CLEVELAND, Aug. 31, 2018 (GLOBE NEWSWIRE) — Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), has signed a letter of intent, and agreed to final structure for the acquisition of a $30 million revenue company in the Building Materials Industry. This will add to its current operations in commercial and industrial products and services, and its recent biotech acquisition.
This transaction represents a substantial, over five-times increase in Innovest’s revenue, and marks entry into its third industry sector. “This is a transformational acquisition for Innovest,” said, Chief Executive Officer, Dan Martin. “Because of the revenue, but also because the leadership of the organization is world class, well respected in their industry, and has a vision and plan for growth that I believe is highly likely to succeed in our model once we hit the switch.” Mr. Martin noted that the company has a unique model, which at the current sales rate is slightly profitable, and features low fixed costs and a growth strategy that projects increasing profits with significant sales growth. The target’s leadership group views Innovest as the ideal platform from which to launch their growth plan. The Building Materials Industry outlook is very favorable overall, and is trending toward consolidation, both of which are attractive to Innovest.
Discussions began in March 2018. In April, formal negotiations began. Innovest formally presented to the board of directors of the target company on June 11th, which approved and executed a proposed Letter of Intent at that meeting. Yesterday, after over two months of negotiating the structure of the transaction, Innovest learned that both parties have agreed on the long form documents and structure of the transaction. Because the transaction represents such a significant revenue boost to Innovest, both parties maintained confidentiality throughout the process until final terms and language were acceptable. Details of the transaction, once completed, will be disclosed in Innovest’s pending 2017 audit and forthcoming OTC Markets disclosures (as “Subsequent Events”). Both parties view the transaction as “very attractive”. Terms include a 100% acquisition of the target entity in exchange for the issuance of 5 million common shares, restricted, with a minimum value guarantee to be achieved in two years, and a high five-figure cash payment at closing. Closing is expected in the first half of September. Look for much more information to come soon.
“Our team has been very focused on some very meaningful projects, for several months. We’ve put smaller opportunities on hold and focused our efforts on these key initiatives. We are working hard to finalize several of these priorities this quarter,” said Mr. Martin. “We’ve got a talented team, who I appreciate immensely. We’re having fun, working hard, and looking forward to the many exciting things ahead.”
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is in the Conglomerates industry, a diversified holding company with operations in commercial and industrial products and services, energy, biotechnology, and health services. Our primary growth strategy is to acquire existing companies in a select few industries, and attract new customers in cost effective ways. Currently, we have a Commercial & Industrial Division, and a Biotechnology & Health Services Division.
Innovest owns 20% of StemVax Therapeutics which is the first company in its Biotech Division.
StemVax Therapeutics is a Translational Biotechnology Company that develops novel therapies for brain tumor patients. We focus our efforts on developing immunotherapeutic approaches to treating patients with Glioblastoma Multiforme (GBM), a devastating brain cancer. We also focus our research efforts on novel drug development to target Cancer Stem cells and other multi-resistant cancer cells. We seek to make a difference in patient’s lives. Bringing new beginnings to the market by developing novel therapeutics.
For more information, please visit: http://www.innovestglobal.com, and follow us on Twitter and Facebook @innovestglobal.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company’s future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company’s filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Disclaimer:
Spotlight Growth is compensated, either directly or via a third party, to provide investor relations services for its clients. Spotlight Growth creates exposure for companies through a customized marketing strategy, including design of promotional material, the drafting and editing of press releases and media placement.
All information on featured companies is provided by the companies profiled, or is available from public sources. Spotlight Growth and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on external sources that Spotlight Growth believes to be reliable, but its accuracy is not guaranteed. Spotlight Growth may create reports and content that has been compensated by a company or third-parties, or for purposes of self-marketing. Spotlight Growth was compensated two thousand five hundred dollars cash and fifty thousand restricted shares for the creation and dissemination of this content.
This material does not represent an investment solicitation. Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management.
The above communication, the attachments and external Internet links provided are intended for informational purposes only and are not to be interpreted by the recipient as a solicitation to participate in securities offerings. Investments referenced may not be suitable for all investors and may not be permissible in certain jurisdictions.
Spotlight Growth and its affiliates, officers, directors, and employees may have bought or sold or may buy or sell shares in the companies discussed herein, which may be acquired prior, during or after the publication of these marketing materials. Spotlight Growth, its affiliates, officers, directors, and employees may sell the stock of said companies at any time and may profit in the event those shares rise in value. For more information on our disclosures, please visit: https://spotlightgrowth.com//disclosures/