ILUS Confirms Further Funding Arrangements and Note Settlement
March 31 2023 - 10:21AM
InvestorsHub NewsWire
NEW YORK, NY -- March 31, 2023 -- InvestorsHub NewsWire --
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 it has
secured a further $5.5 million in funding and ILUS is pleased to
announce that from this funding, it has reached an agreement in
principle with Discover Growth Fund LLC to settle their note of $2
million.
ILUS secured the $5.5 million in funding from RB Capital
Partners, Inc. In a positive step forward for the company, the
funding is being used for the arrangement made with Discover
Growth Fund LLC to settle their $2 million note over a five-month
period, thus ensuring that the note shall be fully paid and will
not hit the market. The remainder of the funding is to be used for
working capital and pending acquisition tranche payments.
In the current capital market downturn, access to capital is
drying up across the board, resulting in harsher terms for capital
and making it more expensive. Therefore, ILUS is pleased to have
secured this round of funding from RB Capital following the
evaluation of several options, with RB Capital’s terms proving the
most suitable of the options. While additional funding was in
negotiation with various funders in months prior, ILUS found that
as a result of the deterioration taking place across the capital
markets, the prospective funder’s terms got progressively worse in
the final stages towards closing. Therefore, the ILUS board agreed
that securing funding from RB Capital was the optimal route on a
cost basis at this particular time. While offers from
various funders remain on the table, the board agrees that these
are not as suitable, specifically with regards to short to
medium-term Shareholder value.
“Last year, RB Capital provided $5.7 million to our group which
assisted in our expansion to nearly $80 million in annual revenue.
Although such funding does require the free issue of shares, we
have in general seen significant overall value from this. While we
appreciate that Shareholders don’t like to see new shares being
issued, it is important that companies such as ours can access
capital for growth. We are entering what could be an aggressive
recession and it is vital that we have working capital on hand as
well as reliable access to capital to complete acquisitions. From
our experience, RB Capital has been fully supportive of our
business, have not been found to sell aggressively in the past and
we believe they have responsibly managed their stock sales in the
market. RB Capital’s funding and approach supported the solid
growth of our group in 2022 and we expect the same in 2023,” said
ILUS CEO, Nick Link.
RB Capital’s Brett Rosen commented: “I'm very happy to be part
of the ILUS journey and to be able to make a contribution towards
their exciting growth. Having witnessed their many accomplishments
in 2022, I’m very much looking forward to partnering in their
continued success in 2023.”
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
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
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:
OTC_ILUS
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
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