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, structured with a combination of cash, preferred equity, and performance-based earnouts, is subject to due diligence, negotiation of definitive agreements, and securing necessary financing.
If successfully completed, the acquisition of Triar—along with certain other strategic initiatives under consideration—could enable the company to achieve approximately $220 million in pro forma annualized revenue and approximately $5 million in pro forma EBITDA, according to management estimates. These projections 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 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 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.
"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 its debt restructuring initiatives and building a sustainable financial foundation, with achieving greater scale being a key long-term objective, including potential consideration for a national exchange listing.
The completion of the proposed acquisition is 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 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 Corporation 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 company expects to provide further updates as developments occur. For more information about Affluence Corporation, visit https://affucorp.com.
