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Affluence Corporation - AFFU STOCK NEWS

Welcome to our dedicated page for Affluence Corporation news (Ticker: AFFU), a resource for investors and traders seeking the latest updates and insights on Affluence Corporation stock.

Affluence Corporation (AFFU) is a diversified technology company specializing in Smart City Software and Internet of Things (IoT) solutions. Headquartered in Oak Brook, IL, the company focuses on delivering innovative IoT, AI, and 5G technologies aimed at transforming urban living and industrial operations.

Affluence Corporation operates through its key subsidiary, OneMind Technologies SL, based in Barcelona, Spain. OneMind offers intelligent IoT solutions used in creating applications for smart city and smart industry operations. The platform connects data sources to a single point of insight, providing real-time information on operational processes, which is crucial for efficient city management and industrial automation.

Recently, Affluence Corporation has shown significant growth and strategic expansion. In the third quarter of 2023, the company reported a revenue of $433,000 with a gross margin of 84%. Despite a slight decrease in quarter-over-quarter revenue, the emphasis on increasing SaaS customers and investment in product development has positioned Affluence for future growth. The introduction of OneMind NG Polar, a smart IoT tool, marks a significant advancement in their product lineup, suitable for Smart City command, Big Data applications, telecom, and data centers.

In November 2023, Affluence announced a partnership with Durham Black to implement a two-pronged growth strategy aimed at unlocking new markets and enhancing value through acquisitions. This strategic move is set to establish Affluence as a global leader in smart industries and next-generation internet solutions.

January 2024 saw Affluence expanding into the $500 billion global connectivity market with the acquisition of Contrivian Inc. This acquisition provides sophisticated network services essential for modern cloud computing, AI, and SaaS demands, bolstering Affluence's market presence.

Continuing its expansion, in April 2024, Affluence planned to acquire three IoT technology companies, forming a new entity named Digibriks. This acquisition aims to provide an end-to-end solution for smart cities and industries, enhancing revenue and technological capabilities.

In May 2024, Affluence merged with Durham Black Inc., appointing Patrick C Shutt as the new CEO. This merger is expected to unlock new markets and increase shareholder value through targeted acquisitions, cementing Affluence's role in the $1.7 trillion global communications market.

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Durham Black Inc (OTC PINK:AFFU) has appointed Yossi Hazan as the new Chief Financial Officer. Hazan brings over 25 years of finance and accounting experience, having previously served as CFO at companies like Connectbase and Enigma. His expertise includes corporate finance, financial reporting, and mergers & acquisitions, where he led $80 million in global deals and raised over $125 million in equity.

CEO Patrick Shutt highlights Hazan's role in driving Durham Black's acquisition and growth plans, with a focus on innovative, asset-light connectivity companies. Hazan aims to work closely with subsidiaries to capitalize on emerging opportunities and scale the business.

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Affluence Corp, operating as Durham Black, has announced key leadership changes and board expansions to drive growth in the communications market. Mary Stanhope has been appointed as President and COO, with responsibilities for the company's operational oversight and strategic direction. The Board of Directors has expanded from three to six members, including Robert Pollan as Chairman and Patrick Shutt as Vice Chairman. These changes aim to enhance corporate governance and steer the company's vision to transform the global connectivity market through innovative AI-enabled, asset-light solutions. The new board members bring substantial experience in operations, investment, and revenue generation, positioning Durham Black for sustainable growth and shareholder value creation.

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Affluence (OTC PINK: AFFU) has completed a merger with Durham Black Inc., a privately held technology services company. The merged entity will operate as Durham Black Inc. and continue trading under the ticker AFFU. This merger is aimed at expanding into the $1.7 trillion global communications market. Patrick C Shutt is appointed as the new CEO to lead the company through this transformation. The company plans to increase shareholder value through strategic acquisitions, capitalizing on Shutt's extensive experience in growing technology firms.

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Affluence announces strategic acquisitions to strengthen OneMind Technologies and expand market reach by forming Digibriks. The acquisitions include three IoT technology companies to enhance software products, engineering, and implementation services, boosting revenue and technology integration. The move aims to provide an end-to-end solution, entry into new markets, and access to a larger partner ecosystem.
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Affluence Corporation, a leader in Smart City Software and IoT technology, has announced its strategic intent to acquire Durham Black, LLC, a strategic advisory firm. The acquisition aims to establish Affluence as a global leader in solutions for smart industries and the next generation Internet. Following the acquisition, Patrick Shutt will be named CEO and Chairman of the Board, and Mary Stanhope will become COO. This move positions Affluence to significantly grow the company in 2024 and opens new opportunities for innovation and collaboration.
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Affluence Corporation (AFFU) has announced the acquisition of Contrivian Inc., a global next-generation connectivity provider, expanding its product portfolio into the $500 billion global connectivity market. The acquisition is the first step in a series of planned acquisitions to significantly grow Affluence. Contrivian brings innovative technology and software automation to the global connectivity space, offering intelligent, high-performance internet solutions for enterprise customers globally. The acquisition is expected to bring meaningful value to Affluence and establish the company as a leader in the global connectivity market.
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Affluence Corporation (AFFU) partners with Durham Black to execute a growth strategy, expanding into new markets and adding value through acquisitions. The partnership aims to establish Affluence as a global leader in Smart City Software and Internet of Things (IoT) technology. The company plans to grow both organically and through acquisitions, with the goal of adding three to four high-quality companies over the next twelve months. The partnership is expected to unlock new markets for its subsidiary, OneMind Technologies, and drive growth in 2024.
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Affluence Corporation (OTC PINK:AFFU) released its earnings for the Third Quarter of 2023, reporting revenue of $433,000 and a gross margin of 84%. The company emphasized its focus on increasing SaaS customers and investing in product development, new market verticals, and an increased sales presence in new geographies. Affluence Corporation posted a loss of $183,000 primarily due to investment in additional staff. OneMind Technologies achieved the designation as a Dell Certified Edge Partner and enhanced its relationship with Claro Company, becoming a distribution partner and jointly working sales opportunities in Mexico and Latin America. The company also introduced a new software product, OneMind NG Polar, which is a smart IoT tool applicable for Smart City command and control, Big Data applications, telecom, and data centers.
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Affluence Corporation announces participation in Smart City Expo World Congress 2023
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OneMind Technologies and Orange Business Services sign agreement for King Abdullah Financial District Project, aiming to enhance smart city experience with advanced technologies.
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FAQ

What does Affluence Corporation do?

Affluence Corporation specializes in Smart City Software and Internet of Things (IoT) solutions, focusing on innovative technologies such as AI and 5G.

What are some recent achievements of Affluence Corporation?

Recently, Affluence reported a significant gross margin increase, introduced new products like OneMind NG Polar, and formed strategic partnerships to expand market reach.

What is OneMind Technologies?

OneMind Technologies SL is a subsidiary of Affluence Corporation that offers intelligent IoT solutions for smart city and industry operations, providing real-time information on operational processes.

What was the revenue of Affluence Corporation in the third quarter of 2023?

Affluence Corporation reported a revenue of $433,000 with a gross margin of 84% in the third quarter of 2023.

Who is the new CEO of Affluence Corporation?

Patrick C Shutt was appointed the new CEO of Affluence Corporation following its merger with Durham Black Inc. in May 2024.

What is the significance of the Contrivian Inc. acquisition?

The acquisition of Contrivian Inc. expands Affluence's product portfolio into the $500 billion global connectivity market, enhancing its technological capabilities and market presence.

What is Digibriks?

Digibriks is a new company formed after Affluence Corporation's acquisition of three IoT technology companies, aimed at providing end-to-end solutions for smart cities and industries.

What markets does Affluence Corporation aim to explore through its partnership with Durham Black?

Affluence aims to explore new markets in smart industries and the next-generation internet, focusing on organic growth and strategic acquisitions.

How does Affluence Corporation plan to increase shareholder value?

Affluence plans to increase shareholder value through strategic acquisitions and expanding its market presence in the global communications market.

Where can I find more information about Affluence Corporation?

You can find more information on Affluence Corporation's official website at https://affucorp.com.

Affluence Corporation

OTC:AFFU

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8.08M
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