Affluence Corporation Acquires Telecom Infrastructure Company 5 Stems Inc.
CHICAGO, IL / ACCESSWIRE / January 16, 2020 / Affluence Corporation (OTC PINK:AFFU), a diversified 5G telecom infrastructure company, announced today that it has acquired 5 Stems Inc, Inc. a cell tower installation and maintenance company with offices in Buffalo, NY and Memphis, TN. The terms of the deal were not disclosed.
"The 5 Stems Inc acquisition is the first of several planned acquisitions and is the building block to our growth strategy," said James Honan, Affluence CEO. " 5 Stems Inc has several high profile contracts and is performing work throughout the US and abroad which includes and is not limited to a high profile United Nations Global super contract as part an annual global market of over USD 17 billion for all types of products and services. In addition, 5 Stems Inc is currently delivering services for many of the largest network carriers, OEM's and tower companies and has an impressive backlog of purchase orders in hand. 5 Stems Inc has doubled in revenue year over year and is forecasted to do the same in 2020. In addition to the revenue component that 5 Stems Inc brings to the company, they also have several pending patent applications for innovative cell tower designs which will make it possible for multiple vendors to perform cell tower construction and maintenance at the same time and rapidly deploy 5G infrastructure and save time and money. Furthermore, 5 Stems Inc has an aggressive wireless training program plan in which can be a direct supply for the lack of 20k tower workers needed to build the estimated 800,000 cells needed to build the 5G Network," said Honan.
"The implementation of 5G networks starts with companies like 5 Stems Inc," said Larry Jordan II, CEO of 5 Stems Inc. "We currently have 26 crews deployed and we have enough work this year for 3 times as many and the forecast for the next 10 years grows that number exponentially. Being part of Affluence will enable us to grow the number of crews organically and via acquisition and expand our verticals, that is why we are so excited to be part of a company that shares our vision," said Larry Jordan II.
About 5 Stems Inc.
5 Stems Inc. is a telecom infrastructure services organization. Founded in 2014, 5 Stems Inc. performs cellular tower construction, base station implementation, engineering and maintenance for all of the major cellular network providers. 5 Stems Inc also provide project management and emergency repair service.
About Affluence Corporation.
Affluence Corporation (AFFU.PK) is a diversified holding company focused on 5G infrastructure businesses including fiber, tower construction and maintenance, base station installation and other complimentary technologies.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, competitive and technological factors, markets, services, products and prices, availability and the cost of capital, success of growth initiatives, limited operating history and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Affluence Corporation.
For further information contact Jim Honan at 630-559-6815
SOURCE: Affluence Corporation