ILUS Confirms Completion of Its Two-Year Audit
NEW YORK, NY - (NewMediaWire) - August 30, 2022 - ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. To become fully reporting, the company has undergone audits of its 2020 and 2021 financials. With the completion of these audits, ILUS is preparing filing of its Form 10-12G Registration Statement with the U.S. Securities and Exchange Commission (the "SEC"), for submission during September 2022.
"We are excited to announce that our 2020 and 2021 financials are now audited. As part of our ongoing commitment towards transparency and accountability, we will be a fully SEC reporting company once the Form 10-12G Registration Statement is filed and effective," said ILUS Managing Director, John-Paul Backwell.
Following the effective date of the Form 10-12G, the Company will be subject to the reporting requirements of the SEC. This means the Company will be begin filing annual reports with the SEC on Form 10-K, quarterly reports on Form 10-Q, periodic reports on Form 8-K, and subject itself to additional reporting obligations related to proxies, shareholder actions and stock ownership rules.
The Form 10-12G filing provides investors with detailed and audited information about the Company's operations, including an overview of the business strategies, risk factors, and financial statements. The ongoing obligation to file timely reports with the SEC will help the Company's current and potential new investors make more informed and educated investment decisions about the Company.
Following the Form 10-12G effectiveness, which will have automatic effect 60 days after submission to the SEC, the company plans to change its registered name and apply to OTC Markets to up list from the OTC Pink Market to the OTCQB.
As per the company’s originally stated milestones, plans for an ILUS up list to the OTCQB are running concurrently to plans for its Emergency Response Technologies subsidiary to up list to a major stock exchange such as NASDAQ or the NYSE.
ILUS CEO, Nick Link, commented: “Since taking over from the previous management in January 2021, we knew it would be an enormous task for ILUS to complete a two-year audit considering that the audit would include a full year during which we did not yet manage the business. The audit also covered five companies in 2021 and therefore it was certainly no small task. Regardless, our team has made an immense effort to supply our auditors with their required information and we are incredibly proud of the progress made as a result. We now look forward to completing the next steps in the process towards ILUS becoming a fully reporting entity at the same time as we work towards completion of our largest acquisition and fulfilment of several important subsidiary milestones.”
With ILUS’ two-year audit being completed within the communicated timeframe, the company’s PCAOB registered auditors, Pipara & Co. LLP., will now complete their review of the company’s first quarter of 2022 financials. The auditors have already reviewed and verified ILUS’ second quarter financials, which included a 553% increase over the previous quarter, to $ 19,677,222. A letter from the auditor confirming their review of ILUS’ second quarter of 2022 financials can be found by clicking on the following link or copying and pasting it into your browser: https://data-room.center/Data/ILUS/Letters/ILUSQ22022AuditorsReviewReport.pdf
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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 webcastsalso 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
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