OAK BROOK, IL / ACCESSWIRE / November 23, 2021 / Affluence Corporation (AFFU.PK), a diversified technology company focusing on innovative IoT and 5G enhancing technologies announced today that its Third Quarter revenue doubled over the prior quarter. Affluence Corporation also provided a business update, an update for the initiatives previously announced and reiterated its strategy moving forward. The update includes a statement on the progress being made on tactical operating issues which include product backlog, project funding for 2022, establishment of industry partnerships, improvement of capital structure, reduction of debt and status of pending acquisitions.
"I am proud to announce Third Quarter revenue of $225,000. This is the largest quarterly revenue that we have ever achieved and it doubled our prior quarter revenue. This is reflective of the growing demand for the IoT technologies in the Affluence portfolio, "said James E. Honan, Jr., Affluence's CEO. We are making significant progress in each of our business segments, particularly at OneMind Technogies where the OneMind product was chosen as the command and control software for one of the world's most prominent Smart City projects. We have the signed contract in hand, have already had the project kick-off meeting with our partners and expect to make the formal announcement once our technology and service partners release the information to the market. We will recognize revenue from this contract in Q4 and carry over a seven-figure product backlog into the first half of next year," said Honan.
"ISLP's project to build a ‘fiber technology-based last mile infrastructure' and deliver technology products and services to one of the largest telecom companies in Asia will officially begin in Q1 of 2022 and we expect to begin to recognize revenue from this project beginning in Q2 of 2022," continued Honan. "We have a funding term sheet in place for $40 Million which we expect to close within the next 60 days. We also have several pending acquisitions and expect them to close by the end of Q1 2022 as well," said Honan.
"Operationally we continue to strengthen the company" said Honan. "We executed global master product and services agreements with two large world class organizations. The first is a global product distribution agreement that has already brought one major contract to the table and has OneMind quoted to several prospects for 2022 business. The second agreement is a services agreement for our IoT and 5G technology product stack. Affluence has also made significant strides in cleaning up our balance sheet and capital structure over the past year. We were able to convert some of our debt to equity and also eliminate overhang in our capital structure. I am very proud of our team's achievements this year and look forward to a banner year in 2022," said Honan.
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 ISLP Technologies
ISLP is a diversified technology company focused on telecom services and technologies. ISLP is one of the many success stories from the Indian Institute of Technology (IIT) Incubator in Delhi. ISLP builds customized digital solutions utilizing cutting edge technologies such as block chain, AI, Machine Learning, Business Intelligence and Data Science.
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
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