Quality Industrial Corp. (OTCQB: QIND) announces engagement with new independent registered public accounting firm

Rhea-AI Summary

Quality Industrial Corp. (OTCQB:QIND) announced on August 22, 2022, the dismissal of Boyle CPA, LLC as its independent registered public accounting firm, engaging Pipara & Co LLP instead, approved by the Board of Directors. On June 30, 2022, the company signed a Binding Letter of Intent to acquire 51% of a UAE-based company specializing in custom solutions for various sectors. The new accounting firm’s global presence will enable efficient audits for Quality Industrial's UAE subsidiary, which has high revenue and growth potential.

Positive

• Engagement of a new accounting firm, Pipara & Co LLP, may improve audit efficiency.
• Acquisition of 51% of a UAE company enhances business scope in multiple sectors.
• New accounting firm facilitates weekly oversight due to expected growth.

Negative

• Dismissing the previous accounting firm may indicate prior inefficiencies.
• Lack of assurance that current expectations and projections are accurate.
• Potential risks and uncertainties outlined in forward-looking statements.

News Market Reaction – QIND

-0.90%

1 alert

-0.90% News Effect

On the day this news was published, QIND declined 0.90%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SAN FRANCISCO, CA / ACCESSWIRE / August 24, 2022 / Quality Industrial Corp. (OTCQB:QIND), today announced that on August 22, 2022, the company dismissed Boyle CPA, LLC as its independent registered public accounting firm and, on August 19, 2022, the company engaged Pipara & Co LLP as its independent registered public accounting firm. The engagement of the New Accountant was approved by the Board of Directors.

On the 30^th of June 2022, the company signed a Binding Letter of Intent to acquire 51% of a United Arab Emirates headquartered company which manufactures custom solutions for the Oil and Gas, Energy, Water Desalination, Wastewater, Offshore and Public Safety sectors. Pipara & Co LLP is based in multiple regions globally, including but not limited to the USA and the UAE.

The accounting firm's presence in multiple regions will allow for a more efficient audit process for Quality Industrial Corp.'s current subsidiary in the UAE and the planned future subsidiaries. The company requires a public accounting firm which can have weekly oversight of the UAE based company due to its high revenue and expected growth trajectory. This regular oversight process will ensure timely and efficient audits in the future.

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: info@qualityindustrialcorp.com

Investor site: https://qualityindustrialcorp.com

Twitter: @ QualityIndCorp @ILUS_INTL

SOURCE: Quality Industrial Corp.

View source version on accesswire.com:
https://www.accesswire.com/713205/Quality-Industrial-Corp-OTCQB-QIND-announces-engagement-with-new-independent-registered-public-accounting-firm

FAQ

What changes were made to Quality Industrial Corp.'s accounting firm?

Quality Industrial Corp. dismissed Boyle CPA, LLC and engaged Pipara & Co LLP as its new independent registered public accounting firm.

What is the significance of the acquisition by Quality Industrial Corp.?

The acquisition of 51% of a UAE-based company is expected to expand Quality Industrial Corp.'s presence in sectors such as Oil and Gas, and Water Desalination.

How will the new accounting firm impact Quality Industrial Corp.?

Pipara & Co LLP's global presence is anticipated to streamline audits and improve oversight for Quality Industrial Corp.'s UAE subsidiary.

When did Quality Industrial Corp. announce the changes?

The changes were announced on August 24, 2022, effective from August 22, 2022.

What is the stock symbol for Quality Industrial Corp.?

The stock symbol for Quality Industrial Corp. is QIND.