NEW YORK, NY -- May 2, 2024 -- InvestorsHub NewsWire -- 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 was delayed in the filing of its Form 10-K 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. The company has now filed its annual report, which
includes a restatement of its financials for the years 2022 and
2023 due to the cancelled transaction.
Following the restatement of its financial statements, ILUS has
experienced a significant impact on its balance sheet, resulting in
a net loss recorded on its income statement. Despite this setback,
ILUS is now on a positive footing following QIND's recent
acquisition of Al Shola Gas and the more recent expansion of its
Emergency Response subsidiary within its own publicly listed
special purpose vehicle (OTC: SAML).
It is noteworthy for an OTC Markets listed company that ILUS has
been able to accumulate over $62 million in total assets with net
assets of over $32 million in the face of exceptionally challenging
market conditions. Notably, the company remains securely on track
to uplist both its Industrial and Emergency Response subsidiaries
to a Senior Stock Exchange in the short to medium term. In this
regard, senior publicly traded companies are visiting Dubai next
week to tour facilities as part of their final due diligence
stage.
Over three years, ILUS has acquired seven operating businesses,
incorporated two entities, and attained control over two OTC-listed
public entities which now operate as its subsidiaries. ILUS has
incurred significant write-downs and losses during the process of
consolidating its subsidiaries and operating businesses. These
losses are a direct result of the integration and restructuring of
the acquired businesses. Consequently, the net operational costs
have increased as ILUS strives to drive the growth of its operating
businesses and complete planned uplistings. To facilitate this,
ILUS has augmented senior-level management and advisory
resources.
ILUS' restructuring efforts are a part of its strategy to
streamline operations and optimize efficiency. However, such
efforts typically involve upfront costs, which are reflected in the
current financial statements. Nonetheless, ILUS remains committed
to its long-term growth objectives and is working diligently to
mitigate the associated costs while maximizing value for its
stakeholders.
In January 2024, ILUS acquired a controlling interest in Samsara
Luggage Inc. (OTC: SAML) to function as the company's
special-purpose vehicle for the expansion of its Emergency Response
subsidiary. After the acquisition, SAML filed for approval of its
name and trading symbol change. In February 2024, SAML acquired
seven Emergency Response operating businesses from ILUS. This
strategic acquisition was executed to facilitate a more efficient
expansion of the emergency response businesses. The outcome of this
transaction is beginning to yield positive results.
In March 2024, ILUS' Industrial subsidiary, QIND, acquired the
controlling interest in Al Shola Gas, a fast-growing company
operating out of the United Arab Emirates. Al Shola Gas possesses a
strong balance sheet and delivered approximately $11 million and
£1.8 million in 2023 revenue and net income, respectively. This
acquisition is expected to significantly enhance ILUS' position in
the energy sector and play a crucial role in ILUS' long-term growth
strategy.
The strides ILUS took during the first quarter of 2024, as
indicated above, were not consolidated and reflected in the
company's 2023 annual report. The company is keenly anticipating
the submission of its forthcoming quarterly report, which will be
accompanied by those of its subsidiaries, to depict the positive
outcomes.
After having filed its Form 10-K, among several priorities, the
company is also now concentrating on issuing a SAML equity dividend
to ILUS Shareholders of record. It is expected that an announcement
will be made shortly regarding this matter.
ILUS believes that its Industrial and Emergency Response
subsidiaries are trading at a significant undervaluation on the OTC
Markets. The company anticipates that by listing its subsidiaries
on senior stock exchanges, through agreements based on the equity
valuation of the operating businesses within each subsidiary, there
will be a considerable increase in the value of its majority
holdings in each subsidiary. This increased value is expected to
provide additional liquidity to the company, which it plans to use
for further expansion. The company has been unable to complete
several planned acquisitions due to capital-raising challenges
faced in the OTC Markets. Furthermore, both ILUS subsidiaries are
expecting to close significant additional acquisitions following
their respective uplists. These are larger deals where extensive
negotiations have taken place and are lined up for completion.
The ILUS team remains unwaveringly committed to achieving its
goals, accelerating growth and achieving stronger financial
performance in the coming quarters
For further information on ILUS, please see its communication
channels:
Website: https://ilus-group.com
Twitter: @ILUS_INTL
Email: IR@Ilus-Group.com
Source: ILUS
Related Links
https://ilus-group.com
Forward-Looking Statement
Certain information set forth in this press release contains
"forward-looking information", including "future-oriented financial
information" and "financial outlook", under applicable securities
laws (collectively referred to herein as forward-looking
statements). Except for statements of historical fact, the
information contained herein constitutes forward-looking statements
and includes, but is not limited to, the (i) projected financial
performance of the Company; (ii) completion of, and the use of
proceeds from, the sale of the shares being offered hereunder;
(iii) the expected development of the Company's business, projects,
and joint ventures; (iv) execution of the Company's vision and
growth strategy, including with respect to future M&A activity
and global growth; (v) sources and availability of third-party
financing for the Company's projects; (vi) completion of the
Company's projects that are currently underway, in development or
otherwise under consideration; (vi) renewal of the Company's
current customer, supplier and other material agreements; and (vii)
future liquidity, working capital, and capital requirements.
Forward-looking statements are provided to allow potential
investors the opportunity to understand management's beliefs and
opinions in respect of the future so that they may use such beliefs
and opinions as one factor in evaluating an investment. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties, which may cause actual performance and financial
results in future periods to differ materially from any projections
of future performance or result expressed or implied by such
forward-looking statements. Although forward-looking statements
contained in this presentation are based upon what management of
the Company believes are reasonable assumptions, there can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The Company
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change
except as required by applicable securities laws. The reader is
cautioned not to place undue reliance on forward-looking
statements. The Securities and Exchange Commission ("SEC") has
provided guidance to issuers regarding the use of social media to
disclose material non-public information. In this regard, investors
and others should note that we announce material financial
information via official Press Releases, in addition to SEC
filings, press releases, Questions & Answers sessions, public
conference calls and webcasts also may take time from time to time.
We use these channels as well as social media to communicate with
the public about our company, our services, and other issues. It is
possible that the information we post on social media could be
deemed to be material information. Therefore, considering the SEC's
guidance, we encourage investors, the media, and others interested
in our company to review the information we post on the following
social & media channels:
website: https://ilus-group.com
Twitter: ILUS_INTL
Note: ILUS Coin does not sit within ILUS International Inc
(Ilustrato Pictures International Inc), so the public are
recommended to follow the correct Media Channels relating to the
public company OTC: ILUS
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