ILUS Signs Letter of Intent to Acquire a British Manufacturer of Autonomous Vehicles While Completing its Next Phase of Restructuring for Anticipated Growth

NEW YORK, NY, Feb. 20, 2024 (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. On February 16, 2024, the Company signed a letter of intent with a British company which has manufacturing and assembly facilities in the United Arab Emirates from which it manufactures and supplies autonomous vehicles as well as defense and public safety solutions. The definitive agreement is expected to be signed in the first quarter of 2024 and is currently intended to be structured as an equity deal of $3,000,000 with a mutually agreed leak out agreement which is expected to come into effect sometime after the intended in-progress business combination agreement with a NASDAQ company is effective.

The acquisition target is an integrated technology company that designs, develops, and manufactures advanced solutions utilizing proprietary robotics and autonomous systems which are engineered to transform operational capabilities for the defense and security sectors.​ The company’s groundbreaking proprietary autonomous technology meets NATO standards for operational land, water, and air requirements in its relevant sectors.

The Global Defense market has been estimated to reach over $718 billion in 2027 although newer data is expected to reflect higher projected growth due to continued war in Ukraine, increased geo-political tensions in many regions globally, and an increase in cyber-terrorism threats. This and several additional factors have led to increased instability, placing heightened demand on the defense and security sectors leading to increased growth.

“This acquisition and those in the pipeline are expected to add incredible value to the ILUS Group. The revenue generating company which services several customers globally has a significant technology valuation and multiple large high probability orders in its pipeline. We are working hard to add further value across the group and are excited to bring in this new deal and others we have been negotiating,” said ILUS Managing Director, John-Paul Backwell.

As previously announced, ILUS acquired control of Samsara Luggage Inc. (OTC: SAML) on January 5, 2024. SAML is currently undergoing a corporate action to change the company name and ticker and it will function as a Special Purpose Vehicle for ILUS’s Emergency Response Technologies (ERT) division. ILUS is currently in the progress of merging its emergency response assets into SAML. Once completed, ILUS will in return receive a stock consideration in SAML of which it intends to dividend out an appropriately proportioned amount of stock consideration to ILUS Shareholders.