NEW YORK - ILUS International Inc. (OTC: ILUS), a company specializing in mergers and acquisitions, has announced the acquisition of a controlling interest in Samsara Luggage, Inc. (OTC: SAML). The takeover, which results in a significant shift in SAML's business direction, was finalized with ILUS obtaining 91.5% of SAML's outstanding shares as of last Thursday.
The strategic move diverts SAML's focus from luggage manufacturing to the public safety sector, aligning with ILUS's operational domain. The transition involves spinning out SAML's existing luggage business and merging several of ILUS's emergency response companies into SAML. This reorganization positions SAML as a Special Purpose Vehicle (SPV) aimed at financing and expanding ILUS's emergency response subsidiary, Emergency Response Technologies (ERT).
The acquisition process began with ILUS purchasing a convertible note from YAII PN, LTD, with a principal and accrued interest totaling $600,684.93 on January 3, 2024. Two days later, ILUS converted the note into over 150 million shares of SAML's common stock, granting ILUS the majority control.
Concurrent with the acquisition, SAML underwent a leadership change. Nicolas Link has been appointed as the new Chairman of the Board, with John-Paul Backwell stepping in as the Chief Executive Officer and Director. Dan Peters, the former President of REV Group (NYSE:REVG)'s Fire and Ambulance Division, will serve as President of SAML. Additional appointments to the board and management team are expected to be announced shortly.
The newly formed ERT is slated to pay a special equity dividend to ILUS shareholders, details of which are being finalized by legal counsel. Despite the changes, ILUS will maintain controlling interest in SAML.
SAML is also planning a name and ticker symbol change in the near future, following a short form merger with ERT, subject to approval by the Financial Industry Regulatory Authority (FINRA).
ILUS anticipates that the restructuring will facilitate the aggressive expansion of ERT, including the acquisition of a major US-based emergency vehicle manufacturer and distributor, with subsequent plans to uplist to a major stock exchange.
The information in this article is based on a press release statement from ILUS International Inc.
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