Business
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Signs Letter of Intent for the Acquisition of a Profitable Florida-Based Fire Suppression System Company
OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Signs Letter of Intent for the Acquisition of a Profitable Florida-Based Fire Suppression System Company.
About this update from Ilustrato Pictures International Inc.
[{"type":"text","content":"\n NEW YORK, NY, April 06, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. Having completed the acquisition of seven companies since January 2021, the company has now agreed in principle to move forward with the acquisition of an impressive fire suppression system company in the US state of Florida. The company currently generates revenue in the region of $3 million per year, services several well-known customers in its area and has recently been awarded significant new contracts. It also holds enormous growth potential and is extremely well aligned for the launch of ILUS’ own fire suppression technology in the US.  “While we have been making huge progress on the acquisition front in general, we felt it important to announce this intended acquisition primarily because it marks our significant move into the US fire suppression systems market. Our ERT subsidiary is surging forward strongly so we believe it’s the optimal time for us to make the move into the US market for our fixed system technology which sits within our Integrated Systems subsidiary. The development of our own water mist fire suppression systems for kitchen fires, EV battery fires, and much more is going well, so it’s important that we have the right channel, local technical expertise, and existing customer base in the US when we kick things off there. For us, there is no better way to do this than with a profitable acquisition that has big name customers on its books, is already rapidly growing, and is primed for serious expansion,” said ILUS CEO, Nick Link.  Having completed its first round of due diligence, followed by negotiations, ILUS has signed a Letter of Intent with the Florida based company and is now moving into the final phase of due diligence for the completion of the acquisition. Following strong growth in 2021, the intended acquisition started 2022 very strongly as it signed significant new contracts with major brands in Florida and with the involvement of ILUS, the company is now very well positioned for further expansion. The company currently services well known customers such as Universal Studios and many international hotel and resta...