Affluence Corporation (OTCID: AFFU) today issued a shareholder letter from President Oscar Brito, reflecting on the company's first year of reorganization under new management. The letter details significant progress in building a scalable technology platform, strengthening the capital structure, and executing a disciplined acquisition strategy, with a focus on Smart City, Industrial IoT, and security software solutions.
According to the letter, the acquisition of Mingothings established the cornerstone of the company's IoT strategy, providing an established platform, recurring enterprise customers, and an international footprint. Subsequently, Mingothings completed the acquisition of 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, including Mingothings and Marina Eye-Cam, have the potential to generate approximately $10 million in revenue during 2026, with expected EBITDA of well over $1.5 million.
The company emphasized a disciplined acquisition strategy, noting that strategic acquisitions will continue to be a principal driver of long-term growth. Affluence is identifying well-managed technology companies in Europe and the U.S. that are below the size typically pursued by larger acquirers but have reached a level of maturity where joining a larger platform could accelerate growth. The company intends to build an integrated technology platform where complementary businesses benefit from shared engineering resources, expanded commercial reach, and operational efficiencies.
Regarding the capital structure, the letter states that Affluence 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 and replace legacy instruments with long-term preferred securities, reducing future dilution and improving the balance sheet. The company also completed a reverse stock split to strengthen its financial foundation.
Looking ahead, the company views a future national securities exchange listing as the culmination of Phase One of its transformation, which would provide broader access to institutional investors and improved liquidity. Phase Two will focus on continuing to build an integrated portfolio of complementary Industrial IoT, Smart Infrastructure, AI, and enterprise software businesses across Europe and North America.
For the balance of 2026, priorities include executing the balance sheet restructuring, completing integration of Mingothings and Marina Eye-Cam, advancing strategic acquisition opportunities, increasing recurring revenue and profitability, improving access to growth capital, and positioning for a future exchange listing.
More information is available on the company's website at https://affucorp.com and Mingothings at https://www.mingothings.com.
