Affluence Corporation (OTCID: AFFU), a diversified technology company specializing in Smart City, Industrial IoT, and security software solutions, announced today that it has executed a Letter of Intent (LOI) to acquire Triar Commerce LLC (Triar). The proposed acquisition would involve Affluence acquiring 100% of Triar's equity or assets, with consideration comprising cash, preferred equity, and performance-based earnouts. The transaction remains subject to due diligence, negotiation of definitive agreements, and securing necessary financing.
Management estimates that, if the Triar acquisition and certain other strategic initiatives are successfully completed, the Company could achieve approximately $220 million in pro forma annualized revenue and approximately $5 million in pro forma EBITDA. These projections are based on internal estimates and information provided by the target companies, but they are subject to significant uncertainties. The Company had previously executed the LOI with Triar but chose not to disclose it publicly at that time. With the recent approval of a reverse stock split and ongoing negotiations with convertible debt holders, management believes a more viable path may now exist to pursue this and other potential acquisitions.
Oscar Brito, President of Affluence Corporation, stated, 'We are pleased to have signed this LOI with Triar. We believe there are meaningful synergies between Triar’s telecom capabilities and our existing IoT and smart infrastructure platforms. This transaction, if completed, represents a potential step toward scaling our operations and strengthening our market position.' Brito added that the company remains focused on executing its debt restructuring initiatives and building a sustainable financial foundation, with the long-term objective of achieving greater scale, including potential consideration for a national exchange listing.
The Company is also continuing to evaluate additional opportunities, including UCL Communications. However, there can be no assurance that any of these transactions will be completed. The completion of the proposed acquisition remains subject to numerous conditions, including the negotiation and execution of definitive agreements, satisfactory completion of due diligence, approval of the Company’s board of directors, and the Company’s ability to secure adequate financing on acceptable terms.
Affluence Corporation is a diversified technology company focused on smart city, industrial IoT, and data-driven infrastructure solutions. Through its operating subsidiaries, including Mingothings, the Company delivers AI-enabled IoT platforms, data visualization, and intelligent infrastructure technologies. For more information, visit https://affucorp.com.
