NEW YORK, NY - (NewMediaWire) - January 10, 2024 - 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 is has acquired the controlling interest in the SEC Reporting OTC listed company, Samsara Luggage, Inc. (OTC: SAML).
ILUS is changing the business direction of SAML from luggage manufacturing and distribution towards the acquisition and growth of businesses in the public safety sector. The existing luggage business will be spun out of SAML and ILUS will be merging several of its existing emergency response focused companies into SAML, which will function as a Special Purpose Vehicle for the financing and growth of ILUS' emergency response subsidiary.
On January 3, 2024, ILUS acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,684.93. On January 5, 2024, ILUS converted the note into 150,753,425 shares of common stock in SAML pursuant to the terms of the exchange note which was filed in ILUS' Schedule 13D. As a result of the conversion, as of January 5, 2024, ILUS acquired control of 91.5% of the outstanding shares in SAML.
In connection with the acquisition of the note and the subsequent conversion to shares of common stock, the current officers and directors, Mrs. Atara Dzikowski, and Mr. David Dahan resigned from all their positions with SAML. Nicolas Link was appointed as SAML's Chairman of the Board and John-Paul Backwell was appointed as the company's Chief Executive Officer and Director. Mrs. Atara Dzikowski will remain as a consultant to SAML for a period. Former President of REV Group's Fire and Ambulance Division, Dan Peters, will serve as President of SAML. Further members of the company's board and management team will be announced in due course.
As previously mentioned, several of ILUS' emergency response focused companies will be merged into SAML for a stock consideration to ILUS shareholders, following which SAML will continue to function as the emergency response subsidiary of ILUS, known as Emergency Response Technologies (ERT). The subsidiary intends to pay a special equity dividend to ILUS shareholders and is finalizing this with its legal counsel. ILUS will retain the controlling interest in SAML.
As was the case with ILUS' Industrial subsidiary, Quality Industrial Corp. (OTC: QIND), which effected its name and ticker change in August 2022, SAML plans to change its name and ticker, in connection with a short form merger with its wholly owned subsidiary, Emergency Response Technologies, in accordance with NRS 92A.180. The corporate action will be submitted to FINRA and will be effective once a market effective date is provided by FINRA.
ILUS believes that the SAML acquisition will add significant value to its structure and operations, specifically the eagerly anticipated expansion of its emergency response subsidiary. SAML has its own funding line in place for purposes of expansion, and such access to capital will be non-dilutive to ILUS shareholders. With this more streamlined structure and access to capital in place through SAML as its Special Purpose Vehicle, ILUS anticipates the aggressive expansion of its emergency response subsidiary in 2024. Such expansion plans include the acquisition of a large US headquartered emergency vehicle manufacturer and distributor. Following this acquisition, the subsidiary intends to uplist to a major stock exchange.
SAML will become more proactive on its relevant social media channels and ILUS will keep shareholders informed of the progress across all of its subsidiaries. SAML itself will provide regular updates through its social media and formal press releases. Several updates will be made to the ERT website as assets are officially merged into the company. ILUS shareholders and parties interested in tracking SAML's progress are requested to do so by following its Twitter account or by keeping an eye on its website, the details of which are listed below:
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 social & media channels.
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
