QIND Signs Binding Agreement with Actelis Networks

Quality Industrial Corp. (OTC PINK:QIND) has signed a binding term sheet with Actelis Networks, Inc. Actelis plans to acquire 61% to 75% of QIND's issued shares, pending customary closing terms.

Actelis Networks specializes in cyber-hardened networking solutions for IoT applications, serving federal, state, and local governments, among others. Actelis' technology aims to enhance QIND's operational efficiency and unlock new growth opportunities.

QIND's CEO, John-Paul Backwell, expressed optimism about the partnership, highlighting potential business efficiencies and future acquisitions. QIND reported $11 million in revenue and $1.8 million in net income in 2023 and continues to project significant growth for 2024.

The agreement includes a non-solicitation obligation and a break-up fee, with plans to close the transaction within 60 days.