CLEVELAND, March 22, 2018 (GLOBE NEWSWIRE) — Today, at 11:47 AM, Innovest Global, Inc. (OTC PINK: IVST) closed the acquisition of H.P. Technologies, an Energy business producing $1.2 million in residual revenue annually.
Most importantly, industry pioneer Dennis Giancola, H.P.’s owner, is joining the Innovest Energy team. Dennis was Ohio’s first independent commercial energy broker. He is a Board Member of Energy Professionals of Ohio. His background is in energy efficiency, and H.P. is licensed for both gas and electric in ALL deregulated states. “The respect that Dennis has earned within our industry and among his peers, is without equal,” said Division President, Damon Mintz. “He is exactly the person we need, to take full advantage of the opportunities before us.”
Mr. Giancola is equally enthusiastic. “This is an unprecedented time of opportunity in the Energy business,” he said. “I’m determined and frankly, fired-up, to be part of a team that is so focused, and so well equipped to go after it.” The immediate integration is designed to result in a significant increase in synergistic sales, which would result in both revenue growth and profit. Additionally, it is the first acquisition by Innovest which results in a direct expansion of one of its primary current offerings.
Innovest’s Commercial and Industrial Division has acquired the full service procurement business and it increases baseline quarterly revenue forecast for the division to $800,000. H.P. Technologies features more than 300 commercial and industrial clients, which Innovest Energy Group will immediately access for synergistic sales of lighting and efficiency solutions. Its location on the West Side of Cleveland is ideal, and represents a perfect geographic expansion to the current East Side operation of Shepherd Energy, Innovest’s first Energy Group acquisition.
It has been a busy month at Innovest, for both the Commercial & Industrial Division, and the forthcoming Biotechnology & Health Sciences Division. Look for much more information to come soon. As noted consistently, IVST will increasingly use Twitter, which can be accessed both on Twitter @innovestglobal and on the front page of our website www.innovestglobal.com, for important company updates. This includes information that may be material, so please follow us and visit our website regularly! For more information on Innovest Global, Inc. (OTC Pink: IVST) contact email@example.com, or call Innovest investor Relations Matt Rego at 216.815.1122.
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