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Wikisoft Corp. Announces binding Letter of Intent to acquire the majority stake of Quality International Co Ltd FCZ.
Wikisoft Corp. Announces binding Letter of Intent to acquire the majority stake of Quality International Co Ltd FCZ..
About this update from Quality Industrial Corp.
[{"type":"text","content":"SAN FRANCISCO, CA / ACCESSWIRE / July 8, 2022 / Wikisoft Corp. (OTCQB:WSFT), today announced that they have signed a binding Letter of Intent to acquire 51% of Quality International Co Ltd FCZ, a United Arab Emirates headquartered company which manufactures custom solutions for the Oil and Gas, Energy, Water Desalination, Waste-Water, Offshore and Public Safety sectors.Quality International Co Ltd FCZ is headquartered in Dubai, United Arab Emirates, where its 1350 employees operate from state-of-the-art manufacturing facilities totaling over 10 million square feet. The company has been manufacturing for two decades with a wealth of global multinationals as reference customers. It has all required Oil and Gas industry certifications in place and is on several global preferred vendor lists. With $75 million worth of orders currently in production and a further $230 million in confirmed orders, the company's revenue is forecasted to comfortably exceed $100 million in 2022.The agreed total valuation of Quality International Co Ltd FCZ is $300 million and the transaction is structured as an acquisition of 51% of the issued and outstanding shares of the company. As payment, Quality International Co Ltd FCZ will receive a combination of cash investment over a period exceeding one year after closing, combined with WSFT convertible restricted preference shares which are tied to lock up and leak out clauses. Wikisoft Corp. has the right of first refusal to purchase these shares back from the shareholders of Quality International Co Ltd FCZ.Following signing of the binding Letter of Intent for the acquisition, the attorneys on both sides are now working through the outstanding formalities to close the transaction in the soonest possible timeframe. The Wikisoft Corp. attorneys are now also carrying out the necessary structural changes to the WSFT preference share categories for the issuance of the required preference shares.Chairman of Wikisoft and Ilus CEO, Nicolas Link, commented, "Months of hard work have finally materialized into the signing of a binding Letter of Intent. The acquisition is a monumental milestone for ILUS and is the first of many larger acquisitions that we are working on. This takes ILUS into a new dimension as we deliver on our plans and continue to build the ILUS conglomerate."Quality International Co Ltd F...