Affluence Corporation Executes Term Sheet for Joint Venture Which Includes up to $40 Million in Initial Project Funding

Rhea-AI Summary

Affluence Corporation (OTC PINK:AFFU) has announced the execution of a funding term sheet for a joint venture with a major European Investment Fund, securing up to $40 million for infrastructure and software projects in Asia. CEO James E. Honan emphasized that this funding will not dilute shareholder equity. The funding is expected to close in early Q4 2021, with revenue generation anticipated from the projects within the same year. This initiative aims to position Affluence as a leader in Smart City Solutions, IoT, and 5G technologies across Asia.

Positive

• Secured up to $40 million in funding for joint ventures.
• No dilution of shareholder equity from funding.
• Revenue expected from projects within the year.

Negative

• None.

OAK BROOK, IL / ACCESSWIRE / September 23, 2021 / Affluence Corporation (OTC PINK:AFFU), a diversified technology company focusing on innovative IoT and 5G enhancing technologies announced today that it has received and has executed a funding term sheet which includes the formation of a joint venture with a large European Investment Fund. The first tranche of term sheet is for up to $40 million dollars in funding which will be utilized to deliver infrastructure, software products and value-added services for multiple large-scale projects in Asia.

"This Term Sheet is the culmination of an extensive effort by our entire management team around the globe," said James E. Honan, Jr., Affluence's CEO. "This first tranche of funding from the term sheet that will enable the joint venture to deliver on several very high-profile contract awards which we will be announcing within the coming weeks. Of special note, the structure and formation of the joint venture with our funding partner will not result in our shareholder base experiencing any dilution from the $40 million in funding nor from any subsequent funding tranches. Affluence expects the funding to close early in the fourth quarter upon completion of due diligence and definitive legal documents. Implementation of the projects will begin in the same timeframe. We expect to start reporting revenue from these projects this year and report significant revenue in subsequent years thereafter. We will provide specific revenue guidance as we announce the contracts to the market," said Honan.

"This funding will establish Affluence Corporation as one of the leaders in Smart City Solutions, IoT, Optical Fiber and 5G technologies in Asia," said Avinash Bector President and CEO of Affluence for Asia and Africa. "The initiatives that we will be working on will transform the local infrastructures and will enable rapid adoption of Smart City Solutions, IoT and 5G technologies. We have several similar large opportunities in our pipeline in multiple Asian geographies for technology, professional services and infrastructure that we will be closing in due course", said Bector.

About Affluence Corporation

Affluence Corporation (AFFU.PK) is a diversified technology company focused on innovative software 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. https://affucorp.com

About OneMind Technologies SL

OneMind Technologies SL develops and markets Situational Awareness and Smart City software solutions. 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. For more information go to https://www.onemindtechnologies.com

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

View source version on accesswire.com:
https://www.accesswire.com/665282/Affluence-Corporation-Executes-Term-Sheet-for-Joint-Venture-Which-Includes-up-to-40-Million-in-Initial-Project-Funding

FAQ

What is the significance of the joint venture announced by Affluence Corporation (AFFU)?

The joint venture with a European Investment Fund secures up to $40 million for infrastructure and software projects in Asia, enhancing Affluence's market position.

When will the funding for the joint venture close for Affluence Corporation (AFFU)?

The funding is expected to close in early Q4 2021, pending due diligence and legal documentation.

How will the funding impact shareholders of Affluence Corporation (AFFU)?

The funding will not result in dilution of shareholder equity, ensuring existing shareholders retain their ownership percentage.

What types of projects will the funding for Affluence Corporation (AFFU) support?

The funding will support various large-scale projects focused on Smart City Solutions, IoT, and 5G technologies in Asia.

When can Affluence Corporation (AFFU) shareholders expect revenue from the new projects?

Affluence anticipates starting to report revenue from these projects within the year following the funding.