Patrick C Shutt Appointed New CEO to Enhance Growth and Expand Company's Market Presence
OAK BROOK, IL / ACCESSWIRE / May 20, 2024 / Affluence Corporation (OTC PINK:AFFU), a publicly traded smart industry software and IoT technology company, today announces the successful completion of its merger with Durham Black Inc, a privately held technology services company. The merged company will operate as Durham Black Inc. and continue to trade over the counter on the Pink Market with the ticker symbol AFFU.
This transformative merger marks a pivotal moment for Affluence Corporation, now doing business as Durham Black Inc., and will unlock new markets by expanding the company's addressable market into the $1.7 trillion global communications market.
The merged public holding company intends to increase shareholder value through a set of new acquisitions, presently under letters of intent (LOI), establishing Durham Black Inc. as a global leader in asset-light, innovative, and AI-enabled software and services focused on the global communications market.
With the merger, Patrick C Shutt is appointed as the new CEO and Board Director of Durham Black Inc. Shutt is a seasoned executive with over 30 years of leadership and capital markets experience in the technology and connectivity industry. He has a strong track record of successfully growing technology companies and leading them through significant milestones, including Universal Access, Global Capacity, and most recently at Unitas Global, where the company grew from start up, to over $80m and was sold to PacketFabric at an attractive market multiple of revenue.
"I first want to thank the executive team, board and key shareholders of Affluence Corporation for their hard work and dedication in bringing this merger to fruition. Together, we are well-positioned to maximize the exciting opportunities in the global communications market. I am honored to lead Durham Black Inc. during this pivotal moment," remarked Shutt. "As a public holding company with our team's strong operational experience and deep knowledge of the technology and communications industry landscape, we are very well positioned to capitalize on emerging opportunities to transform the global connectivity market and create substantial shareholder value.
James E Honan, Jr, who has served as the CEO of Affluence Corp since 2019 and played a key role in establishing the company's focus on IoT software, will be transitioning from his position to continue to serve as a member of the Board of Directors. Honan expressed his enthusiasm about the completion of this transformative merger, emphasizing "This strategic move will enhance the company's market position and enable the expansion of its capabilities. This, in turn, will support the pursuit of our two-pronged growth strategy, involving the exploration of new markets and the addition of value through multiple acquisitions."
Durham Black Inc. is fully committed to honoring and advancing the current Letters of Intent (LOIs). These agreements represent significant opportunities for the company to expand its market presence and leverage innovative technologies.
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About Affluence Corporation: Affluence Corporation (OTC Pink: AFFU), is a diversified technology company focused on smart city and industry software solutions that harness IoT, AI, 5G, and edge technologies. The company is committed to driving innovation and creating value through strategic investments and acquisitions. For more information, please visit https://affucorp.com.
About Durham Black Inc.: Durham Black Inc. is a privately held technology services company that empowers technology business leaders to maximize their value potential. Durham Black Inc. offers advisory services focused on three fundamental areas: Corporate Structure, Growth Execution and Operational Excellence, catering to both startups and mature Connectivity, SaaS, and Managed Service Providers in the $1.7t communications market. For more information, please visit https://www.durham-black.com.
Contact Information:
Affluence Corp Media Relations Email: press@affucorp.com
Durham Black Media Relations Email: press@durham-black.com
For further information contact Affluence Corporation Investor Relations at +1 720-295-6409.
Forward-Looking Statements: 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 such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities
SOURCE: Affluence Corporation
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