Business
Quality Industrial Corp. Comments on OTC Markets actions
Quality Industrial Corp. Comments on OTC Markets actions.
About this update from Quality Industrial Corp.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / September 15, 2022 / Quality Industrial Corp. (OTC PINK:QIND), was at 2.19 pm EST on September 14th informed by OTC Markets that the company will be moved from the OTCQB market to the Pink Current market effective September 15, 2022.The company reapplied to OTC Market as per OTC market standards on June 16th due to the change of control announced June 2nd where Ilustrato Pictures International Inc; (OTC: ILUS) acquired the control position of the company. The company is fully compliant and has responded to all requests from OTC markets in a timely manner with the required information.Notwithstanding, OTC Markets yesterday informed the company without prior notice and time to remedy, that the company would be moved to the Pink Current market, effective from September 15, 2022. The decision was based on the company's pending acquisition of Quality International Co Ltd FCZ, whereby a Binding Letter of Intent has been signed as confirmed by the company's filing, and the respective attorneys for both parties are now ironing out the terms of the Securities Purchase Agreement for completion of the acquisition. OTC Markets stated that "the acquisition may result in a significant change to the company's share structure, control persons, and financing arrangements. For this reason, we determined to not proceed with processing the OTCQB application until the acquisition is completed or otherwise concluded."OTC Markets expects QIND to prematurely adjust the company's share structure by prematurely creating and modifying the designations of the preference categories before finalization of the Share Purchase agreement. These preference categories are subject to variances such as without or without voting rights and/or with or without dividends etc. These aspects cannot be confirmed prior to the final Share Purchase agreement being ready for signature and while the attorneys for both parties are finalizing the details, which includes the final number of preference shares to be issued. This is a completely unreasonable requirement and OTC Markets as it's a current judgement call on a future activity and they have not allowed any opportunity for discussion and clarification on the matter. QIND is also in the process of completing additional deals, with these expected to close soon, therefore QIND's mana...