OAK BROOK, IL / ACCESSWIRE / October 5, 2021 / Affluence Corporation (OTC PINK:AFFU), a diversified technology company focusing on innovative Smart Cities, IoT and 5G enhancing technologies announced today that the company has signed a “Letter of Intent” to acquire Saamarthya Management Consultancy P Ltd, India enabling entry into the exploding $7.6 Billion Biomedical space with an innovative IoT solution. Saamarthya is a premier organization operating as an accelerator supporting multiple start-ups and owns the intellectual property rights or exclusive distribution rights to multiple businesses that have developed leading edge technologies in the IoT space. This acquisition enhances Affluence’s commitment to building a world class IoT and 5G company.
“The acquisition of Saamarthya will enable us to continue to build on our strategy of developing a strong portfolio of products and value-added services in the IoT space that are aligned with business opportunities arising due to increasing adoption of IoT solutions in global markets,” said James E. Honan, Jr., Affluence’s Global CEO. “The initial technology that we will bring to market is an IoT based Biomedical Waste Management and Bar Code solution that employs multiple IoT Technologies including an ERP solution which is deployed to control and monitor of end-to-end management and collection of transportation, treatment, and disposal of biomedical waste generated at Healthcare Establishments (HCE) such as hospitals, polyclinics and labs. This solution is already implemented in 10 of the 275 operators in India covering more than 40,000 HCE’s and efficiently manages the entire cycle of collection, transportation, treatment, and disposal of biomedical waste. Our pro-forma revenue estimates for next year based on our current installed base is approximately $3 million. Further discussions are underway for implementation with the remaining operators across India and we are forecasting penetration into 100 of the 275 operators in India by the end of 2022 as well as in other geographies,” said Honan.
“The global biomedical waste management market is growing at a CAGR of 5.8% per year and will be $12.8 billion by 2030,” said Avinash Bector, President & CEO, Affluence Corp for Asia & Africa markets. “Government agencies throughout the globe are issuing new mandates for biomedical waste management. This IoT solution is a ground breaking technological approach which is unlike anything currently on the market and is already in use and gaining more acceptance everyday. In addition to the biomedical waste management solution, we are very excited about the other IoT solutions that Saamarthya brings which address other large market segments and we plan to roll out more of them by the end of 2021,” 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 720-295-6409.