Affluence Corporation Completes Transformative Merger with Durham Black Inc

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.