NEW YORK, NY / ACCESSWIRE / January 11, 2024 / Samsara Luggage, Inc. (OTCQB:SAML) was formerly a manufacturer and distributor of luggage and following a change in business direction, the company is now a Mergers and Acquisitions company focused on acquiring and growing companies in the public safety sector. This change in business direction follows the acquisition of the majority stake in SAML by Ilustrato Pictures International Inc. (OTC: ILUS).
As per the Form 8-K filed by SAML on January 9, 2024, the company confirmed that ILUS acquired a convertible note from YAII PN, LTD with outstanding principal and accrued interest of $600,684.93. On January 5, 2024, ILUS converted the note into 150,753,425 shares of SAML common stock. As a result of the conversion, as of January 5, 2024, ILUS acquired control of 91.5% of the outstanding shares in SAML.
SAML confirms that its existing luggage business will be spun out and ILUS intends to merge in several of its existing Emergency Response focused companies in return for a stock consideration to Shareholders of ILUS. The company confirms that going forward, it will function as the Emergency Response subsidiary of ILUS, known as Emergency Response Technologies (ERT).
SAML plans to change its name and ticker as appropriate for its change in business direction. This shall take place in connection with a short form merger with its wholly owned subsidiary, Emergency Response Technologies, in accordance with NRS 92A.180. The corporate action will be submitted to FINRA and will be effective once a market effective date is provided by FINRA.
SAML is planning the aggressive expansion of Emergency Response Technologies in order to execute the business plan of its parent company, ILUS. The company has made its own funding arrangements in order to execute its growth plan. In addition to the merging in of existing ILUS assets, the company is considering further acquisition options, whereby negotiations have taken place or are currently taking place. This includes the possible acquisition of a US headquartered emergency vehicle manufacturer and distributor. Following execution of its initial growth plan, SAML intends to uplist to a major stock exchange.
Mrs. Atara Dzikowski, and Mr. David Dahan have resigned from all their positions with SAML. Nicolas Link was appointed as SAML's Chairman of the Board and John-Paul Backwell was appointed as the company's Chief Executive Officer and Director. Dan Peters will serve as President of SAML, and further appointments will be made to the company's board and management team.
Over the course of the coming weeks, SAML will provide a number of updates to Shareholders as assets are merged in and business progress is made. SAML Shareholders are urged to keep an eye on the company's ERT website and ERT Twitter account, the details of which are listed below:
Websites: https://ert-international.com
Twitter: @ERT_ILUS
Email: info@ert-international.com
FORWARD-LOOKING STATEMENTS
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SOURCE: Samsara Luggage Inc.
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