Custom Funding Solution Designated For Acquisition Of Smartsolution Technologies, Improve Fomo Corp. Liquidity, And Capital For Anticipated Growth.
TAMPA, Fla., Aug. 23, 2022 /PRNewswire-PRWeb/ -- 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 factoring 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.
"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, CFO's, and credit analysts.
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SOURCE ThermoCredit
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