SAN FRANCISCO, CA / ACCESSWIRE / January 27, 2023 / Quality Industrial Corp. (OTC PINK:QIND), is a Mergers and Acquisitions company focused primarily on the Industrial and Oil and Gas sectors. QIND is a majority owned subsidiary of ILUS International Inc. (Ilustrato Pictures International Inc; OTC: ILUS). The company confirms that on the 18th of January 2023, it signed a definitive Share Purchase Agreement (SPA) to acquire 52% of Quality International Co Ltd FZC.
Headquartered in the United Arab Emirates, Quality International has been manufacturing for more than two decades and now operates from approximately 10 million square feet of manufacturing facilities, employing aworkforce of more than 1000. The company delivers turnkey integrated solutions for the Oil and Gas, Energy, Water Desalination, Wastewater and Offshore sectors and boasts an extensive list of reference customers, including the likes of BP, Shell, Total, Chevron, Sonatrach, Sasol, ADNOC and many more.
Chairman of Quality International Co Ltd FZC, Adnan Sharafi, commented: "We welcome ILUS International Inc. and the Quality Industrial Corp team in joining hands with Quality International in its exciting growth journey and to scaling new heights in our customer delivery experience. Our aim is to provide the best in class equipment to each of our customers who place their trust in our engineering and manufacturing capabilities and be their longstanding preferred supply partner of choice".
Historically, Quality International has delivered approximately $100 million in annual revenue and holds a current order book of over $150 million. The company is also working on closing additional orders from an active project list of over $2 billion. Quality International is experiencing a powerful resurgence following the Covid-19 pandemic as the Oil and Gas industry expects record profits in 2023, aided by increased investment in infrastructure for strategy fulfilment in 2023 and beyond. Quality International is on several global preferred vendor lists and is one of very few with all the required Oil and Gas industry certifications and large-scale manufacturing facilities in place. Furthermore, the company is now also actively engaged in delivering equipment for green hydrogen projects in the region
The total price for acquisition of the majority stake in Quality International will be up-to $137,000,000 paid in six tranche payments with the final three tranche payments conditional upon EBITDA targets being met in 2023 and 2024. Further details on the signed Share Purchase Agreement can be found within the QIND's 8-K filing on 18 January 2023.
John-Paul Backwell, QIND Chief Executive Officer said: "We are extremely pleased to welcome all of Quality International's more than 1,000 employees to the ILUS and QIND family. Having worked closely with the Quality International management team and personally reviewed the impressive confirmed order books for 2023, I am confident that the company will exceed its growth targets. This is a powerful acquisition for QIND with further aligned acquisitions to be added in due course."
This Press Release does not constitute an offer of any securities for sale.
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Email: [email protected]
Investor site: https://qualityindustrialcorp.com
Twitter: @ QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.