ILUS Provides Form 10-K Filing Update
- ILUS faced delays in filing its Form 10-K due to the restatement of Quality Industrial Corp.'s financials, a subsidiary of ILUS.
- The decision by QIND to cancel an acquisition led to the delay in filing the Form 10-K, impacting ILUS and its shareholders.
- ILUS and its subsidiaries are working diligently to complete the filing and intend to file revised financials before the end of April.
- The company plans to file its first quarterly reports before the 15th of May deadline to support future uplisting plans and S-4 Registration Statements.
- ILUS acknowledges the inconvenience caused by the delay and appreciates the support and understanding of its shareholders during this preparation phase.
- The restatement of financials is important for the company's compliance and future uplisting plans, positioning ILUS for a prosperous future.
- The delay in filing the Form 10-K may impact ILUS' uplisting plans and registration statements effectiveness.
- The cancellation of the acquisition by QIND could have negative implications for ILUS' growth strategy.
- The ongoing restatement of financials may indicate underlying issues within the company's financial reporting processes.
- Shareholders may face uncertainties and potential risks due to the delayed filing and restatement of financials.
NEW YORK, NY, April 17, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc. (OTC: ILUS) is a mergers and acquisitions company that is committed to acquiring and growing businesses in the public safety and industrial sectors. ILUS has two publicly listed subsidiaries, Quality Industrial Corp. (QIND) and Emergency Response Technologies Inc. (SAML), in which it holds the majority stake. Following the filing of both QIND and SAML’s Form 10-K Annual Reports, ILUS is finalizing its Form 10-K for filing.
Following the decision by its Industrial subsidiary, QIND, to agree to the cancellation of an acquisition, with the decision being made on 1 April 2024 as confirmed in the company’s 8-K filing, ILUS was delayed in the filing of its Form 10-K. The delay is beyond the control of the ILUS board and management, and the decision made to agree to the acquisition cancellation is believed to be in the best interests of ILUS Shareholders in the medium to long term.
While ILUS’ financials were prepared for filing, the subsequent restatement of QIND’s financials which are consolidated by ILUS triggered the very detailed task of restating the ILUS financials. Having filed for an extension, the ILUS finance team, management and auditors have been working day and night to complete the filing, although unfortunately and disappointingly, the company still requires further time and intends to file its revised 10-K before the end of April. While ILUS understands the frustration this causes, this is a very important step considering the previously disclosed uplisting plans of the company and its two subsidiaries. It is therefore imperative that the company is fully compliant to avoid any delays on the effectiveness of future registration statements.
The positive of re-instating its financials is that ILUS will be in a vastly improved position for the fulfilment of its uplist plans. The company and its subsidiaries also intend to file their first quarterly reports before the 15th of May deadline. This is important for the accommodation of planned S-4 Registration Statements following the signing of Business Combination Agreements for the respective planned uplists. ILUS is proactively taking steps to have the quarterly reports filed as soon as possible so that the financials do not go stale during the filing of S-4 Registration Statements which could fall over the 15th of May filing period.
ILUS apologizes to shareholders for any inconvenience caused by the delay and thanks them for their loyal support, patience, and understanding during this period of preparation for a prosperous future.
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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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: ILUS_INTL
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
FAQ
Why did ILUS face delays in filing its Form 10-K?
What led to the decision to cancel an acquisition by QIND?
When does ILUS intend to file its revised financials?
Why is it important for ILUS to file its first quarterly reports before the 15th of May deadline?
How is ILUS addressing the inconvenience caused by the delay?
