NEW YORK, NY, Aug. 08, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc. (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. The company confirms the settlement of two of GPL Ventures, LLC’s (GPLV) Promissory Notes, each to the value of $500,000. ILUS also confirmed that it has received a further $5.6 million in funding from RB Capital Partners, Inc. (RBCP) for its next phase of acquisitions.
As previously registered in its disclosures, on the 6th of April 2021 and 28th of April 2021 respectively, ILUS issued two $500,000 Promissory Notes to GPLV to fund acquisitions and further business expansion. ILUS is now pleased to confirm that both notes have been settled through an agreement reached between RBCP and GPLV.
Including the settlement of the GPLV notes, ILUS has received $4.5 million in funding from RBCP. The additional funding is being used by the company for further expansion, including the completion of agreed acquisitions. Furthermore, ILUS’ majority owned entity, Quality Industrial Corp. (OTCQB: QIND), has received $1.1 million in funding from RBCP which has been used for a first tranche payment for an in-progress acquisition. All funding obtained by ILUS has and will continue to be documented in the company’s disclosures.
ILUS CEO, Nick Link, commented: “We are pleased to confirm the removal of the GPL debt as well as the funding we have received from RB Capital. With the good quality funding we have available to us, we remain in a very strong position to complete our short and medium-term objectives, including the closing of our next phase of already agreed acquisitions. Our reliable financing partners are fully supportive of our business and the ambitious growth strategy which we have been delivering and will continue to deliver.”
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