DOWNERS GROVE, Ill., Sept. 28, 2009 (GLOBE NEWSWIRE) -- Affluence Corporation (Pink Sheets:AFFU), the leading social network for high wealth individuals, has named Michael Profita as Executive Vice President and Chief Financial Officer. In addition to his duties as CFO, Profita will assume all operational duties until Affluence names a Chief Executive Officer.
"We are fortunate to attract a top-tier talent like Mike," said Doug Stukel, Affluence Chairman and Interim President. "Mike brings so much more to the table than your traditional CFO. Along with a solid financial and operational background, Mike has held president and COO roles in several high tech emerging growth companies. In addition to leading a successful IPO, Mike also has M&A experience and has been very effective in raising capital in private equity and public markets."
Prior to joining Affluence, Profita was president of thincSoft, LLC a geospatial analytic software platform for business intelligence. Profita led the company from inception to its exit building partnerships with Oracle, HP and Neteeza. Prior to that, Profita was COO and CFO of Quantitative Data Solutions (QDS), a provider of information and infrastructure solutions for the financial services market where he played a key role in its acquisition by Transamerica. Prior to that, Profita was Vice President and CFO of Apropos Technology (APRS), a telephony software developer. As a member of the initial management team, he helped grow the start-up from pre-revenue to $40 million in sales and led Apropos' $95 million IPO in February, 2000. Before joining Apropos, Profita held several positions at Mentor Graphics Corporation (MENT), a $400 million electronic design software developer. Profita was Chief Financial Officer for Mentor Graphics' Microtek Research Division, Vice President of International Finance for South America, Mexico and Canada and was Area Business Manager.
"I am really excited about the opportunity," Profita said. "I am really impressed with the platform Affluence has built. The explosive adoption of social media and social networks present real challenges in balancing membership growth with profitability. With its highly valuable demographic, Affluence.org is uniquely positioned to meet these challenges. This is the right deal at the right time and goes far beyond being the Facebook for the rich."
Profita received an MBA in International Finance from Loyola University of Chicago, a Master of Management from the University of Chicago and a BS in Finance from Marquette University. Profita is a member of Marquette University's Golden Angels investment network and also a frequent guest lecturer at Northwestern University and Marquette University.
About Affluence Corporation.
Affluence Corporation (Pink Sheets:AFFU) is the leading social network for high net worth individuals. Its world-wide membership base consists of high net worth individuals and influential people including millionaires, billionaires, entrepreneurs, entertainers, athletes and other people of wealth. Affluence.org enables its membership base to interact with people of similar socioeconomic backgrounds and interests in a private network where they can share experiences, gain insights and communicate.
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 Commission. 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.