NEW YORK, NY, March 31, 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 confirms that it has secured a further $5.5 million in funding and ILUS is pleased to announce that from this funding, it has reached an agreement in principle with Discover Growth Fund LLC to settle their note of $2 million.
ILUS secured the $5.5 million in funding from RB Capital Partners, Inc. In a positive step forward for the company, the funding is being used for the arrangement made with Discover Growth Fund LLC to settle their $2 million note over a five-month period, thus ensuring that the note shall be fully paid and will not hit the market. The remainder of the funding is to be used for working capital and pending acquisition tranche payments.
In the current capital market downturn, access to capital is drying up across the board, resulting in harsher terms for capital and making it more expensive. Therefore, ILUS is pleased to have secured this round of funding from RB Capital following the evaluation of several options, with RB Capital’s terms proving the most suitable of the options. While additional funding was in negotiation with various funders in months prior, ILUS found that as a result of the deterioration taking place across the capital markets, the prospective funder’s terms got progressively worse in the final stages towards closing. Therefore, the ILUS board agreed that securing funding from RB Capital was the optimal route on a cost basis at this particular time. While offers from various funders remain on the table, the board agrees that these are not as suitable, specifically with regards to short to medium-term Shareholder value.
“Last year, RB Capital provided $5.7 million to our group which assisted in our expansion to nearly $80 million in annual revenue. Although such funding does require the free issue of shares, we have in general seen significant overall value from this. While we appreciate that Shareholders don’t like to see new shares being issued, it is important that companies such as ours can access capital for growth. We are entering what could be an aggressive recession and it is vital that we have working capital on hand as well as reliable access to capital to complete acquisitions. From our experience, RB Capital has been fully supportive of our business, have not been found to sell aggressively in the past and we believe they have responsibly managed their stock sales in the market. RB Capital’s funding and approach supported the solid growth of our group in 2022 and we expect the same in 2023,” said ILUS CEO, Nick Link.
RB Capital’s Brett Rosen commented: “I'm very happy to be part of the ILUS journey and to be able to make a contribution towards their exciting growth. Having witnessed their many accomplishments in 2022, I’m very much looking forward to partnering in their continued success in 2023.”
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
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: OTC_ILUS
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
