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Affluence Corporation Announces Intent to Acquire Durham Black LLC and Appoint Leadership Team to Key Executive Roles

01/30/2024

Oak Brook, IL. January 30, 2024 – Affluence Corporation, a leader in Smart City Software, Internet of Things (IoT) technology today announced its strategic intent to acquire Durham Black, LLC, a strategic advisory firm focused on three fundamental areas: Capital Structure, Growth Execution and Operational Excellence.  The acquisition is a significant step forward in Affluence growth strategy, aimed at establishing itself as a global leader in solutions that power both smart industries and next generation Internet.

Following the close of the transaction Affluence will appoint Durham Black management to leadership. Patrick Shutt will be named CEO and Chairman of the Board and Mary Stanhope will become COO.

“This is an exciting time for Affluence, the Durham Black team is already driving value and we have a shared vision to maximize the potential of Affluence and grow from both organic and acquisition initiatives.” said James E Honan, Jr., CEO of Affluence Corporation. “The addition of Patrick Shutt and his team will further drive the growth of Affluence and position us to be able to assimilate future acquisitions.”

Patrick Shutt is a leader in the telecom, technology, and adjacent software sectors and brings a depth of experience and an extensive 25-year track record of success. He has been a Founder, CEO and has provided unique value for every organization he has been with.  Patrick has led capital transactions in excess of $800 million, of note, Goldman Sachs underwrote the IPO of Universal Access where Mr. Shutt as CEO raised $240 million in equity and had a market cap over $5.5 billion at its peak.  Mr. Shutt has a history of growing technology companies as he grew Universal Access to $144 million in revenue in four years and as CEO of Unitas Global grew that company from $2 million in revenue to $80 million in revenue.

Mary Stanhope has over 25 years of leadership experience for global technology companies. A transformational leader, Mary has held strategy and operating positions at both startup and turnaround companies including Unitas Global, Global Capacity, Sidera Networks, and Priority Call Management, with extensive global M&A work with Atos Origin and SchlumbergerSema technology business lines.

This strategic move positions us to deliver on our plan to significantly grow the company in 2024 and opens new opportunities for innovation and collaboration.

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 Durham Black LLC Durham Black is a strategic advisory firm focused on empowering technology business leaders to reach their full value potential by providing customized advisory services that fill the gaps in value creation. Durham Black offers advisory services focused on three fundamental areas: Corporate Structure, Growth Execution and Operational Excellence, catering to both startups and mature Network, SaaS, and Managed Service Providers. For more information go to https://www.durham-black.com.

 

For further information contact Affluence Corporation Investor Relations at +1 720-295-6409.

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.

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Affluence Corporation Partners with Durham Black to Position the Company for Growth

12/20/2023

OAK BROOK, IL / ACCESSWIRE / December 20, 2023 / Affluence Corporation (OTC PINK:AFFU), a leader in Smart City Software and Internet of Things (IoT) technology, today announced it has partnered with strategic advisory firm Durham Black to execute a two-pronged growth strategy that will unlock new markets for its wholly owned subsidiary, OneMind Technologies, while adding increased value through new acquisitions thereby establishing Affluence as a global leader in solutions that power both smart industries and next generation Internet.

“In order to maximize the potential of Affluence, we need to grow both organically and through acquisitions, and the Durham Black team has a proven track record achieving both,” said James E Honan, Jr., CEO of Affluence Corporation. “Our board of directors has tasked us to develop a plan to significantly grow the company in 2024, and Durham Black is the ideal partner for Affluence as we enter our next growth stage.”

“This is an exciting time for Affluence, and we are confident that Durham Black’s proven track record of business building, will help Affluence achieve its growth objectives,” said Patrick Shutt, Managing Director of Durham Black. “The success that Affluence has achieved with OneMind to date is foundational for its successful move into new markets. We see other potential avenues for growth and look forward to working with the Affluence management team to deliver results from both organic and acquisition initiatives.”

The initial diligence with Durham Black has solidified a strategy to expand OneMind Technologies into other synergistic markets. OneMind’s Smart System Orchestrator has achieved success in enabling Smart Cities. The same platform that brings intelligence by sharing information across systems to improve decision making and operational performance for Smart Cities has tremendous potential in Big Data, Telecom, Autonomous Things, and other markets where users need to unify and interpret data from multiple sources and disparate systems.

“I’m extremely impressed with the Durham Black work product and the team advising us,” continued Honan. “With decades of driving value in deals, the Durham Black team is already playing a vital role in mapping out an acquisition plan for Affluence to add three to four high quality companies over the next twelve months that they believe are positioned to grow meaningfully and deliver lasting value. We look forward to this partnership and the many benefits it will yield for our subsidiaries, global partners, and shareholders.”

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 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 Durham Black LLC

Durham Black is a strategic advisory firm focused on empowering technology business leaders to reach their full value potential by providing customized advisory services that fill the gaps in value creation. Durham Black offers advisory services focused on three fundamental areas: Corporate Structure, Growth Execution and Operational Excellence, catering to both startups and mature Network, SaaS, and Managed Service Providers. For more information go to https://www.durham-black.com.

About OneMind Technologies SL

OneMind Technologies SL based in Barcelona Spain is a wholly owned subsidiary of Affluence Corporation. The OneMindNG intelligent IoT solution builder is used to create applications for smart city and smart industries operations. Functioning as systems of systems, OneMindNG platform connects data sources to one single point of insight to provide real-time information on operational processes. It is a key component in the Smart City and enterprise solutions currently being offered by several Fortune 50 companies that resell, distribute, and integrate smart city enterprise solutions. For more information go to https://www.onemindng.com.

For further information contact Affluence Corporation Investor Relations at +1 720-295-6409.

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.