NEW YORK, NY, May 25, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. The company confirmed that it has agreed the principal terms to acquire its first $100 million revenue company. The agreed acquisition delivered upwards of $100 million in 2021 revenue and is on track to achieve over $200 million in 2022.
ILUS is pleased to announce that following months of discussions and due diligence, the terms have been agreed for the acquisition of a large process equipment manufacturer which is focused primarily on the Oil, Gas and Utility industries and which also manufactures firefighting equipment for special projects. The company is a leading provider of heavy engineering solutions and turnkey projects with an extensive list of global multinationals as customers. The agreed acquisition is headquartered in the Middle East where its manufacturing and assembly facilities extend to over 10 million square feet.
“This agreed acquisition would allow us to scale up our production of larger vehicles as well as our fixed and portable firefighting systems, specifically for the Oil and Gas sector where we will have an existing customer base. The addition of such enormous manufacturing capability and revenue will be an incredible development for ILUS, with more exciting developments nearing completion in the pipeline,” said ILUS Managing Director, John-Paul Backwell.
Following completion of the first round of due diligence, the heads of terms for the acquisition and documentation have been agreed. The attorneys are satisfied and have begun work on the contracts whilst the second round of due diligence is already underway. ILUS and the agreed acquisition hope to complete the remaining due diligence and contractual process within approximately thirty days.
ILUS will structure the agreed acquisition within its Emergency Response Technologies subsidiary, alongside a group of several strategically aligned manufacturing and technology companies. Emergency Response Technologies has simultaneously agreed the acquisition of a fully reporting Special Purpose Vehicle (SPV) and it is intended that the agreed acquisition will be reversed into this SPV. More detailed information on the structure of the deals will be announced closer to or at their completion.
ILUS CEO, Nick Link, commented, “Following months of hard work behind the scenes on this deal, we are pleased to have agreed terms on it. We have not spoken about this deal previously and we believe the agreement represents a significant leap forward for ILUS and its Shareholders. The acquisition of our first $100 million revenue business will further strengthen our foundations as we deliver on our plans for Emergency Response Technologies and continue to build the ILUS conglomerate.”
For further information on the companies, please see their communication channels:
Website: https://ilus-group.com
Twitter: OTC_ILUS
Contact:
Email: IR@Ilus-Group.com
Source: ILUS
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