ILUS Provides Form 10-K Filing Update

NEW YORK, NY, April 17, 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 and industrial sectors. ILUS has two publicly listed subsidiaries, Quality Industrial Corp. (QIND) and Emergency Response Technologies Inc. (SAML), in which it holds the majority stake. Following the filing of both QIND and SAML’s Form 10-K Annual Reports, ILUS is finalizing its Form 10-K for filing.

Following the decision by its Industrial subsidiary, QIND, to agree to the cancellation of an acquisition, with the decision being made on 1 April 2024 as confirmed in the company’s 8-K filing, ILUS was delayed in the filing of its Form 10-K. The delay is beyond the control of the ILUS board and management, and the decision made to agree to the acquisition cancellation is believed to be in the best interests of ILUS Shareholders in the medium to long term.

While ILUS’ financials were prepared for filing, the subsequent restatement of QIND’s financials which are consolidated by ILUS triggered the very detailed task of restating the ILUS financials. Having filed for an extension, the ILUS finance team, management and auditors have been working day and night to complete the filing, although unfortunately and disappointingly, the company still requires further time and intends to file its revised 10-K before the end of April. While ILUS understands the frustration this causes, this is a very important step considering the previously disclosed uplisting plans of the company and its two subsidiaries. It is therefore imperative that the company is fully compliant to avoid any delays on the effectiveness of future registration statements. 

The positive of re-instating its financials is that ILUS will be in a vastly improved position for the fulfilment of its uplist plans. The company and its subsidiaries also intend to file their first quarterly reports before the 15^th of May deadline. This is important for the accommodation of planned S-4 Registration Statements following the signing of Business Combination Agreements for the respective planned uplists. ILUS is proactively taking steps to have the quarterly reports filed as soon as possible so that the financials do not go stale during the filing of S-4 Registration Statements which could fall over the 15^th of May filing period.