Quality Industrial Corp. Restructures Al Shola Gas Purchase Price Obligations, Supported by $2.0 Million Share Exchange with Fusion Fuel
Globe Newswire•22/10/2026•08:00 ET
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Key Highlights
- ➤Fusion Fuel to issue 500,000 Nasdaq-listed Class A shares for QIND’s $2.0 million obligation
- ➤QIND’s $10.0 million Al Shola Gas purchase price remains unchanged
- ➤QIND has $6.98 million remaining payable by December 31, 2027
- ➤Al Shola Gas quarterly dividends begin in third quarter 2026, subject to board discretion
- ➤QIND removes debt financing, credit facility, equity line and bank guarantee commitments
Expert Statements
Carsten Kjems Falk, Chief Executive Officer and Interim Chief Financial Officer of QIND
“This is a milestone for QIND. The Amendment provides for quarterly dividend distributions from Al Shola Gas commencing from the third quarter of 2026, unless otherwise determined by the Al Shola Gas Board of Directors, which we believe could provide for cash generated by Al Shola Gas to be used by QIND for payment of its obligations and other working capital and general corporate purposes.”
Carsten Kjems Falk, Chief Executive Officer and Interim Chief Financial Officer of QIND
“Under the amended terms, $2.0 million of the purchase price will be satisfied through Fusion Fuel’s issuance of its Nasdaq-listed shares to the Al Shola Gas shareholders, and QIND will issue its own shares to Fusion Fuel in exchange, which we believe further aligns our two companies. Together with the removal of the legacy financing commitments, the 2027 payment schedule, quarterly dividends from Al Shola Gas and our option over the 49% ownership of Al Shola Gas held by the ASG Shareholders, we believe this restructuring puts QIND’s ownership of Al Shola Gas on a firmer footing and resolves any actual or alleged prior defaults under the SPA through the mutual waiver and release.”
Fusion Fuel to Issue 500,000 of its Nasdaq-Listed Class A Ordinary Shares to the Al Shola Gas Minority Shareholders, Subject to Closing Conditions, to Satisfy $2.0 Million of QIND's Purchase Price, in Exchange for $2.0 Million of QIND Common Stock
Restructuring Removes QIND's Debt Financing, Credit Facility, Equity Line and Bank Guarantee Commitments, Introduces Quarterly Dividends from Al Shola Gas and Grants QIND an Option to Acquire Al Shola Gas Individual Shareholders’ 49% Ownership Interest
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