ILUS was delayed in the filing of its Form 10-K following the decision by its Industrial subsidiary, QIND, to agree to the cancellation of an acquisition, with the decision being made on
Following the restatement of its financial statements, ILUS has experienced a significant impact on its balance sheet, resulting in a net loss recorded on its income statement. Despite this setback, ILUS is now on a positive footing following QIND's recent acquisition of
It is noteworthy for an OTC Markets listed company that ILUS has been able to accumulate over
Over three years, ILUS has acquired seven operating businesses, incorporated two entities, and attained control over two OTC-listed public entities which now operate as its subsidiaries. ILUS has incurred significant write-downs and losses during the process of consolidating its subsidiaries and operating businesses. These losses are a direct result of the integration and restructuring of the acquired businesses. Consequently, the net operational costs have increased as ILUS strives to drive the growth of its operating businesses and complete planned uplistings. To facilitate this, ILUS has augmented senior-level management and advisory resources.
ILUS restructuring efforts are a part of its strategy to streamline operations and optimize efficiency. However, such efforts typically involve upfront costs, which are reflected in the current financial statements. Nonetheless, ILUS remains committed to its long-term growth objectives and is working diligently to mitigate the associated costs while maximizing value for its stakeholders.
In
In
The strides ILUS took during the first quarter of 2024, as indicated above, were not consolidated and reflected in the company's 2023 annual report. The company is keenly anticipating the submission of its forthcoming quarterly report, which will be accompanied by those of its subsidiaries, to depict the positive outcomes.
After having filed its Form 10-K, among several priorities, the company is also now concentrating on issuing a SAML equity dividend to ILUS Shareholders of record. It is expected that an announcement will be made shortly regarding this matter.
ILUS believes that its Industrial and Emergency Response subsidiaries are trading at a significant undervaluation on the OTC Markets. The company anticipates that by listing its subsidiaries on senior stock exchanges, through agreements based on the equity valuation of the operating businesses within each subsidiary, there will be a considerable increase in the value of its majority holdings in each subsidiary. This increased value is expected to provide additional liquidity to the company, which it plans to use for further expansion. The company has been unable to complete several planned acquisitions due to capital-raising challenges faced in the OTC Markets. Furthermore, both ILUS subsidiaries are expecting to close significant additional acquisitions following their respective uplists. These are larger deals where extensive negotiations have taken place and are lined up for completion.
The ILUS team remains unwaveringly committed to achieving its goals, accelerating growth and achieving stronger financial performance in the coming quarters.
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
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https://ilus-group.com
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.
website: https://ilus-group.com Twitter: ILUS_INTL
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