Originally posted on Data Center POST
In a landmark move set to reshape the technology services landscape, Affluence Corporation, (OTC PINK: AFFU) has successfully merged with Durham Black., a privately held technology services company. This transformative merger, resulting in the newly formed operating company Durham Black Inc., is poised to unlock significant opportunities in the $1.7 trillion global communications market. The merged entity will continue trading over the counter on the Pink Market under the ticker symbol AFFU.
A Transformative Merger
This merger represents a pivotal moment for Affluence Corporation, now operating as Durham Black Inc. By combining forces, the newly established Durham Black Inc. will expand its addressable market and position itself as a global leader in asset-light, innovative, and AI-enabled software and services. The company’s strategic vision includes a series of new acquisitions, currently under letters of intent (LOI), aimed at enhancing shareholder value and cementing Durham Black Inc.’s position at the forefront of the global communications market.
Leadership with Vision
At the helm of Durham Black Inc. is the newly appointed CEO and Board Director, Patrick C Shutt,. With over 30 years of experience in leadership and capital markets within the technology and connectivity industry, Shutt brings a wealth of knowledge and a proven track record of driving growth and achieving significant milestones. His notable achievements include steering companies like Universal Access, Global Capacity, and most recently Unitas Global, where he led the company from startup to a successful sale to PacketFabric.
“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.”
Continuity and Strategic Growth
James E Honan, Jr, who has served as the CEO of Affluence Corporation since 2019, will transition from his role while continuing to serve on the Board of Directors. Honan, instrumental in establishing Affluence’s focus on IoT software, expressed his enthusiasm for the merger, highlighting its strategic benefits: “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.”
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