$AFFU ~ Massive bid support stacked in the .15s after hitting .35 yesterday on news. Currently at .20 with 9M float was .80 this time last year. https://www.otcmarkets.com/stock/AFFU/security
Affluence Corporation Executes Term Sheet for Joint Venture Which Includes up to $40 Million in Initial Project FundingPress Release | 09/23/2021
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
https://www.otcmarkets.com/stock/AFFU/news/Af...?id=322087
Affluence Corporation Executes Term Sheet for Joint Venture Which Includes up to $40 Million in Initial Project FundingPress Release | 09/23/2021
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
https://www.otcmarkets.com/stock/AFFU/news/Af...?id=322087
