Affluence Corporation (AFFU.PK), a diversified holding company, announced today that it is divesting its interests in their entertainment division to focus on 5G infrastructure and 5G technologies. The company has pending LOI’s with several 5G infrastructure companies. As part of this strategic focus, Affluence Corporation has named James E. Honan Jr. as CEO.
Mr. Honan is tasked to lead the company and execute the company’s acquisition and integration strategy. Mr. Honan was hired due to his impressive track record as a strategic thinker, leader and his successful track record of building businesses within organizations. He will set and execute an aggressive growth plan that will include identifying potential acquisition targets to fuel growth. The company sees Telecom Infrastructure as a key to its 5G strategy.”
“With the advancement of 5G over the next few years, telecom operators will be able to drive and lead the digital transformation of the mobile industry by implementing new business models, products and services and it all begins with the infrastructure. With enhanced data speeds, connectivity, and the capacity of 5G, we will see unprecedented insights and abilities that will change what we do and how we do it. The industry will see a high demand for crew capacity in 2020 as Operators race to have their networks enhanced in order to support 5G”, said Christian DeMarco, Founder and CEO of Vibe Wireless. “Businesses recognizing this trend will have a leg up in the market as they capitalize on the entire telecom market moving into the 5G arena.”
Most recently, Honan was President of Affluence’s Telecom vertical. Prior to that he was a consultant to several companies and private equity firms advising on business development and mergers and acquisitions. Honan has over 25 years of investment banking and corporate finance experience with Continental Bank, ABN Amro, LaSalle Bank and Ernst & Young where he developed business units focusing on debt and credit restructuring deals and developed products for the institutional banking markets.
“I am very excited that Affluence is giving me this opportunity,” said Honan. “Fulfilling the promise of what 5G can deliver begins with infrastructure. It will involve laying miles of fiber, tower construction, installation of hardware and software and maintaining the infrastructure. We are positioning Affluence to be a premier service provider in the telecom infrastructure space ”
Honan received an MBA in Finance from the Mendoza School of Business at the University of Notre Dame, and a BS in Accounting from Bentley University
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 forwardlooking 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.