Affluence Corporation Update and Unwind Agreement Finalized

Rhea-AI Summary

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.

Positive

• Affluence is actively pursuing new opportunities in technology asset acquisition and management

Negative

• The merger with Durham Black has been unwound
• The LOI to acquire Contrivian is not part of Affluence 's assets

OAK BROOK, IL / ACCESSWIRE / October 7, 2024 / Affluence Corporation (OTC:AFFU) a leader in Smart City Software and Internet of Things (IoT) is providing an update on Affluence post Durham Black unwind.

"As previously stated, we are disappointed that the merger was not finalized. Durham Black had an unwind clause of 120 days and exercised that option." said James E Honan, Jr., CEO of Affluence Corporation.The Agreement has been unwound as previously announced.Based upon recent shareholder inquiries, Affluence wants to provide some additional clarification. The LOI to acquire Contrivian was executed by Durham Black under the assumption of a merger with Affluence. It is not a part of Affluence. We are diligently working on other opportunities and will provide updates to the market as we execute against our strategy to acquire and manage technology assets.

About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on smart city software and innovative solutions that capitalize on IoT, AI and 5G 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 SL is a wholly owned subsidiary of Affluence Corporation. The OneMind Intelligent IoT solution builder is used to create applications for smart construction and smart city operations. Functioning as systems of systems, OneMind connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. The OneMind Smart City solution is deployed in Barcelona, San Francisco, Guadalajara, Oslo and many other cities throughout the world. For more information go to https://www.onemindtechnologies.com

For further information contact Affluence Corporation Investor Relations at 720-295-6409.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.

SOURCE: Affluence Corp

View the original press release on accesswire.com

FAQ

What happened to the merger between Affluence (AFFU) and Durham Black?

The merger between Affluence (AFFU) and Durham Black was not finalized. Durham Black exercised its 120-day unwind clause option, resulting in the agreement being unwound.

Is the LOI to acquire Contrivian still part of Affluence (AFFU)?

No, the LOI to acquire Contrivian is not part of Affluence (AFFU). It was executed by Durham Black under the assumption of a merger with Affluence, which did not materialize.

What is Affluence 's (AFFU) current strategy following the unwind of the Durham Black merger?

Affluence (AFFU) is diligently working on other opportunities and plans to execute its strategy to acquire and manage technology assets. The company will provide updates to the market as it progresses.

Who is the CEO of Affluence (AFFU) as of October 7, 2024?

As of October 7, 2024, the CEO of Affluence (AFFU) is James E Honan, Jr.