Affluence Corporation (OTCID: AFFU), a diversified technology company specializing in smart city, industrial IoT, and security software, announced today that it has executed a Letter of Intent (LOI) to acquire Triar Commerce LLC ("Triar"). The proposed acquisition, structured with cash, preferred equity, and performance-based earnouts, is subject to due diligence, definitive agreements, and securing financing.
Management has estimated that, if the Triar acquisition and other strategic initiatives are completed, the company could achieve approximately $220 million in pro forma annualized revenue and approximately $5 million in pro forma EBITDA. These figures are based on internal estimates and remain subject to uncertainties. The company had previously executed the LOI but did not disclose it until now, citing recent approval of a reverse stock split and ongoing negotiations with convertible debt holders as factors that may provide a more viable path to pursue this and other potential acquisitions. However, securing adequate financing remains a critical condition.
Affluence is also evaluating additional opportunities, including UCL Communications, but there is no assurance that any of these transactions will be completed. Affluence Corporation operates through subsidiaries like Mingothings, delivering AI-enabled IoT platforms and smart infrastructure solutions.
"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 debt restructuring and building a sustainable financial foundation, with a long-term objective of achieving greater scale and potentially listing on a national exchange.
The completion of the proposed acquisition is subject to numerous conditions, including negotiation of definitive agreements, completion of due diligence, board approval, and the company's ability to secure adequate financing. There can be no assurance that the transaction will be completed as currently contemplated or at all. The company expects to provide further updates as developments occur.
