ILUS International (OTCMKTS:ILUS) has acquired four companies this year, and is on the verge of finalizing three more during the last quarter of 2021! FireBug is the company’s first acquisition – a firefighting equipment and emergency services vehicle manufacturer that holds its own patented water mist firefighting nozzle technology.
It has just been announced that FireBug has received the United Kingdom patent acceptance for its Mongoose external firefighting lance. This is a crucial step towards wider patent approval in the US and other important global markets for this cutting edge technology.
ILUS Managing Director, John-Paul Backwell gave encouraging news to shareholders that they are still working towards product development, partnerships and sales growth, despite October being a very busy month. The UK patent acceptance is vital for the protection of their IP and continued sales momentum. The Mongoose is a disruptive product for the firefighting industry. It provides the safest most cost-effective and practical method for tackling compartment fires.
Nick Link, CEO of ILUS says that sales of Mongoose have been steadily going up since they acquired FireBug in January. The UK patent not only builds on credibility in markets where the company has established a presence, but it is a major step to getting this product patented globally as well.
Market Reaction:
On Tuesday, ILUS stock fell 5.55% at $0.3233 with more than 19.79 million shares, compared to its average volume of 30.97 million shares. The stock has moved within a range of $0.3030 – 0.3500 after opening the trade at $0.3450.
