CLEVELAND, Dec. 24, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, biotechnology, and building materials, announces that it closed the acquisition of Midwest Curtainwalls (“Midwest”) on Friday afternoon.
Innovest has now completed seven transactions to round out a business platform which features $50 million in annual revenue run-rate, from two operating divisions; as well as a Biotech Division, which owns an interest in a developmental brain cancer vaccine. Ninety percent of that revenue has been acquired in the last 45 days. The initial operating companies have grown by approximately 50% since acquisition, and have integrated synergistically.
Dan Martin, Innovest’s founder, Chairman, and Chief Executive Officer started Innovest just one year ago. “We’ve added tremendous intrinsic value to Innovest, while issuing minimal stock, no long-term debt, no risky financing transactions, and a focused effort to grow those assets once acquired. Our 2019 plan will be announced soon and involves all of the tools and progress we will need to supercharge our growth and capture that value for stockholders,” he said. “Merry Christmas and Happy Holidays to all of our stockholders, which we appreciate greatly for their confidence. Their support has given us the momentum and opportunity to grow, and I’m extremely thankful to our team for serving that opportunity to an amazing level.”
John Yenges, who has been running Midwest as EVP is now it’s President. “The acquisition was enthusiastically received by our client pipeline and our team, and I’m excited to couple Midwest with the philosophies and opportunities Innovest provides. I expect spectacular results,” said John Yenges. Dan Martin stated, “John doesn’t just ‘fit in’ with Innovest, he adds to Innovest. He brings a unique skillset, his own high energy, great ideas, and a motivated team. He’s a true professional and a wonderful person and we are all thrilled to work with him and the people at Midwest”.
More about Midwest:
Midwest (click here for their website) has been in business since 1959 and is an industry leader. Their work has international appeal having done major projects in the United States, Barcelona Spain, London England, and Hong Kong. Midwest will add to our Construction & Building Materials Division. They generate eight-figures in annual revenue from specialty commercial construction contracts. This transaction is our most profitable acquisition to-date. It requires the issuance of 2 million restricted common shares of stock with a two-year guarantee, a ten-percent profit sharing arrangement based 2019 booked contracts, and the assumption of approximately $500,000 in ongoing standard banking obligations which are current and in good standing. Midwest is cash-flow positive in the low seven-figure range.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is a conglomerate 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 Division, and a Construction & 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