Affluence Corporation Announces Entry into $7.6 Billion Biomedical Waste Market Through Acquisition of Saamarthya

Rhea-AI Summary

Affluence Corporation (AFFU) has signed a Letter of Intent to acquire Saamarthya Management Consultancy P Ltd in India, entering the $7.6 billion biomedical market. This acquisition aims to enhance their IoT portfolio with a biomedical waste management solution, already in use by 10 operators in India, covering over 40,000 healthcare establishments. Projected revenue from this initiative is approximately $3 million in the next year, with plans to increase market penetration significantly. The global biomedical waste market is expected to grow to $12.8 billion by 2030.

Positive

• Acquisition of Saamarthya provides entry into a growing $7.6 billion biomedical waste management market.
• Initial technology solution for biomedical waste management is already implemented across multiple operators, indicating market readiness.
• Pro-forma revenue estimates of approximately $3 million for the next year based on current installed base.
• Forecast to penetrate 100 out of 275 operators in India by the end of 2022, suggesting significant growth potential.

Negative

• None.

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.

About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on edge computing and innovative cloud 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.

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. https://www.onemindtechnologies.com

About Saamarthya Management Consultancy P. Ltd.

Saamarthya is operating in India as an "ACCELERATOR" enabling scaling up of Startups and existing businesses in Industrial IoT space. Mentoring and Guidance includes - Refining concepts and aligning them with present and future Industry needs and facilitating industry & investment tie ups enabling business expansion

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.

SOURCE: Affluence Corporation

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https://www.accesswire.com/666812/Affluence-Corporation-Announces-Entry-into-76-Billion-Biomedical-Waste-Market-Through-Acquisition-of-Saamarthya

FAQ

What is the purpose of Affluence Corporation's acquisition of Saamarthya?

The acquisition aims to enhance Affluence's IoT portfolio and enter the growing biomedical waste management market.

What is the projected revenue from Affluence's new IoT solution?

Affluence projects approximately $3 million in revenue for the next year from its biomedical waste management solution.

How many healthcare establishments does the biomedical waste management solution cover?

The solution is currently in use by 10 operators, covering more than 40,000 healthcare establishments in India.

What is the expected growth of the global biomedical waste management market?

The global market is expected to grow at a CAGR of 5.8% per year, reaching $12.8 billion by 2030.

How does the acquisition impact Affluence Corporation's market strategy?

The acquisition aligns with Affluence's strategy to develop a strong portfolio of IoT products and services responding to global market opportunities.