ILUS Finalizes Acquisition and Provides Shareholder Update
ILUS’ Industrial subsidiary, Quality Industrial Corp. (QIND), successfully filed its S-1 Registration Statement on the 19th of September, 2023.
NEW YORK, NY, Oct. 06, 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 has finalized its next acquisition and made exceptional progress across its Public Safety and Renewables subsidiaries, in line with the business plan presented to Shareholders at its last Annual Shareholders Meeting.
ILUS’ Industrial subsidiary, Quality Industrial Corp. (QIND), successfully filed its S-1 Registration Statement on the 19th of September, 2023. The subsidiary is now awaiting comments from the SEC, following which the Registration Statement will be updated with the underwritten offering. As communicated previously, following effectiveness of the S-1, QIND intends to uplist to the NYSE American. The subsidiary is currently in a quiet period.
As per the business plan presented to Shareholders in January 2023, and following in the footsteps of QIND, ILUS has finalized the acquisition of a company as a Special Purpose Vehicle to roll out the next phase of its subsidiary business plan.
“Over the past few months, our team has been extremely focused on delivering the business plan for our Public Safety and Renewables subsidiaries in particular. Although market conditions have been exceptionally challenging and filing of the QIND S-1 took an immense and lengthy effort by our QIND team, we have nonetheless made vital progress across our businesses and completed several stages of the important negotiations necessary for us to roll out the next chapter of our business plan,” said ILUS Managing Director, JP Backwell.
“We have a broad set of skills and experience on our team, including the likes of Dan Peters and several very experienced and committed team members. Each subsidiary has its own CEO or Managing Director who have continued to work with JP and myself to progress their businesses behind the scenes. No part of our business has been neglected and while some have been at the forefront of news over the past few months, we have ensured that the leadership of each subsidiary has continued to make simultaneous progress. We now look forward to announcing our next strategic acquisition and exhibiting results of the progress made in our businesses,” added ILUS CEO, Nicolas Link.
During the third quarter, ILUS finalized the strategy and administrative procedures to spin out several of its public safety businesses into Emergency Response Technologies (ERT), which is wholly owned by ILUS. The ERT strategy will be rolled out over the coming months and the subsidiary also intends to complete further acquisitions to add United States based firefighting and ambulance manufacturing as well as a global wildfire equipment range to its portfolio.
In the United States, Georgia Fire and Rescue Supplies (GFR) had a strong third quarter with increasing order quantities and started the fourth quarter with over $1 million in new purchase orders. This is a positive step for the business which has historically turned over $300,000 to $450,000 per month and ILUS expects that GFR will deliver significant growth over its 2022 results. Furthermore, after discussions with a global wildfire equipment and vehicle manufacturer, GFR has obtained distribution rights for their wildfire equipment and vehicles in Georgia, Florida, and Tennessee. These products will soon be loaded onto the GFR website and an upgrade to their website is also underway to incorporate several new changes and additions. In Tennessee, Bull Head Products (BHP) has continued its steady growth. During August, ILUS moved a senior operations manager from its head office in Dubai to be based in Georgia and oversee operations at both GFR and BHP, which are within a 4-hour drive of each other. As a result, the company has seen significant improvements in the operational efficiency at both businesses. BHP is currently seeking larger facilities in the Kodak/Knoxville area of Tennessee in order to increase its production capacity.
In the Middle East, ILUS has incorporated its ERT Middle East division and is currently completing the administrative procedures to consolidate its local public safety businesses into the regional division. The company is also merging the operations of BCD Fire and Al Shola Safety, who both service the fire protection sector. ILUS believes that merging the two businesses which have the same target market will reduce their operating costs by as much as 40 percent and increase their ability to bid for and win larger contracts. ILUS’ regional firefighting equipment and rapid response vehicle manufacturer, FireBug Mechanical, has bid on several contracts with a total value of $19 million and is currently shortlisted in a $3.5 million bid to supply rapid intervention firefighting vehicles to Saudi Arabia’s NEOM region. During the third quarter, ILUS shifted FireBug’s firefighting equipment development and manufacturing to a facility outside Belgrade in Serbia. The company also delivered several orders to distributors in India and the Middle East and is subsequently ramping up its product development, testing and manufacturing capability out of the Serbian facility.
At the same facility in Serbia, several E-Raptor 6x6 commercial electric utility vehicles are nearing production completion, with three vehicles already ordered by a local municipality. Although there was a delay in delivery of two major components from the East which has impacted the production line, it is expected that the first batch of vehicles will be delivered in November while sourcing has already been completed for production of the new 4x4 range which will commence early in the first quarter of 2024. ILUS has promising developments underway for its Renewables subsidiary which now includes both Replay Solutions and E-Raptor EV Technologies. The company intends to make further Renewables subsidiary announcements during the fourth quarter, with substantial growth expected for the subsidiary over the next 12 months.
Regarding the previously announced plans for special equity dividends in the form of QIND and/or ERT stock for ILUS Shareholders, the company plans to release further details including the record date for Shareholders as and when appropriate. Details regarding the intended QIND dividend are planned for release once S-1 comments are obtained and there is additional clarity regarding timing of the planned QIND uplisting.
ILUS wishes to inform Shareholders that its next Annual Shareholder Meeting will take place in Miami on Friday the 26th of January, 2024. The company will summarize its 2023 results and present its business plan for the new year, with a specific focus on its Public Safety and Renewables subsidiaries.
Nicolas Link concluded: “We continue to roll out the business plan as presented to Shareholders. Although we have encountered significant hurdles along the way and some aspects of our progress have been delayed, we have grown the business substantially and delivered several key milestones. We are working harder than ever to progress and deliver the remaining plans which we have communicated to Shareholders, and nothing has changed in that regard. We may have had to adapt under the conditions but regardless of what the markets throw at us and the related challenges we may face, we continuously find a way through or around the obstacles and steadily deliver our conglomerate vision.”
For further information on ILUS, please see its communication channels:
Website: https://ilus-group.com
Twitter: @ILUS_INTL
Email: [email protected]
Source: ILUS
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