Affluence Stock Price, News & Analysis

Affluence Corporation (OTC PINK:AFFU), a global technology company focused on smart infrastructure and edge computing solutions, has appointed Oscar Brito as President, effective immediately. Brito, who will report to the Board, brings extensive experience in private equity, capital formation, and M&A across multiple regions. His track record includes raising over $600 million for various projects and an additional $400 million as a principal investor. Notably, Brito was a co-founder and board member of iQSTEL Inc, a telecom company with $300 million in annual revenue. In his new role, Brito will be responsible for identifying, financing, and managing acquisitions within the United States, focusing on the Smart City and Connected Industries IoT space.

Affluence Corporation (OTC Pink:AFFU) has completed the acquisition of Barcelona-based Mingothings SLU (MTI), a specialist in IoT solutions and data analytics for smart cities. MTI will integrate with OneMind Technologies (OMT), another Affluence subsidiary, to enhance their OneMindNG platform with IoT connectivity and data analytics capabilities.

The strategic acquisition aims to capitalize on the Smart City and Connected Industries IoT market, which Fortune Business Insights projects to grow from $768 billion in 2024 to $4.6 trillion by 2032, representing a 25.2% CAGR. The combined offering will streamline customer experience and enable pursuit of larger market opportunities.

Affluence (OTC Pink:AFFU) has signed a definitive agreement to acquire Mingothings SL (MTI), a Barcelona-based specialist in IoT solutions and data analytics for smart cities. MTI will partner with OneMind Technologies (OMT), Affluence's subsidiary, to enhance their OneMindNG platform with predictive and prescriptive analytics.

The acquisition aims to combine MTI's IoT platform capabilities with OMT's AI-driven Hypervisor dashboard, enabling faster and more cost-effective implementation of IoT solutions. The smart city and connected industries IoT market is projected to grow from $768 billion in 2024 to over $4.6 trillion by 2032, with a CAGR of 25.2%.

As part of the agreement, MTI shareholders will exchange their equity for Affluence preferred stock, granting them voting control. William E. Gonyer has been appointed as CFO, emphasizing that cost synergies and accelerated growth will ensure positive cashflow. The acquisition's final step involves notarization under Spanish law, expected this month.

Affluence (AFFU) has announced that its subsidiary OneMind Technologies will partner with Mingothings Arabia to showcase their Smart City and IoT technology solutions at LEAP 2025, taking place in Riyadh, Saudi Arabia from February 9-12, 2025. The collaboration will demonstrate AI-powered IoT solutions and Smart City innovations at what is described as the world's most attended technology event.

Thierry Scozzesi, Chief Commercial Officer at OneMind Technologies, emphasized their focus on showing how AI, real-time data processing, and IoT integration can drive urban transformation, highlighting their commitment to delivering scalable solutions for smarter, more connected cities.

Affluence (OTC Pink:AFFU) has announced an agreement to acquire Mingothings SLU (MTI), a specialist in IoT solutions and data analytics for smart cities. The acquisition, expected to close in Q1 2025, will involve MTI shareholders exchanging their ownership for AFFU equity.

The merger aims to strengthen AFFU's OneMind Technologies subsidiary by integrating MTI's IoT platform capabilities with OneMindNG's AI-driven dashboard solution. The combined entity is projected to generate over $4 million in revenue in 2025 with EBITDA margins exceeding 10%.

This strategic move positions AFFU in the smart city and connected industries IoT market, which Fortune Business Insights projects to grow from $768 billion in 2024 to $4.6 trillion by 2032, at a 25.2% CAGR.

Affluence (OTC PINK:AFFU), a leader in Smart City Software and IoT, announced changes to its Board of Directors on October 14, 2024. James E. Honan, Jr. and Dale Haase resigned from the board, with Honan remaining as CEO. The company appointed Michael Balkin and William Gonyer as new independent board members. Gonyer brings over 30 years of accounting experience, while Balkin has 35+ years in capital markets. The current board consists of Rohan Chanmugam, Michael Balkin, and William Gonyer. No equity or ownership changes resulted from these appointments.

Affluence (OTC PINK:AFFU) announces that its subsidiary OneMind Technologies SL has signed a Memorandum of Understanding with Mingothings SLU following the Smart City Expo World Congress in Barcelona. The partnership aims to advance IoT and smart city infrastructure by combining OneMind's proprietary platform with Mingothings' IoT integration expertise. The collaboration framework includes business development, pre-sales, and marketing initiatives, focusing on Smart Cities, Security Command and Control, and Industrial IoT applications. Both companies will engage in joint market development, co-branded marketing, and shared customer engagement resources.

Affluence (OTC:AFFU), a leader in Smart City Software and Internet of Things (IoT), has provided an update on the company's status following the unwind of the Durham Black merger. CEO James E Honan, Jr. expressed disappointment that the merger was not finalized, noting that Durham Black exercised its 120-day unwind clause option.

The company clarified that the previously announced Letter of Intent (LOI) to acquire Contrivian was executed by Durham Black under the assumption of a merger with Affluence and is not part of Affluence Affluence is actively pursuing other opportunities and plans to update the market as they execute their strategy to acquire and manage technology assets.

Affluence (AFFU:OTC PINK), a leader in Smart City Software and IoT technology, has announced the unwinding of its merger with Durham-Black, a strategic consulting firm. The merger, initially announced on May 5, 2024, is being reversed due to failure to meet agreed-upon closing conditions. As a result, Durham-Black officers, including CEO Patrick Shutt, COO Mary Stanhope, CFO Yossi Hazan, and Board Member Robert Pollan, have resigned their positions.

Despite this setback, Affluence remains committed to growth through both organic means and acquisitions. The company reports a strong pipeline of potential acquisitions and is currently in discussions with several companies. Additionally, Affluence has implemented leadership changes at OneMind Technologies and plans to expand its presence in North America while building on established partnerships in the Middle East and Asia.