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.
Furthermore, ILUS is in discussions with RB Capital regarding the consolidation of its existing promissory notes into one single promissory note. The company believes that the new consolidated note will provide more time and flexibility in repaying the note and prevent further conversions in the short to medium term.
In light of the aforementioned targeted acquisition, further acquisitions which are in negotiation and the restructuring which is underway in preparation for a previously mentioned business combination with a NASDAQ listed company, as well as to prevent any requirement for a reverse split to be conducted, the Board and the Majority Stockholder of ILUS have determined that it is in the best interests of the Company to amend its Articles of Incorporation, to affect an increase in the number of shares authorized common stock from 2,000,000,000 shares at par value $0.001 to 3,500,000,000 at par value $0.001. The Information Statement being filed today is furnished solely for the purpose of informing Shareholders.
ILUS CEO, Nicolas Link, concluded: “We have been working extremely hard with our advisors, attorneys, and auditors to get every aspect of our company structured and aligned for an imminent business combination agreement to be signed. I am currently in the USA with JP Backwell for the final stage of the business combination transaction with the NASDAQ company. We anticipate that the moves we are currently making will allow us and our Shareholders to realize the significant value that has been created over the past few years.”
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
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