Affluence Corporation (OTCID: AFFU) released a shareholder letter from President Oscar Brito on Wednesday, detailing the company's progress over the past year and outlining its strategic priorities for the remainder of 2026. The letter highlights a significant corporate transformation aimed at building a scalable technology platform and strengthening the company's capital structure.
The company's long-term vision centers on becoming a diversified technology leader in Smart Cities, Industrial IoT, AI-enabled infrastructure, and enterprise software. The acquisition of Mingothings established the cornerstone of this strategy, providing an established IoT platform with recurring enterprise customers. More recently, Mingothings acquired Marina Eye-Cam Technologies S.L., expanding capabilities in security, video analytics, and access control. Management projects that these IoT operations could generate approximately $10 million in revenue during 2026, with EBITDA of well over $1.5 million, subject to market conditions and execution risks.
Strategic acquisitions remain a key driver of growth. The company is targeting well-managed technology companies in Europe and the United States that are often overlooked by larger acquirers. Affluence aims to build an integrated platform where acquired businesses benefit from shared resources and cross-selling opportunities. The company initially slowed its acquisition pace to strengthen its financial foundation, including completing a reverse stock split and advancing balance sheet restructuring. Management believes the company is now better positioned to pursue acquisition financing and is actively evaluating candidates.
Improving the balance sheet has been a top priority. Affluence has entered negotiations with convertible debt holders to restructure a substantial portion of those obligations into long-term preferred equity securities. If completed, the restructuring is intended to eliminate deeply discounted conversion mechanisms and reduce future dilution. The company views a future national securities exchange listing as the culmination of the first phase of its transformation, which could provide broader access to institutional investors and improved liquidity.
For the balance of 2026, Affluence's priorities include executing the balance sheet restructuring, integrating Mingothings and Marina Eye-Cam, advancing acquisition opportunities, increasing recurring revenue and profitability, and positioning for a future exchange listing. The letter emphasizes a shift from restructuring to execution, aiming to create sustainable long-term value for shareholders.
More information is available on the company's website at https://affucorp.com and on Mingothings' site at https://www.mingothings.com.
