CLEVELAND, Ohio, Dec. 18, 2017 (GLOBE NEWSWIRE) — Innovest Global, Inc. (OTC PINK:IVST) annual letter to shareholders summarizes business plan, goals, accomplishments, and items that poise the company for growth.
To our Shareholders: Innovest made significant strides in 2017 setting the foundation to accomplish our objectives. Our business model is a transactional approach to value creation for the Company: acquiring businesses, integrating them, and growing them with the latest techniques and in a synergistic way. As a public company, this provides our shareholders the benefit of quickly growing revenue in a liquid ownership environment. That includes high valuation objectives, in contrast to a private ownership structure that is less valuable and less liquid. It also provides unique opportunities for Innovest to remain nimble, enter new markets, be diversified and therefore not exposed to the risk of a single industry, and take advantage of new opportunities. Our goal is to grow by acquiring companies in a few key industries, meet the business requirements of NASDAQ, AMEX, or NYSE; uplist to one of them, and continue to expand our business model.
As we close 2017, our annual report will reflect the new business foundation, as well as an exit from the mining activity that the company had previously endeavored. Management is enthusiastic about the changes that will be reflected on the year-end balance sheet, as well as the current lack of long-term debt, and the capital structure of the business, which is attractive for both growth and the transactional opportunities that we expect.
Good people make a difference. Our CFO, Mike Yukich, has served as a CFO at the highest levels in business at the Fortune 500 level, and the CFO of a diversified holding company similar to Innovest, which grew to $600 million in sales. Our corporate attorney, Christopher Hubbert of Kohrman Jackson & Krantz, is an OTCQX Sponsor and has helped many successful companies navigate both mergers and acquisitions, and the public markets. And our first independent Board Member, John Klopp, is the CEO of a successful second-generation platform money manager and an equities expert. We have also engaged Matt Rego and Spotlight Growth, a successful investor relations company that provides full-service IR and market awareness services to emerging growth companies. And other incredible people, in many areas.
Business progress in 2017 includes our first completed acquisition, which distributes durable goods in a business-to-business setting and has a 35 year history, including having been awarded the master contract post-911 from the US Postal Service to supply nitrile safety gloves to the nations 44,000 post offices. This marks our first industry focus, which is durable goods sales to commercial and industrial clients. For Innovest, this also means that we are generating revenue, a benchmark that will be reflected in Q4 financials.
Secondly, we have signed a letter of intent to acquire a full-service commercial and industrial energy solution that provides an all-in-one offering: procurement, management, and efficiency solutions for commercial and industrial clients. According to the 2017 Power and Utilities Trends report by PwC, current trends in the industry are a “Blueprint for a Service Based Model”, such as the model Innovest has found in this company.
Our next development is that are currently test marketing a unique telemedicine/telehealth service, which, if we feel warrants full commercialization, would mark entry into the consumer telehealth market. Available in both Spanish and English, our service is a solution to the health crisis posed by the volatility and complications of the national Health Insurance debate. This would provide a consumer division that also scales culturally for a wide domestic audience.
Finally, we are exploring a retail auto division. We conducted preliminary due diligence on a Midwest group of franchised auto dealers, with revenue in excess of $150 million annually, and utilized our relationships and expertise to secure a commitment letter for funding 100% of the eight-figure anticipated purchase price. Based on this progress, we have initiated other efforts to determine whether this is an industry we want to pursue, and are involved in multiple discussions with potential sellers and partners.
The foundation we have put in place, momentum we have generated with potential acquisition candidates, and ongoing communications efforts have us poised to accomplish big things in 2018. We will continue to evolve the company with creativity and focus.
Throughout 2017, we communicated several times with news releases. We will continue to use news releases for certain items, but please also follow us on Twitter https://twitter.com/innovestglobal as we will use it regularly to highlight material information. Thank you for your support!
Daniel G. Martin,
For more information on Innovest contact email@example.com, or call Innovest investor Relations Matt Rego at 216.815.1122.
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