ILUS Agrees to Swap Majority Stake in Quality Industrial Corp. for Future Majority Stake in Fusion Fuel Green (NASDAQ: HTOO)
NEW YORK, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Ilustrato Pictures International Inc. (OTC:ILUS) ("ILUS" or the "Company") is a mergers and acquisitions company focused on acquiring and growing businesses in the public safety and industrial sectors. On November 18, 2024, the Company signed a Stock Purchase Agreement with Fusion Fuel Green PLC (NASDAQ:HTOO) ("Fusion Fuel") and certain other shareholders of Quality Industrial Corp. for Fusion Fuel to acquire a 69.36% stake in Quality Industrial Corp. (OTC:QIND)("QIND"). As consideration for the ILUS stake in QIND, Fusion Fuel will issue a combination of ordinary shares and convertible preferred shares, resulting in ILUS holding a stake of 55.38% of Fusion Fuel on an as-converted, fully diluted basis. The preferred shares, however, will not be converted until Fusion Fuel's shareholders approve their conversion to ordinary shares and clearance of an initial listing application to be filed with Nasdaq.
Fusion Fuel is a provider of innovative green hydrogen solutions that is currently realigning its business focus to emphasize hydrogen and energy solutions, along with engineering and advisory services. The acquisition of a majority stake in QIND is anticipated to establish a profitable and cash-flow-positive foundation for Fusion Fuel, thereby enabling it to satisfy current market demands while positioning itself for long-term growth opportunities within the clean hydrogen sector. ILUS believes that this transaction will facilitate QIND's aggressive growth plans, which aim to deliver a more comprehensive suite of upstream and downstream services in the energy sector. Furthermore, it will empower QIND to broaden its offerings into the European markets while simultaneously enabling Fusion Fuel to expand its hydrogen engineering services into the Middle East, where hydrogen is increasingly becoming a focal point.
ILUS CEO Nicolas Link stated, "We are pleased to announce the successful completion of this transaction. I want to thank both management teams for their dedicated and tireless efforts contributing to this achievement. I am particularly proud of the QIND team, who have demonstrated unwavering commitment and made significant sacrifices over the challenging past 18 months in pursuit of gaining a listing on a major exchange. By operating as a subsidiary of HTOO, which is listed on NASDAQ, a prominent exchange, QIND will be well-positioned to advance its aggressive mergers and acquisitions strategy."
"I'm very excited about this next chapter in the future of ILUS. In 2021, we shared our roadmap with shareholders, outlining plans to acquire, incubate, and uplist multiple companies to create a mini conglomerate that could one day be a significant global force. Although the journey has been incredibly challenging and has taken longer than expected due to difficult market conditions, this initial deal, among several we have planned, showcases the team's resilience and determination to reach their goals against all odds. Other companies within the group are now on the same path toward uplisting, which should bring valuable returns to ILUS. Additionally, we are proud of our investment in Swifty Global, which is also on its journey to uplist and is nearing completion." Mr. Link continued, "It's true that Rome wasn't built in a day—trust the process."
ILUS plans to confirm its long overdue next shareholder meeting date for early 2025 and looks forward to laying out the roadmap for its next chapter.
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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