Affluence Corporation Update and Unwind Agreement Finalized
Affluence (OTC:AFFU), a leader in Smart City Software and Internet of Things (IoT), has provided an update on the company's status following the unwind of the Durham Black merger. CEO James E Honan, Jr. expressed disappointment that the merger was not finalized, noting that Durham Black exercised its 120-day unwind clause option.
The company clarified that the previously announced Letter of Intent (LOI) to acquire Contrivian was executed by Durham Black under the assumption of a merger with Affluence and is not part of Affluence Affluence is actively pursuing other opportunities and plans to update the market as they execute their strategy to acquire and manage technology assets.
Affluence (OTC:AFFU), un leader nel software per le Smart City e nell'Internet of Things (IoT), ha fornito un aggiornamento sulla situazione dell'azienda dopo l'annullamento della fusione con Durham Black. Il CEO James E Honan, Jr. ha espresso delusione per il fatto che la fusione non sia stata finalizzata, notando che Durham Black ha esercitato la propria opzione di annullamento di 120 giorni.
L'azienda ha chiarito che la precedente Lettera di Intenti (LOI) per acquisire Contrivian è stata firmata da Durham Black con l'assunzione di una fusione con Affluence e non fa parte di Affluence. Affluence sta attivamente cercando altre opportunità e prevede di aggiornare il mercato mentre mette in atto la propria strategia per acquisire e gestire asset tecnologici.
Affluence (OTC:AFFU), un líder en software de Smart City e en Internet de las Cosas (IoT), ha proporcionado una actualización sobre el estado de la empresa tras la cancelación de la fusión con Durham Black. El CEO James E Honan, Jr. expresó su decepción porque la fusión no se finalizó, señalando que Durham Black ejerció su opción de cancelación de 120 días.
La empresa aclaró que la Carta de Intención (LOI) previamente anunciada para adquirir Contrivian fue ejecutada por Durham Black bajo la suposición de una fusión con Affluence y no forma parte de Affluence. Affluence está buscando activamente otras oportunidades y planea actualizar al mercado a medida que ejecutan su estrategia para adquirir y gestionar activos tecnológicos.
Affluence (OTC:AFFU)는 스마트 시티 소프트웨어 및 사물인터넷(IoT) 분야의 선두주자로, 더햄 블랙(Durham Black)과의 합병 해제 이후 회사의 현황을 업데이트했습니다. CEO 제임스 E. 호난 Jr.는 합병이 최종 확정되지 않은 것에 대해 실망감을 표명하며, 더햄 블랙이 120일 해제 조항을 행사했다고 언급했습니다.
회사는 이전에 발표된 계약 의향서(LOI)가 더햄 블랙에 의해 Affluence와의 합병 가정을 바탕으로 실행되었으며, Affluence의 일부가 아니라고 명확히 했습니다. Affluence는 다른 기회를 적극적으로 추구하고 있으며 기술 자산을 인수 및 관리하기 위한 전략을 실행하는 대로 시장에 업데이트할 계획입니다.
Affluence (OTC:AFFU), un leader dans le logiciel de Smart City et l'Internet des Objets (IoT), a fourni une mise à jour sur le statut de l'entreprise suite à l'annulation de la fusion avec Durham Black. Le PDG James E Honan, Jr. a exprimé sa déception quant à la non-finalisation de la fusion, notant que Durham Black a exercé son option de désengagement de 120 jours.
L'entreprise a précisé que la Lettre d'Intention (LOI) précédemment annoncée pour acquérir Contrivian a été exécutée par Durham Black avec l'assumption d'une fusion avec Affluence et ne fait pas partie d'Affluence. Affluence poursuit activement d'autres opportunités et prévoit de tenir le marché informé alors qu'elle met en œuvre sa stratégie d'acquisition et de gestion des actifs technologiques.
Affluence (OTC:AFFU), ein führendes Unternehmen im Bereich Smart City Software und Internet der Dinge (IoT), hat ein Update zum Status des Unternehmens nach der Aufhebung der Fusion mit Durham Black gegeben. CEO James E Honan, Jr. äußerte Enttäuschung darüber, dass die Fusion nicht abgeschlossen wurde, und wies darauf hin, dass Durham Black seine 120-tägige Rücktrittsoption ausgeübt hat.
Das Unternehmen stellte klar, dass das zuvor angekündigte Letter of Intent (LOI) zur Übernahme von Contrivian von Durham Black unter der Annahme einer Fusion mit Affluence unterzeichnet wurde und nicht Teil von Affluence ist. Affluence verfolgt aktiv andere Möglichkeiten und plant, den Markt zu informieren, während sie ihre Strategie zur Akquisition und Verwaltung technologischer Vermögenswerte umsetzen.
- Affluence is actively pursuing new opportunities in technology asset acquisition and management
- The merger with Durham Black has been unwound
- The LOI to acquire Contrivian is not part of Affluence 's assets
OAK BROOK, IL / ACCESSWIRE / October 7, 2024 / Affluence Corporation (OTC:AFFU) a leader in Smart City Software and Internet of Things (IoT) is providing an update on Affluence post Durham Black unwind.
"As previously stated, we are disappointed that the merger was not finalized. Durham Black had an unwind clause of 120 days and exercised that option." said James E Honan, Jr., CEO of Affluence Corporation.The Agreement has been unwound as previously announced.Based upon recent shareholder inquiries, Affluence wants to provide some additional clarification. The LOI to acquire Contrivian was executed by Durham Black under the assumption of a merger with Affluence. It is not a part of Affluence. We are diligently working on other opportunities and will provide updates to the market as we execute against our strategy to acquire and manage technology assets.
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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FAQ
What happened to the merger between Affluence (AFFU) and Durham Black?
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