NEW YORK, NY -- December 13, 2022 -- InvestorsHub NewsWire --
ILUS International Inc. (OTC:
ILUS) is a Mergers and Acquisitions company focused on
acquiring and growing public safety and industrial companies across
the globe. The company has signed a Share Purchase Agreement
to acquire 51% control of AL Shola Al Modea Safety and Security LLC
(ASSS), an established and profitable fire safety company
registered in the United Arab Emirates.
In a strategic move by ILUS, the company has acquired the
majority stake of ASSS to ramp up its Middle Eastern fire safety
expansion plans. This involves ASSS working closely alongside BCD
Fire, which was wholly acquired by ILUS in April 2021, to dominate
the United Arab Emirates (UAE) fire safety sector through the
leveraging of licensing, certifications, manpower, experience, and
relationships. The acquisition will also speed up ILUS’ focused
expansion into the lucrative Saudi Arabian market as well as the
rest of the Gulf region.
Capitalizing on the experience and contacts of its then parent
company, Al Shola Gas, which was founded in 1990, ASSS was
established as a separate entity in 2008. As a well renowned
primary contractor for many of the region’s most prestigious
property developments, the company specializes in the design,
installation, commissioning, and maintenance of fire alarm, fire
protection and security systems. ASSS holds the highest level of
licensing and certifications to operate as the main contractor for
commercial, residential, and industrial facilities across the
United Arab Emirates.
With the UAE’s accelerating economic growth in 2022 and even
higher growth expected in 2023, the property market in the region
has been on an upward trajectory, resulting in high demand for fire
safety and security contractors and short supply of those with the
required licensing and certifications. ASSS has a full order book
for 2023 and is currently expanding its resources to take on
additional contracts. As a main contractor, the company will
correspond closely with BCD Fire, who operates primarily as a
sub-contractor in the region. Together, the companies can secure
larger contracts and reduce project completion timeframes. ASSS
will focus on installation contracts and larger projects across the
region, utilizing additional manpower from BCD Fire when needed,
whilst BCD Fire will focus on maintenance contracts and fire
protection equipment distribution, utilizing the technical design
and management experience of ASSS where required. The cooperation
between the two companies will result in a substantial momentum
shift for ILUS’ fire safety growth plans across the Middle East,
including in Saudi Arabia, where ILUS has been negotiating several
large contracts, all requiring the additional manpower and
experience provided by ASSS. The Managing Director of ASSS, Sanjeeb
Safir, who has been involved in the company since its inception and
led its growth for many years, will take on the role of General
Manager for both ASSS and BCD Fire, from January
2023.
The deep technical design and installation experience within the
ASSS ranks also provides a strong platform for ILUS to roll out its
fixed water mist suppression systems in the region, with ILUS
planning to have both of its fixed water mist suppression systems
certified to LPCB and NFPA standards during the early part of 2023.
Bringing ASSS with its strong management into the ILUS portfolio
represents a vital strategic shift for ILUS in the Middle East,
allowing the ILUS fire safety strategy to be driven forward by an
experienced and passionate local management team.
Although ASSS remained profitable throughout the COVID-19
pandemic, the company is now experiencing rapid growth and based on
its current order book and sales pipeline, it is expected to
achieve more than $4.5 million in 2023. Further additional growth
is expected through expansion in Saudi Arabia and from the
collaboration with BCD Fire. For 51% of the shares of the company,
ILUS agreed to pay $714,000 in several tranches to the Seller
provided that forecasted revenue and EBITDA projections are
met.
John-Paul Backwell, ILUS Managing Director said: “This is an
important strategic acquisition for ILUS in the Middle East and it
also signifies the significant progress we are making towards our
global fire safety rollout. There is so much more going on behind
the scenes when it comes to product development, project management
of current contracts and business development for new contracts,
therefore this deal is important for strengthening our management
and resources in the region to ensure that we reach our milestones
and accelerate our growth in the Gulf region. I am looking forward
to working closely with ASSS, together with BCD Fire, to capitalize
on the plethora of huge opportunities in the UAE and Saudi Arabia.
With further deals and important strategic moves lined up, we
expect to close out 2022 strongly with further announcements before
starting 2023 with a flourish leading up to our second Annual
Shareholder Meeting on January the 27th.”
For further information on the companies, please see their
communication channels:
Al Shola Al Modea Safety and Security LLC Website: http://alsholasafety.ae
Website: https://ilus-group.com
Twitter: @ILUS_INTL
Contact:
Email: IR@Ilus-Group.com
Source: ILUS
Related Links
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
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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
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cautioned not to place undue reliance on forward-looking
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and others should note that we announce material financial
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conference calls and webcasts also may take time from time to time.
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in our company to review the information we post on the following
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