ILUS Moves Forward With Its Two Subsidiary Uplists and Equity Dividend

NEW YORK, NY, April 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc. (OTC: ILUS) is a mergers and acquisitions company that is committed to acquiring and growing businesses in the public safety, industrial, defense, and renewable sectors. ILUS has two subsidiaries, Quality Industrial Corp. (QIND) and Emergency Response Technologies Inc. (SAML), in which it holds the majority stake. QIND functions as ILUS' Industrial subsidiary, while SAML functions as its Public Safety subsidiary.

The ILUS Board of Directors has recently approved the uplisting of both subsidiaries by reverse merger, following progress in discussions with National Exchange listed companies. Additionally, the board has approved the distribution of an equity dividend in the form of SAML shares to ILUS Shareholders of record on a date to be defined.

SAML has acquired seven public safety businesses from ILUS, and the subsidiary is in the process of completing an important new acquisition to be incorporated into its uplist plans. QIND has acquired a 51% interest in Al Shola Gas, which delivered nearly $11 million in revenue and $1.8 million in net income in 2023.

Both QIND and SAML are currently in late stages of discussions with National Exchange listed companies regarding reverse merger agreements. The parties are progressing with their due diligence, following which the subsidiaries intend to sign Business Combination Agreements (BCA) with the respective National Exchange listed companies. Once the BCAs are signed, the National Exchange listed companies will file their S-4 Registration Statements, which will include registration of the QIND and SAML shareholders' shares. Valuations will be confirmed by  fairness opinions obtained from a team of approved experienced independent financial experts.

After completion of the two subsidiary uplists, ILUS expects to complete its own uplist. This current strategy allows ILUS and its subsidiaries to move to a National Exchange without effecting a reverse-split and obtain maximum Shareholder value.

ILUS owns 77,669,078 common QIND shares and 150,753,425 common SAML shares, as well as 350,000 Series B shares converting into 350,000,000 common shares. ILUS also owns 10 million common shares of a public entity which is expected to soon sign a Letter of Intent for a Reverse Merger with a NASDAQ listed company in the very near future.

The ILUS Board believes that it is critical for its subsidiaries to complete their uplists first in order to obtain maximum value for ILUS shareholders. This will considerably strengthen ILUS' balance sheet, allowing ILUS to obtain a substantially more favorable valuation, which is integral to the success of an uplist. This follows progress made since the company’s statement made on 29 December 2023, that it had signed a non-binding term sheet with a NASDAQ company “for purposes of further exploring the merger opportunity for ILUS or its subsidiaries”.