SAN FRANCISCO, Calif./ACCESSWIRE/July 8, 2022/ Wikisoft Corp. (OTCQB:WSFT), today announced that it has signed a binding letter of intent to acquire 51% of Quality International Co Ltd FCZ, a United Arab Emirates-based company that manufactures custom solutions for oil and gas, l energy, water Desalination, wastewater, offshore and public safety sectors.
Quality International Co Ltd FCZ is headquartered in Dubai, United Arab Emirates, where its 1,350 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 host of global multinationals as reference customers. It has all the required certifications of the oil and gas industry and is on several global preferred supplier lists. With $75 million in orders currently in production and an additional $230 million in confirmed orders, the company’s revenue is expected to well exceed $100 million in 2022.
The total agreed 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 investments over a period of more than one year after closing, combined with WSFT convertible restricted preferred shares which are linked to lock-up and flight clauses. Wikisoft Corp. has the right of first refusal to redeem such shares from the shareholders of Quality International Co Ltd FCZ.
Following the signing of the binding letter of intent for the acquisition, lawyers for both parties are currently working on the outstanding formalities to close the transaction as soon as possible. Lawyers for Wikisoft Corp. are also making the necessary structural changes to the WSFT preferred share classes for the issuance of the required preferred shares.
Wikisoft President and Ilus CEO Nicolas Link said, “Months of hard work finally came to fruition with the signing of a binding letter of intent. The acquisition is a monumental milestone for ILUS and is the first of many larger acquisitions we are working on. This brings ILUS into a new dimension as we realize our plans and continue to build the ILUS conglomerate.
Quality International Co Ltd FCZ will work closely with ILUS (Ilustrato Pictures International – which owns Wikisoft Corp.) to accelerate the expansion of both companies. ILUS is working to strengthen Quality International’s offering in North America and Europe, while Quality International will provide additional engineering and manufacturing capabilities and facilities for ILUS’ precision public safety technologies in Middle East. Existing and future ILUS businesses will also have access to Quality International’s coveted oil and gas customer database and relationships. One of these companies owned by ILUS, FireBug, has already supplied several industrial firefighting vehicles to the oil and gas sector in Europe and this acquisition will allow it to exponentially expand this activity in the Middle East, Asia and in North America.
About Quality International Co Ltd FCZ
United Arab Emirates headquartered
+$100m turnover turnover 2022
+10 m² of manufacturing and assembly facilities, including two waterfront courtyards
1350 Employees (1750 at peak)
+ $75 million in production orders with an additional $230 million in confirmed purchase orders
Sales pipeline of over $4 billion
End users include BP, Shell, Total, Chevron, Sonatrach, Sasol, Gasco and more
Expansion into growth areas Manufacturing of hydrogen power plants and offshore wind turbines
ISO-9001, ISO-14001 & OHSAS 18001 certified company
Wikisoft Corp. is in the process of changing its name to Quality Industrial Corp. to align with the recently signed agreement and upcoming operational changes.
This press release does not constitute an offer of securities for sale.
This press release contains forward-looking statements about the Company. You can identify these forward-looking statements by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend of”, “plans”, “believes”, “is/are likely to”, “future” or other similar expressions. The Company has based these forward-looking statements primarily on the Company’s current expectations and projections regarding future events and financial trends that the Company believes could affect the Company’s financial condition, results of operations, business strategy and financial needs. of the society. There can be no assurance that the Company’s current expectations and projections are accurate. All forward-looking statements contained in this press release are based on Company information as of the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. The Company operates in a rapidly changing environment. New risk factors appear from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable law. This press release does not constitute or form part of an offer or invitation to purchase, otherwise acquire, issue, subscribe, sell or otherwise dispose of securities, or any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities of the Company. The publication, publication or distribution of this announcement in certain jurisdictions may be restricted by law and, accordingly, persons in such jurisdictions in which this announcement is published, published or distributed should inform themselves of and observe such restrictions.
315 Montgomery Street, San Francisco
CA 94104, USA
Email: I[email protected]
Investor website: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp @ILUS_INTL
THE SOURCE: WikiSoft Corp.
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