Quality Industrial Corp. Outlines Its Progress Following the Filing of Second Quarter of 2022 Disclosure

Rhea-AI Summary

Quality Industrial Corp. (OTCQB:QIND) released its second quarter 2022 results, reporting no revenue but highlighting significant operational progress. The company expects revenue of $20-25 million in Q3 2022. Following a majority acquisition by ILUS International, changes were made to QIND’s board to enhance operations. They signed a Letter of Intent to acquire a 51% stake in a Dubai-based manufacturing company generating $100 million annually. The first tranche payment of $1 million has been completed, with further acquisitions in negotiation.

Positive

• Projected revenue of $20-25 million for Q3 2022.
• Signed a Letter of Intent to acquire a 51% interest in a profitable Dubai-based company generating $100 million annually.
• Successfully completed a $1 million payment for the acquisition.

Negative

• None.

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SAN FRANCISCO, CA / ACCESSWIRE / August 17, 2022 / Quality Industrial Corp. (OTCQB:QIND), today filed its second quarter of 2022 results. Although the company did not file any revenue during the period, it was a productive quarter during which the company laid solid foundations for future growth. As a result of progress made, the company now projects upwards of $20-25 million revenue during the third quarter.

QIND made significant improvements during the second quarter. ILUS International (Ilustrato Pictures International Inc., OTC: ILUS), which acquired the majority stake of the company, immediately implemented the change of control, and made changes to its board of directors to ramp up QIND's operations and close strategically aligned, revenue generating deals. This put QIND in the position to sign its first binding Letter of Intent and move towards its first of several acquisitions. During the second quarter, QIND also filed the necessary documentation to complete its name and ticker change from Wikisoft Corp. (OTCQB:WSFT). This change was approved and took place at the start of the third quarter.

QIND has substantial work in progress which was not accounted for in its second quarter results. On the 30^th of June 2022, QIND signed a binding Letter of Intent to acquire a 51% interest in a Dubai headquartered Process Manufacturing company. The Company, which is currently generating annual revenue of $100 million, manufactures custom solutions for the Oil and Gas, Energy, Water Desalination, Wastewater, Offshore and Public Safety sectors. Following signing of the final agreements and auditing of the process manufacturer's second quarter financials, QIND will be able to consolidate and file an 8-K in order that the audited figures are reflected in its financial results. QIND has already successfully completed its first tranche payment of $1 million towards completion of the acquisition. Following the strong progress that has been made during the second quarter, QIND is now positioned to execute further deals which it is currently negotiating.

Quality Industrial Corp.'s Chairman and ILUS CEO, Nicolas Link, commented: "I am pleased with the progress made in a very short period since and we are confident that we will achieve our 2022 revenue forecast. With such awesome deals in negotiation, we are hard at work to add the aligned businesses which will further accelerate our growth. I am also pleased with how quickly we managed to achieve our recent name and first choice ticker change. I anticipate further landmark deals in the back half of the year as QIND continues working closely with its parent company, ILUS International."

This Press Release does not constitute an offer of any securities for sale.

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/711768/Quality-Industrial-Corp-Outlines-Its-Progress-Following-the-Filing-of-Second-Quarter-of-2022-Disclosure

FAQ

What are Quality Industrial Corp's Q2 2022 financial results?

Quality Industrial Corp reported no revenue for Q2 2022 but anticipates $20-25 million in Q3.

What acquisition is Quality Industrial Corp planning?

QIND plans to acquire a 51% interest in a Dubai-based process manufacturing company generating $100 million in revenue.

When did Quality Industrial Corp change its name and ticker?

Quality Industrial Corp completed its name and ticker change from Wikisoft Corp at the start of Q3 2022.

What is the significance of ILUS International's acquisition of Quality Industrial Corp?

ILUS International's acquisition aims to enhance QIND's operations and facilitate revenue-generating deals.