ILUS Confirms Its Form 10 Effectiveness and SEC Reporting Status
NEW YORK, NY, Dec. 20, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc. (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and growing public safety and industrial companies across the globe. The company filed its Form 10 Registration statement with the U.S. Securities and Exchange Commission (the “SEC”) on the 19th of October 2022 and following one filed amendment, the Form 10 became effective on the 19th of December 2022.
ILUS is now subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and will begin filing its periodic reports with the SEC on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and subjected itself to additional reporting obligations related to proxies, shareholder actions and stock ownership rules. The company’s profile on OTC Markets is expected to update to SEC reporting approximately within a week.
John-Paul Backwell, Managing Director of the Company, said, “Following through on our planned objectives, we are pleased to announce that our Form 10 is effective, and we are now a fully SEC reporting company. This has always been an important regulatory milestone and essential step for us in giving our Shareholders and Investors a transparent portal into our business.”
Now that the Form 10 is effective, ILUS is eligible to up-list to the OTCQB® Venture Market. The company believes that trading on the OTCQB is another important milestone, enhancing the company’s visibility to a much larger group of Investors. Therefore, the application will be submitted to OTC Markets as soon as possible with the intent to submit before year end. ILUS will also be submitting its application to FINRA for its name change to ILUS International Inc. Both of the applications typically take 60-90 days but could take as long as 180 days.
About the OTCQB
The OTCQB® Venture Market is the premier marketplace for entrepreneurial and development stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors.
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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 webcasts also 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
Note: ILUS Coin does not sit within ILUS International Inc (Ilustrato Pictures International Inc), so the public are recommended to follow the correct Media Channels relating to the public company OTC: ILUS