Mergers and Acquisitions company, ILUS International Inc (OTCMKTS:ILUS) on September 26, 2022, confirmed securing subsidies for the first ILUS investment project in Serbia and the finalization of the mobilization plan.
Trading Data
On Monday, ILUS stock slumped 3.40% to $0.0965 with more than 9.10 million shares, compared to volume of 8.84 million shares. The stock moved within a range of $0.0956 – 0.1120 after opening trade at $0.1029.
ILUS Confirms Its First Investment Project in Serbia
The company, which focuses on acquiring as well as growing public safety and industrial companies globally, had meetings with the Development Agency of Serbia and the City of Čačak Municipality.
Mayor of Čačak, Milun Todorovic said that the city is proud on welcoming ILUS for a long-term partnership creating thousands of jobs in the next decade. Todorovic further stated that it will also strengthen the economy in the region. The Mayor expressed delight in manufacturing innovative products in the region by local people and exporting to different parts globally.
ILUS secured about $8 million in government subsidies for ILUS EV Technologies.
ILUS Managing Director, John-Paul Backwel confirmed the start of the first set of projects in Serbia, where the company has secured benefits for boosting global manufacturing capability.
Backwel added that more sites are being discussed and significant contracts for negotiated for subsidiaries in Southern and Eastern Europe. He also said that the mobilization in Serbia is part of the bigger conglomerate plan for controlling large-scale manufacturing in Europe, the US, and the Middle East.
ILUS CEO, Nick Link said that the company has formed a long-term partnership with the Serbian government, giving large-scale manufacturing capability. The CEO further stated that it is just the first project and larger deals are on the horizon.
Key Quote
“Our city is proud to welcome ILUS International for a long-term partnership which is creating thousands of jobs over the next ten years and strengthening the economy in our region. We are pleased that such innovative products will be manufactured in our region by our local people and exported to all parts of the world,” said Mayor of Čačak, Milun Todorovic.
Technical Data
ILUS stock is trading above the 20-Day and 50-Day Moving averages of $0.0935 and $0.0841 respectively. However, the stock is trading below the 200-Day moving average of $0.1493.
