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 see Affluence acquire 100% of Triar's equity or assets, with a transaction structure combining cash, preferred equity, and performance-based earnouts. The deal is subject to due diligence, negotiation of definitive agreements, and securing necessary financing.
According to management estimates, 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 about $5 million in pro forma EBITDA. However, these figures are based on internal estimates and information provided by the target companies and remain subject to significant uncertainties.
The company had previously executed the LOI with Triar but elected not to disclose it publicly at that time. With the recent approval of Affluence's reverse stock split and ongoing negotiations with convertible debt holders, management believes there may now be a more viable path to pursue this and other potential acquisitions. However, securing adequate financing remains a critical condition to any closing. The company is also evaluating additional opportunities, including UCL Communications, though there can be no assurance that any of these transactions will be completed.
"We are pleased to have signed this LOI with Triar," said Oscar Brito, President of Affluence Corporation. "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 debt restructuring initiatives and building a sustainable financial foundation, with a key long-term objective of achieving greater scale, including potential consideration for a national exchange listing.
The completion of the proposed acquisition remains subject to numerous conditions, including negotiation and execution of definitive agreements, satisfactory completion of due diligence, approval of the board of directors, and the company's ability to secure adequate financing on acceptable terms. There can be no assurance that the transaction will be completed as currently contemplated or at all. Affluence expects to provide further updates as developments occur.
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.
