Quality Industrial Corp. (OTCPK:QIND) entered into a definitive stock purchase agreement to acquire 51% stake in Petro Line FZ LLC for $1.53 million on January 27, 2023. Consideration will be paid in three tranches.

$0.5 million will be paid within 14 days of signing the Share Purchase Agreement and remaining $1.03 million under the Purchase Agreement will be paid out over the next 12 months in two further tranches conditional upon Petro Line meeting minimum Revenue and EBITDA targets for 2023.