QUALITY INDL CORP Stock Price, News & Analysis

Quality Industrial Corp (QIND) has entered into a Stock Purchase Agreement with Fusion Fuel Green PLC (HTOO) for the transfer of approximately 69% of QIND's capital stock. The deal involves 78,312,334 common shares and 20,000 Series B Preferred Stock shares. In exchange, Fusion Fuel will issue ordinary and convertible preferred shares, resulting in the sellers holding about 70% ownership in Fusion Fuel. The transaction aims to combine QIND's recurring revenue and gas value chain expertise with Fusion Fuel's hydrogen engineering capabilities, targeting expansion in both Middle Eastern and European markets. The deal's completion is subject to various conditions, including Nasdaq approval and shareholder consent.

Quality Industrial Corp. (OTC PINK:QIND), an industrial company serving the Oil & Gas and Utility sectors, has announced two significant updates. Firstly, the company's board of directors has appointed Bush and Associates CPA as its new independent registered public accounting firm, replacing Pipara and Co LLP. Bush and Associates will review QIND's consolidated financial statements for the period ending June 30, 2024, and audit the fiscal year ending December 31, 2024.

Secondly, QIND provided an update on its potential acquisition by Actelis Networks, Inc. (NASDAQ: ASNS). The parties have extended the non-solicitation and no-shop periods until August 30, 2024, as they continue to work towards completing the transaction. However, QIND cautions that there is no guarantee the proposed transaction will be finalized.

Quality Industrial Corp. (OTC PINK:QIND) announced that its operating business, Al Shola Gas (ASG), received over $1 million in sales orders in the first three weeks of July 2024. The orders include:

• Six new Central Gas System installations totaling $513,000
• Bulk supply of over 250 Metric Tonnes of LPG, amounting to $427,000
• LPG cylinder distribution orders worth $136,000

CEO John-Paul Backwell expressed satisfaction with the strong start to Q3 and mentioned plans to order new bobtail trucks to meet increasing demand. The company is also negotiating project bids in Sub-Saharan Africa and the Middle East, aiming for substantial growth in 2025. Additionally, QIND is working on finalizing a previously announced acquisition to boost its growth trajectory.

Quality Industrial Corp. (QIND), a company focusing on the industrial, oil & gas, and utility sectors, has signed a binding term sheet with Actelis Networks for Actelis to acquire between 61% to 75% of QIND's issued and outstanding shares. Actelis specializes in cyber-hardened networking solutions for wide-area IoT applications. The acquisition aims to leverage Actelis' advanced technologies to improve QIND's business efficiencies and support future acquisitions.

In 2023, QIND reported $11 million in revenue and $1.8 million in net income. For Q1 2024, revenues were $3.1 million, with a net income of $0.76 million. The transaction involves Actelis issuing 19.99% of its common stock and preferred non-voting shares to the sellers. The deal is expected to close within 60 days, subject to regulatory requirements and due diligence.

Quality Industrial Corp. (OTC PINK:QIND) reported strong financial performance for Q1 2024, generating $3,086,519 in revenue, a significant increase attributed to the acquisition of Al Shola Gas.

Al Shola Gas saw a 28% revenue increase compared to Q1 2023, focusing on Bulk LPG supply, which led to higher margins. QIND's gross profit percentage rose to 37%, up from 32% in the previous year.

QIND achieved a net income of $758,440, a notable improvement from a net loss of $84,536 in Q1 2023. The company is now focusing on expanding Al Shola Gas and is preparing to invest in additional infrastructure to support increased LPG supply.

QIND is also working towards a senior exchange listing, with significant progress made in negotiations with a Dubai-based company.