SAN FRANCISCO, CA / ACCESSWIRE / April 9, 2024 / Quality Industrial Corp. (OTC PINK:QIND), is a Manufacturer and Service Provider for the Industrial, Oil & Gas and Utility sectors. The company recently acquired a 51% interest in the United Arab Emirates headquartered, Al Shola Al Modea Gas Distribution LLC (Al Shola Gas) and is focused on the integration and expansion of the completed new acquisition.
On March 27, 2024, QIND signed a definitive Stock Purchase Agreement with the shareholders of Al Shola Gas to acquire a 51% interest in the company with an option to buy the remaining 49% within 2 years. The closing of the transaction took place when both parties signed the definitive agreement. Having obtained control upon execution of the Stock Purchase Agreement, QIND now occupies two of the three board seats of Al Shola Gas, including the seat of Chairman of the Board.
Established in 1980, Al Shola Gas is a United Arab Emirates headquartered, Engineering and Distribution company operating in the Gas sector. The company is one of the region's leading contractors of centralized gas pipeline systems, distributor of LPG cylinders, and supplier of bulk gas to commercial, residential and industrial facilities. Al Shola Gas currently employs 93 personnel and operates a fleet of over 50 trucks which service the company's nearly 10,000 active residential gas supply contracts and 570 commercial supply contracts. With QIND, the company is already targeting several lucrative central gas pipeline engineering and supply contracts in the Middle East and Africa while simultaneously adding further LPG bobtail trucks to its fleet, with each additional truck increasing the company's bulk supply of gas which is in high demand from customers in the region. Al Shola Gas delivered nearly $11 million and $1.8 million in 2023 revenue and net income respectively, with approximately $600,000 in bank borrowings on its balance sheet.
As previously disclosed on the Form 8-K dated April 5th, 2024, the Board of Directors of QIND accepted termination of the Quality International Purchase Agreement on April 1st, 2024. Further information can be found in the 8-K filing.
QIND is pleased to move forward with a healthy operating business while continuing its discussions with further acquisition options. Having filed its Form 10-K Annual Report on 8 April, 2024, the company now looks forward to the first consolidation of Al Shola Gas' financials in its upcoming Quarterly Report on Form 10-Q, to be filed on or before 15 May, 2024. QIND is currently in discussions with a National Exchange listed company regarding a Reverse Triangular Merger agreement. The company therefore plans to withdraw its S-1 Registration Statement previously filed with SEC and the National Exchange listed company intends to file an S-4 Registration Statement following signing of a Business Combination Agreement. All QIND Shareholder's shares will be exchanged for shares in the National Exchange listed company at an exchange ratio agreed between QIND and the National Exchange listed company. Each parties' valuation will be confirmed by a fairness opinion obtained from a team of experienced independent financial experts.
This Press Release does not constitute an offer of any securities for sale.
FORWARD-LOOKING STATEMENTS
This press release contains statements of a forward-looking nature about the Company. You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "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 about future events and financial trends that the Company believes may affect Company's financial condition, results of operations, business strategy, and financial needs. There is no assurance that the Company's current expectations and projections are accurate. All forward-looking statements in this press release are based on the Company's information on 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 evolving environment. New risk factors emerge from time to time. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under applicable law. This press release does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities of the Company. The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions.
CONTACT
Quality Industrial Corp.
315 Montgomery Street, San Francisco
CA 94104, USA
Phone: +1-800-706-0806
Email: [email protected]
Investor site: https://qualityindustrialcorp.com
Twitter: @QualityIndCorp @ILUS_INTL
SOURCE: Quality Industrial Corp.