Affluence Corporation Doubles Third Quarter Revenue and Provides Business Update
OAK BROOK, IL / ACCESSWIRE / November 23, 2021 / Affluence Corporation (AFFU.PK), a diversified technology company focused on innovative IoT and 5G enhancement technologies, today announced that its third quarter revenue has doubled from the quarter previous. Affluence Corporation also provided a business update, an update on previously announced initiatives and reiterated its strategy for the future. The update includes a statement on progress on tactical operational issues, including product backlog, project funding for 2022, building industry partnerships, improving capital structure, reducing debt and the status of pending acquisitions.
âI am proud to report third quarter sales of $ 225,000. This is the highest quarterly revenue we have ever achieved and it doubled our revenue from the previous quarter. This reflects the growing demand for IoT technologies in the Affluence portfolio, âsaid James E. Honan, Jr., CEO of Affluence. We are making significant progress in each of our business segments, in particular at OneMind Technogies where the OneMind product was chosen as the command and control software for one of the most important Smart City projects in the world. We have the signed contract in hand, have already had the project kick-off meeting with our partners, and plan to make the official announcement once our technology and service partners release the information to market. We will recognize the revenue from this contract in the fourth quarter and carry over a seven-digit backlog to the first half of next year, âHonan said.
âISLP’s project to build ‘last mile infrastructure based on fiber technology’ and provide technology products and services to one of Asia’s largest telecommunications companies will officially begin in the first quarter of 2022 and we plan to start recording revenue from this project from Q2 of 2022, âHonan continued. âWe have a $ 40 million financing terms sheet in place that we expect to close within the next 60 days. We also have several acquisitions pending and expect them to close by as well. the end of the first quarter of 2022, âHonan said.
âOperationally, we continue to strengthen the company,â Honan said. âWe have entered into global framework agreements for products and services with two large, world-class organizations. The first is a global product distribution agreement that has already brought in a major contract and OneMind has cited multiple prospects for 2022. The second agreement is a services agreement for our IoT and 5G technology product stack. Affluence has also made significant progress in cleaning up our balance sheet and capital structure over the past year. We were able to convert some of our debt into equity and also eliminate the surplus from our capital structure. I am very proud of our team’s accomplishments this year and look forward to a banner year in 2022, âHonan said.
About the affluence company
Affluence Corporation (AFFU.PK) is a diversified technology company focused on innovative software solutions that capitalize on IoT, AI and 5G technologies. We invest in mid-sized companies to create a cohesive unit that brings together technology for the next generation of the Internet. https://affucorp.com
About ISLP Technologies
ISLP is a diversified technology company focused on telecommunications services and technologies. ISLP is one of the many success stories of the Indian Institute of Technology (IIT) incubator in Delhi. ISLP creates personalized digital solutions using cutting-edge technologies such as blockchain, AI, machine learning, business intelligence and data science.
About OneMind Technologies SL
OneMind Technologies SL is a wholly owned subsidiary of Affluence Corporation. OneMind Intelligent IoT Solutions Builder is used to build applications for smart construction and smart city operations. Operating as systems of systems, OneMind connects data sources to a single point of information to provide real-time insight into business processes. This is a key component of the enterprise solutions currently offered by several Fortune 50 companies that resell, distribute and integrate enterprise solutions for smart cities. The OneMind Smart City solution is deployed in Barcelona, ââSan Francisco, Guadalajara, Oslo and many other cities around the world. For more information, visit 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 these forward-looking statements, including : conditions, competitive and technological factors, markets, services, products and prices, availability and cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. In addition, this press release cannot be considered legal, accounting or investment advice, and is not, and cannot be considered, a solicitation to purchase securities issued by Affluence Corporation.
For more information, contact Affluence Corporation Investor Relations at 720-295-6409.
THE SOURCE: Affluence society
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