Affluence Corporation and Durham Black to Unwind Merger

Rhea-AI Summary

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.

Positive

• 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

Negative

• 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

View the original press release on accesswire.com

FAQ

Why did Affluence (AFFU) and Durham-Black unwind their merger?

The merger was unwound due to failure to meet closing conditions that were agreed upon between Affluence (AFFU) and Durham-Black.

What changes occurred in Affluence 's leadership after the merger unwind?

Durham-Black officers, including CEO Patrick Shutt, COO Mary Stanhope, CFO Yossi Hazan, and Board Member Robert Pollan, resigned their positions and board positions at Affluence (AFFU).

What are Affluence 's (AFFU) plans for growth after the merger unwind?

Affluence (AFFU) plans to continue growth both organically and through acquisitions. They have a strong pipeline of potential acquisitions and are in discussions with several companies.

What changes has Affluence (AFFU) made to OneMind Technologies?

Affluence (AFFU) has made leadership changes to OneMind Technologies and has a solid plan for 2025 to continue partnerships in the Middle East and Asia while focusing on establishing a larger North American presence.