThermoCredit EVP Seth Block. “FOMO’s acquisition of SST will be a game changer; merging these two companies will be mutually beneficial. We look forward to working with them over time and helping them grow.”
The funding provided by ThermoCredit is non-dilutive to FOMO’s fiscal reporting. For further information about FOMO, please visit https://www.fomoworldwide.com/
Since 2002, ThermoCredit has provided funding for hundreds of businesses in the Communications and Technology industries. As an alternative lender, ThermoCredit has access to significant financial resources and has provided over $1,000,000,000 worth of capital to companies to meet the needs of their businesses. Our team is composed of people who come from a range of financial backgrounds, including tier one investment banking houses, CFOs, and credit analysts.
About Thermo Credit, LLC
ThermoCredit is a privately held funding company, providing financial solutions in the form of asset-based loans, accounts receivable financing, factoring services, and more. Since 2002, ThermoCredit has provided over $1,000,000,000 in financing to hundreds of companies. Financial liquidity options to growing companies, while allowing ownership to retain equity, is the cornerstone of ThermoCredit’s business focus. For more information, visit www.thermocredit.com or contact Seth Block at (504) 975-8599. Press and media inquiries can be directed to David Goldstone of The Small Marketing Agency at (321) 689-3335 or firstname.lastname@example.org.
About FOMO CORP.
FOMO CORP. (https://www.fomoworldwide.com/) 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 target access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.