QIND to acquire 51% of Petro Line FZ-LLC for up to $1.53M in cash, contingent on milestones

Quality Industrial Corp.

Purchase price up to $1.53M in cash, paid in three tranches; first $500K due within 14 days of signing.
Remaining $1.03M payable over 12 months, conditional on Petro Line meeting minimum 2023 Revenue and EBITDA targets.
QIND will occupy three of five board seats; existing Petro Line board members hold the other two.
Petro Line reported 2022 sales of $3.565M and EBITDA of $1.533M; forecast 2023 sales $3.743M, EBITDA $1.610M.
Closing requires audited financials for past two years from a PCAOB-qualified auditor within 60 days.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Quality Industrial Corp. entered into Purchase Agreement with the shareholders of Petro Line FZ-LLC valued at up to $1,530,000 in cash (effective 2023-01-27).

Action: entry
Agreement: equity purchase
Counterparty: the shareholders of Petro Line FZ-LLC
Value: up to $1,530,000 in cash
Effective: 2023-01-27

Exact text from the filing

On January 27, 2023, we entered into a definitive Stock Purchase Agreement (the “Purchase Agreement”) with the shareholders of Petro Line FZ-LLC (“Petro Line”), a United Arab Emirates headquartered company to purchase 51% of the outstanding shares (the “Shares”).

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Source: SEC EDGAR

accession 0001663577-23-000048

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