(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, NY, Oct. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc. (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and growing companies in the public safety, industrial, defense and renewable sectors. The company provides the following updates to its Shareholders.
While ILUS' industrial subsidiary, Quality Industrial Corp.(QIND), awaits comments to its S-1 Registration Statement, which have not yet been received, the company has continued to press forward with the business plan for its Public Safety and Renewables subsidiaries. With all terms agreed for its next acquisition, ILUS is in the final stages of the administrative and internal structuring required to complete the deal. It is intended that the acquisition will serve as a Special Purpose Vehicle for expansion of the company's Public Safety subsidiary, Emergency Response Technologies (ERT).
This week, ERT held several positive meetings in Europe with a global wildfire equipment manufacturer. The subsidiary plans to acquire a majority stake in the wildfire company and the addition of its patented technology, manufacturing capability, and global distribution network are an important component of ERT's growth plans. ILUS is focused on adding wildfire equipment as well as US manufactured firefighting vehicles and ambulances to ERT's portfolio, with the goal of uplisting the subsidiary to a National Exchange during the course of 2024.
ILUS confirms that it has agreed a revised payment plan with AJB Capital Investment LLC for repayment of a $1,200,000 convertible promissory note. Under the revised payment plan, the note must be repaid by mid-2024.
Plans remain firmly in place for ILUS to pay a special equity dividend in the form of QIND stock to ILUS Shareholders of record as of the date of QIND's NYSE American uplisting. The company is prepared to announce details of the dividend upon confirmation of a date for QIND's planned uplisting.
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