Affluence Corporation Signs Definitive Agreement to Acquire Mingothings SL

Rhea-AI Summary

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.

Positive

• Acquisition provides access to MTI's large installed base and distribution network
• Expected cost synergies and positive cashflow post-acquisition
• Entry into fast-growing smart city market ($4.6T by 2032)
• Enhanced product offering through integration of MTI's IoT platform with OMT's AI capabilities

Negative

• Dilution of current shareholders' voting control through preferred stock issuance to MTI shareholders
• Acquisition completion still pending final notarization
• Integration risks between different technology platforms and international operations

Strategic acquisition to strengthen OneMind Technologies and expand market reach.

OAK BROOK, IL / ACCESS Newswire / April 2, 2025 / Affluence Corporation, (OTC Pink:AFFU), a Smart City Software and Internet of Things (IoT) technology company, announced today the signing of a definitive agreement to acquire Mingothings SL ("MTI"), a specialist in integrated IoT solutions and data analytics for smart cities and connected industries.

Once the acquisition is completed MTI, based in Barcelona, will work in partnership with OneMind Technologies ("OMT"), also a wholly owned subsidiary of Affluence. OMT utilizes the proprietary OneMind^NG platform to integrate key data from disparate systems into a single dashboard, or Hypervisor, and harnesses the power of Artificial Intelligence to revolutionize how businesses interact with data and make decisions. By integrating cutting-edge predictive and prescriptive analytics into OneMind^NG, we will empower organizations to not only anticipate future outcomes but also receive actionable guidance tailored to their needs. OMTs AI-driven approach ensures smarter decision-making, operational efficiency and enhanced user experiences. MTI provides the software and services that enable rapid connection to its IOT platform, of all relevant devices and IoT sensors thereby enabling faster and more cost-effective implementation and deployment.

According to Fortune Business Insights, the Smart City and Connected Industries IoT market is projected to grow from $768 billion in 2024 to over $4.6 trillion by 2032, a CAGR of 25.2% during the forecast period. We believe that, when the acquisition is consummated, our newly combined and enhanced product offering, including engineering and integration services, will ensure a streamlined customer experience and allow us to pursue larger opportunities within our target markets.

Affluence is also pleased to announce the appointment of William E. Gonyer to the position of Chief Financial Officer, effective immediately. "This is a crucial step in our planned acquisition strategy to scale and profitably grow Affluence. Cost synergies and accelerated growth will ensure that the group is cashflow positive. MTI's large installed base complements OMT enabling greater access to a growing network of world-class partners, resellers and distributors. This is an exciting phase for Affluence. The acquisition brings significant growth potential through expanded market reach," said Williiam Gonyer, CFO of Affluence Corporation.

"MTI, through thethings.IO and its IoT platform, will complement the portfolio solutions of Affluence to generate revenue synergies across the group, drive sustainable growth and become a global leader in the IoT market. Our ambition is to work with OMT to push the boundaries of IoT technologies and enable any organization to run smarter operations." said Francesc Domingo, CEO of MTI.

Pursuant to the acquisition agreement the outstanding equity of MTI will be exchanged by the shareholders of MTI for shares of preferred stock of Affluence Corporation, providing the former MTI shareholders with voting control of Affluence Corporation. The final step in the acquisition process is the customary notarization of the executed definitive agreement pursuant to the laws of Spain, expected to take place this month.

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About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city and industry software and innovative solutions that capitalize on IoT, AI, 5G and edge technologies. We are investing in mid-market businesses to create a cohesive unit which brings together technology for the next generation of internet. For more information go to https://affucorp.com.

About OneMind Technologies SL

OneMind Technologies ("OMT"), based in Barcelona, Spain, is a recognized provider of IoT, Smart City, and Security Command and Control solutions. With its innovative OneMind^NG platform, OMT enables cities and industries to optimize operations, enhance public safety, and support sustainable development. https://onemindng.com/

About Mingothings SL

Mingothings SL ("MTI") is a trusted specialist in integrated IoT solutions and data analytics for smart cities and connected industries. With expertise in real-time data processing, sensor integration, and adaptable IoT platforms, MTI provides innovative solutions designed to maximize efficiency, sustainability, and operational performance in diverse IoT applications. https://www.mingothings.com/

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This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast" and other similar expressions are intended to identify forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, the failure to consummate the proposed acquisition, the failure to retain management and/or key employees of the target company, availability and the cost of capital, success of growth initiatives, limited operating history and other risks discussed in our filings with the OTCMarkets; and the Securities and Exchange Commissions. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Affluence Corporation assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media and investor contact - press@affucorp.com

SOURCE: Affluence Corp

View the original press release on ACCESS Newswire

FAQ

What are the terms of Affluence 's (AFFU) acquisition of Mingothings SL?

MTI shareholders will exchange their equity for Affluence preferred stock, giving them voting control of AFFU. The deal awaits final notarization under Spanish law.

How will the Mingothings acquisition benefit AFFU's market position?

The acquisition combines MTI's IoT platform with OneMind Technologies' AI capabilities, enabling faster IoT implementation and expanding market reach in the growing smart city sector.

What is the market potential for AFFU's smart city solutions after the acquisition?

The smart city and IoT market is projected to grow from $768 billion in 2024 to $4.6 trillion by 2032, with a 25.2% CAGR.

How will the MTI acquisition impact AFFU's financial performance?

According to the new CFO, cost synergies and accelerated growth from the acquisition are expected to make the group cashflow positive.