CLEVELAND, Ohio, Oct. 22, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets:IVST) (the “Company” or “Innovest”), announces that the previously announced 'Letter of Intent' to acquire a $30 million revenue generating company has been voted on in final form by that company and approved. Innovest Global will now enter the Building Materials industry with the purchase of Authority National Supply (ANS). The ANS Board of Directors voted to approve the transaction after receiving a super majority approval from its members. Innovest will ceremonially close the acquisition on Thursday, October 25th at 5 PM EST to kick-off our previously scheduled open house. In 2017, ANS generated $24.5 million in revenue. This transaction increases Innovest’s annual revenue by over 500% (five-hundred percent).
This transaction gives Innovest and Ohio based Authority National Supply (ANS) a prime opportunity to quickly add revenue in the growing building materials industry. Tony Crookston, ANS Chief Executive Officer, stated, “Taking ANS public with the Innovest model is exactly the tool I need to capitalize on the tremendous opportunities ANS has to grow.” In addition to being a group purchase organization (GPO) with a large pipeline of new potential business, ANS has an acquisition model, which Mr. Crookston intends to pursue aggressively, “We have twenty member-owners which are also owners of building materials businesses across the country. Let that sink in for how quickly I believe we can grow this division. Innovest just got started. We evaluated Innovest’s modest revenue and current valuation, compared to how much we believe that value will increase over time with us on the team. It was a no-brainer for our owners to take a stock deal, and lock arms with Innovest to make that growth a reality. Damon Mintz worked extensively with our owners to make this transaction a reality, and I am ecstatic to work with him and the Innovest team led by their CEO Dan Martin, to make this new Innovest division a dominant player in the building materials industry.”
“Tony is highly respected in the building materials industry. He is an amazing leader with a clear vision for growth, as indicated by the success of ANS and their large board of directors running successful businesses. He’s one of the most focused and determined people I have ever met,” said Dan Martin, Innovest’s Chairman and Chief Executive Officer. “Damon Mintz, running our acquisition team and organic growth efforts, continues to set the bar for our growth and put us in a position to exceed our goals. This is a great moment for Innovest.”
ANS informed Innovest on Friday October 19th that it had reached the supermajority vote required to complete the transaction. Both parties agreed that Innovest’s upcoming Thursday evening open house at the new world headquarter facility, was a perfect opportunity to schedule a closing ceremony and celebration. Details of this transaction were announced by Innovest, on August 31, 2018, and look for more to come soon!
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, a Biotechnology & Health Services Division, and our new Building Materials Division.
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.
Contact Information
Corporate Office:
(216) 815-1122
info@innovestglobal.com
Twitter @innovestglobal
Investor Relations:
Hayden IR
(917) 658-7878
hart@haydenir.com