OAK BROOK, IL / ACCESSWIRE / September 23, 2021 / Affluence Corporation (OTC PINK:AFFU), a diversified technology company focusing on innovative IoT and 5G enhancing technologies announced today that it has received and has executed a funding term sheet which includes the formation of a joint venture with a large European Investment Fund. The first tranche of term sheet is for up to $40 million dollars in funding which will be utilized to deliver infrastructure, software products and value-added services for multiple large-scale projects in Asia.
“This Term Sheet is the culmination of an extensive effort by our entire management team around the globe,” said James E. Honan, Jr., Affluence’s CEO. “This first tranche of funding from the term sheet that will enable the joint venture to deliver on several very high-profile contract awards which we will be announcing within the coming weeks. Of special note, the structure and formation of the joint venture with our funding partner will not result in our shareholder base experiencing any dilution from the $40 million in funding nor from any subsequent funding tranches. Affluence expects the funding to close early in the fourth quarter upon completion of due diligence and definitive legal documents. Implementation of the projects will begin in the same timeframe. We expect to start reporting revenue from these projects this year and report significant revenue in subsequent years thereafter. We will provide specific revenue guidance as we announce the contracts to the market,” said Honan.
“This funding will establish Affluence Corporation as one of the leaders in Smart City Solutions, IoT, Optical Fiber and 5G technologies in Asia,” said Avinash Bector President and CEO of Affluence for Asia and Africa. “The initiatives that we will be working on will transform the local infrastructures and will enable rapid adoption of Smart City Solutions, IoT and 5G technologies. We have several similar large opportunities in our pipeline in multiple Asian geographies for technology, professional services and infrastructure that we will be closing in due course”, said Bector.
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.
For further information contact Affluence Corporation Investor Relations at +1 720-295-6409.