CLEVELAND, March 16, 2018 (GLOBE NEWSWIRE) -- Innovest Global, Inc. (OTC PINK:IVST) Commercial & Industrial Division has signed a Letter of Intent to acquire an Energy business producing $1.2 million in residual income annually, and made significant progress this quarter towards its Energy growth and expansion strategy, which was announced in January as being a one-stop, commercial and industrial energy efficiency solutions provider.
Innovest has signed of a Letter of Intent to acquire 100% ownership of a $1.2 million annual revenue Energy Procurement business. The acquisition would increase baseline Commercial and Industrial revenue to $800,000 per quarter. It features more than 300 commercial and industrial clients, which Innovest Energy Group would immediately access for synergistic sales of lighting and efficiency solutions. The ability for Innovest to sell these clients additional products and services, was a reason both parties cited for wanting the acquisition to happen. The agreement is subject to due diligence and acceptance of final documents. It is structured as a share exchange, and expected to close no later than May 1, 2018.
Earle M Jorgensen Company, one of the largest steel distributors in North America, has signed a 5-figure contract to upgrade to LED lights at its Bedford Heights location. This is a continuation of the trend toward larger and more successful clients. “Our testimonials have really shown that we are exceeding expectations in the market,” said Division President, Damon Mintz. “The LEEP financing program which results in a monthly payment for the new lighting job and energy bill combined, that is less than the current energy bill alone, is driving our small commercial sales. But the professionalism and the commitment to excellence of our team, and being a division of a public company, are a big part of why major organizations and large companies are signing with us. We set the bar for reliability, follow through, and professionalism.”
Also, Shepherd Energy Solutions (SES) has executed a strategic partnership agreement to begin production of its new, proprietary Demand Cost Reduction Solution. This technology reduces the demand charge by 50% - 70% for qualified commercial and industrial clients. SES expects to begin installations on customer sites by the end of the 2nd quarter. More to follow on this exciting technology we are taking to market.
It has been a busy month at Innovest, for both the Commercial & Industrial Division, and the forthcoming Biotechnology & Health Sciences Divison. Look for much more information to come soon. As noted consistently, the company 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 contact info@innovestglobal.com, or call Innovest investor Relations Matt Rego at 216.815.1122.
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