Affluence Corporation and Durham Black to Unwind Merger
Affluence (AFFU:OTC PINK), a leader in Smart City Software and IoT technology, has announced the unwinding of its merger with Durham-Black, a strategic consulting firm. The merger, initially announced on May 5, 2024, is being reversed due to failure to meet agreed-upon closing conditions. As a result, Durham-Black officers, including CEO Patrick Shutt, COO Mary Stanhope, CFO Yossi Hazan, and Board Member Robert Pollan, have resigned their positions.
Despite this setback, Affluence remains committed to growth through both organic means and acquisitions. The company reports a strong pipeline of potential acquisitions and is currently in discussions with several companies. Additionally, Affluence has implemented leadership changes at OneMind Technologies and plans to expand its presence in North America while building on established partnerships in the Middle East and Asia.
Affluence (AFFU:OTC PINK), leader nel software per le Smart City e nella tecnologia IoT, ha annunciato la rescissione della sua fusione con Durham-Black, una società di consulenza strategica. La fusione, inizialmente annunciata il 5 maggio 2024, viene annullata a causa del mancato rispetto delle condizioni di chiusura concordate. Di conseguenza, i dirigenti di Durham-Black, tra cui il CEO Patrick Shutt, il COO Mary Stanhope, il CFO Yossi Hazan e il membro del consiglio Robert Pollan, hanno dimittenza le loro posizioni.
Nonostante questo contrattempo, Affluence rimane impegnata nella crescita attraverso mezzi organici e acquisizioni. La società riporta un forte portafoglio di acquisizioni potenziali ed è attualmente in discussione con diverse aziende. Inoltre, Affluence ha attuato cambiamenti di leadership presso OneMind Technologies e prevede di espandere la sua presenza in Nord America, mantenendo rapporti consolidati in Medio Oriente e Asia.
Affluence (AFFU:OTC PINK), líder en software para ciudades inteligentes y tecnología IoT, ha anunciado la disolución de su fusión con Durham-Black, una firma de consultoría estratégica. La fusión, anunciada inicialmente el 5 de mayo de 2024, se está revirtiendo debido al incumplimiento de las condiciones de cierre acordadas. Como resultado, los oficiales de Durham-Black, incluidos el CEO Patrick Shutt, la COO Mary Stanhope, el CFO Yossi Hazan y el miembro de la junta Robert Pollan, han renunciado a sus puestos.
A pesar de este contratiempo, Affluence sigue comprometida con el crecimiento tanto a través de medios orgánicos como de adquisiciones. La empresa informa de un fuerte portafolio de adquisiciones potenciales y actualmente está en conversaciones con varias empresas. Además, Affluence ha implementado cambios de liderazgo en OneMind Technologies y planea expandir su presencia en América del Norte, aprovechando las asociaciones establecidas en Medio Oriente y Asia.
Affluence (AFFU:OTC PINK)는 스마트 시티 소프트웨어 및 IoT 기술 분야의 선두주자로서 더햄-블랙과의 합병 해제를 발표했습니다. 이 합병은 2024년 5월 5일에 처음 발표되었으며, 합의된 마감 조건을 충족하지 못한 이유로 되돌려집니다. 그 결과, CEO 패트릭 샤트, COO 메리 스탠호프, CFO 요시 하잔 및 이사 로버트 폴란을 포함한 더햄-블랙 임원들이 직위에서 사임했습니다.
이러한 좌절에도 불구하고, Affluence는 유기적인 방법과 인수를 통해 성장에 전념하고 있습니다. 회사는 강력한 인수 잠재력 파이프라인을 보고하고 있으며 현재 여러 기업과 논의 중입니다. 또한 Affluence는 원마인드 테크놀로지스에서 리더십 변화를 구현했습니다하며, 중동 및 아시아에 구축된 파트너십을 바탕으로 북미에서의 존재감을 확장할 계획입니다.
Affluence (AFFU:OTC PINK), un leader dans le logiciel pour les villes intelligentes et la technologie IoT, a annoncé l'annulation de sa fusion avec Durham-Black, une société de conseil stratégique. La fusion, initialement annoncée le 5 mai 2024, est annulée en raison du non-respect des conditions de clôture convenues. En conséquence, les dirigeants de Durham-Black, y compris le PDG Patrick Shutt, le COO Mary Stanhope, le CFO Yossi Hazan et le membre du conseil Robert Pollan, ont démissionné de leurs postes.
Malgré ce revers, Affluence reste engagé dans la croissance tant par des moyens organiques que par des acquisitions. La société rapporte un fort potentiel d'acquisitions et est actuellement en discussion avec plusieurs entreprises. De plus, Affluence a mis en œuvre des changements de leadership chez OneMind Technologies et prévoit d'étendre sa présence en Amérique du Nord tout en s'appuyant sur les partenariats établis au Moyen-Orient et en Asie.
Affluence (AFFU:OTC PINK), ein führendes Unternehmen im Bereich Smart City-Software und IoT-Technologie, hat die Auflösung seiner Fusion mit Durham-Black bekannt gegeben, einer strategischen Beratungsgesellschaft. Die Fusion, die ursprünglich am 5. Mai 2024 angekündigt wurde, wird aufgrund der Nichterfüllung der vereinbarten Abschlussbedingungen rückgängig gemacht. Infolgedessen haben die Führungskräfte von Durham-Black, darunter CEO Patrick Shutt, COO Mary Stanhope, CFO Yossi Hazan und Vorstandsmitglied Robert Pollan, ihre Positionen niedergelegt.
Trotz dieses Rückschlags bleibt Affluence dem Wachstum sowohl durch organische Mittel als auch durch Übernahmen verpflichtet. Das Unternehmen berichtet von einer starken Pipeline potenzieller Übernahmen und befindet sich derzeit in Gesprächen mit mehreren Unternehmen. Darüber hinaus hat Affluence Führungswechsel bei OneMind Technologies umgesetzt und plant, seine Präsenz in Nordamerika auszubauen, während es auf den etablierten Partnerschaften im Nahen Osten und in Asien aufbaut.
- Strong pipeline of potential acquisitions
- Ongoing discussions with several companies for future acquisitions
- Implemented leadership changes at OneMind Technologies
- Plans to expand presence in North America
- Merger with Durham-Black unwound due to failure to meet closing conditions
- Resignation of key Durham-Black officers from their positions and board
OAK BROOK, IL / ACCESSWIRE / September 15, 2024 / Affluence Corporation (AFFU:OTC PINK) a leader in Smart City Software and Internet of Things (IoT) technology and strategic consulting firm Durham-Black have mutually agreed to unwind the merger that was previously announced on May 5, 2024. Durham-Black officers, Patrick Shutt,CEO, Mary Stanhope, COO, Yossi Hazan, CFO and Robert Pollan, Board Member have resigned their positions and Board positions. The Unwind Agreement is currently in negotiation.
"We are very disappointed that the merger was not finalized and the merger was unwound due to failure to meet closing conditions that were agreed upon," said James E Honan, Jr., CEO of Affluence Corporation. "We remain committed to continue to grow the company both organically and through acquisition. Affluence has a strong pipeline of potential acquisitions and to that end we are currently in discussions with several companies. Additionally, we have made changes to the leadership of OneMind Technologies and have a solid plan for 2025 to continue what our partners have established in the Middle East and Asia and will focus on establishing a larger North American presence," said Honan.
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
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