Majority stake of Samsara Luggage, Inc. is Acquired by Ilustrato Pictures International Inc. and the Company Changes its Business Direction.

Rhea-AI Summary

Samsara Luggage, Inc. (SAML) has undergone a change in business direction and is now focusing on acquiring and growing companies in the public safety sector. The company was acquired by Ilustrato Pictures International Inc. (ILUS) and has confirmed the acquisition of a convertible note from YAII PN, LTD. ILUS now controls 91.5% of the outstanding shares in SAML. SAML's existing luggage business will be spun out, and ILUS intends to merge in several of its existing Emergency Response focused companies. The company plans to change its name and ticker symbol, execute aggressive expansion of Emergency Response Technologies, and uplist to a major stock exchange. Key personnel changes have also been made, with new appointments to the board and management team.

/ ACCESSWIRE / January 11, 2024 / Samsara Luggage, Inc. (OTCQB:SAML) was formerly a manufacturer and distributor of luggage and following a change in business direction, the company is now a Mergers and Acquisitions company focused on acquiring and growing companies in the public safety sector. This change in business direction follows the acquisition of the majority stake in SAML by Ilustrato Pictures International Inc. (OTC: ILUS).

As per the Form 8-K filed by SAML on January 9, 2024, the company confirmed that 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 SAML common stock. As a result of the conversion, as of January 5, 2024, ILUS acquired control of 91.5% of the outstanding shares in SAML.

SAML confirms that its existing luggage business will be spun out and ILUS intends to merge in several of its existing Emergency Response focused companies in return for a stock consideration to Shareholders of ILUS. The company confirms that going forward, it will function as the Emergency Response subsidiary of ILUS, known as Emergency Response Technologies (ERT).

SAML plans to change its name and ticker as appropriate for its change in business direction. This shall take place 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.

SAML is planning the aggressive expansion of Emergency Response Technologies in order to execute the business plan of its parent company, ILUS. The company has made its own funding arrangements in order to execute its growth plan. In addition to the merging in of existing ILUS assets, the company is considering further acquisition options, whereby negotiations have taken place or are currently taking place. This includes the possible acquisition of a US headquartered emergency vehicle manufacturer and distributor. Following execution of its initial growth plan, SAML intends to uplist to a major stock exchange.

Mrs. Atara Dzikowski, and Mr. David Dahan have 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. Dan Peters will serve as President of SAML, and further appointments will be made to the company's board and management team.

Over the course of the coming weeks, SAML will provide a number of updates to Shareholders as assets are merged in and business progress is made. SAML Shareholders are urged to keep an eye on the company's ERT website and ERT Twitter account, the details of which are listed below:

Websites: https://ert-international.com
Twitter: @ERT_ILUS
Email: info@ert-international.com

FORWARD-LOOKING STATEMENTS

This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "future" or other similar expressions. The Company has based these forward-looking statements primarily on the Company's current expectations and projections about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on the date hereof. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.

SOURCE: Samsara Luggage Inc.

View the original press release on accesswire.com

FAQ

What is the new business direction of Samsara Luggage, Inc. (SAML)?

Samsara Luggage, Inc. (SAML) is now focusing on acquiring and growing companies in the public safety sector.

Who acquired Samsara Luggage, Inc. (SAML)?

Samsara Luggage, Inc. (SAML) was acquired by Ilustrato Pictures International Inc. (ILUS).

What percentage of outstanding shares in SAML does ILUS now control?

ILUS now controls 91.5% of the outstanding shares in Samsara Luggage, Inc. (SAML).

What changes are expected in SAML's existing luggage business?

SAML's existing luggage business will be spun out, and ILUS intends to merge in several of its existing Emergency Response focused companies.

What are the future plans for Samsara Luggage, Inc. (SAML)?

SAML plans to change its name and ticker symbol, execute aggressive expansion of Emergency Response Technologies, and uplist to a major stock exchange.

Who are the new key personnel of Samsara Luggage, Inc. (SAML)?

Nicolas Link was appointed as SAML's Chairman of the Board, John-Paul Backwell was appointed as the company's Chief Executive Officer and Director, and Dan Peters will serve as President of SAML.