Affluence Corporation (OTCID: AFFU) issued a shareholder letter from President Oscar Brito, detailing the company's significant transformation over the past year and outlining its strategic priorities for growth. The letter emphasizes that the company has built a scalable operating platform, improved its capital structure, and is now shifting focus from restructuring to executing a disciplined growth strategy.
The company's long-term vision centers on becoming a diversified technology company in Smart Cities, Industrial IoT, AI-enabled infrastructure, enterprise software, and intelligent infrastructure. The acquisition of Mingothings established the cornerstone of this strategy, providing an established IoT platform and recurring enterprise customers. More recently, Mingothings acquired Marina Eye-Cam Technologies S.L., expanding capabilities in enterprise security, intelligent video analytics, and integrated hardware solutions. Based on current operations, management projects that IoT operations could generate approximately $10 million in revenue during 2026, with expected EBITDA of over $1.5 million, subject to execution and market conditions.
Strategic acquisitions remain a key driver of long-term growth. The company believes the Industrial IoT, Smart Infrastructure, AI, and enterprise software sectors offer attractive consolidation opportunities, particularly among well-managed technology companies below the radar of larger acquirers. Affluence aims to build an integrated platform where complementary businesses benefit from shared resources and cross-selling. Management made a deliberate decision to strengthen the company's financial foundation—including completing a reverse stock split and advancing balance sheet restructuring—before pursuing additional acquisition financing. The company is now actively engaged with financing sources and evaluating acquisition candidates.
Improving the balance sheet has been a top priority. Affluence has entered negotiations with holders of outstanding convertible debt to restructure a substantial portion into long-term preferred equity securities. If completed as contemplated, the restructuring is intended to eliminate a significant portion of convertible debt, replace legacy instruments, and eliminate deeply discounted conversion mechanisms, thereby reducing future dilution and lowering the cost of capital.
The company views a future national securities exchange listing as the culmination of the first phase of transformation, providing broader access to institutional investors and improved liquidity. For the balance of 2026, priorities include executing the balance sheet restructuring, integrating Mingothings and Marina Eye-Cam, advancing strategic acquisitions, increasing recurring revenue and profitability, improving access to growth capital, and positioning for a future exchange listing.
Brito stated, "The past year has been about building the foundation... The next phase is about execution." The company remains committed to disciplined growth, prudent capital allocation, and transparent communication.
