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OTC: ILUS, ILUS International (Ilustrato Pictures International Inc) Announces an Update on Its Commercial Electric Vehicle Manufacturing Acquisition in South-Eastern Europe
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc) Announces an Update on Its Commercial Electric Vehicle Manufacturing Acquisition in South-Eastern Europe.
About this update from Ilustrato Pictures International Inc.
[{"type":"text","content":"\n NEW YORK, NY, Dec. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) remains focused on its M&A strategy of acquiring and growing global technology companies. The company completed 3 acquisitions in the first two quarters of 2021 and has since signed agreements for a further 4 acquisitions, of which it is planning to fully complete at least two of these acquisition transactions before year end. ILUS has also recently made significant progress on its much-anticipated European deal, which has now been approved at European government level and the first phase is awaiting sign off, following standard administrative procedures. During this first phase, ILUS is acquiring a large manufacturing site from the government for the manufacture of its Commercial Electric Utility Vehicle (UTV) range and component parts for supply to the electric vehicle and renewable energy industries.  In the first phase of the deal, ILUS has agreed the acquisition and privatization of a 652,000 square foot manufacturing site from the government in South-Eastern Europe. ILUS will be using this site to manufacture its complete commercial Electric UTV range as well as Other Equipment Manufacturer (OEM) component parts for the electric vehicle and renewable energy industries. The agreed Manufacturing Investment Project involves several incentives provided by the European government to ILUS for the manufacturing of innovative technology to be exported globally. Some of these government incentives include but are not limited to the provision of manufacturing facilities, substantial rebates for all staffing requirements and manufacturing plant machinery, assistance with necessary licensing and approvals and preferred bidding for large government manufacturing and supply contracts in the region. The commercial electric vehicle market is currently valued at $315 billion per year and is expected to triple in the next 5 years. In partnership with the local government of the region, this Manufacturing Investment Project is expected to create 150 jobs and generate $8 million in 2022, with the partnership projecting 2,000 jobs and $45 million by 2025 followed by 5,000 jobs and $100 million in revenue by 2030.  ILUS will be acquiring a “Brownfield” site with further details on the ...