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CLEVELAND, Sept. 05, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a Conglomerate with operations in commercial and industrial products and services, and biotechnology, had a busy August which began with major Biotech news and ended with the announcement of a $30 million revenue pending acquisition.
Last Friday, Innovest detailed a pending acquisition, which would enter it solidly into the Building Materials industry with $30 million in annual revenue, and a growth plan. This transaction represents a substantial, over five-times increase in Innovest’s revenue, and entry into its third industry sector. Details included a months-long process that resulted in a signed Letter of Intent, agreed final structure, and a closing expected in mid-September.
Earlier in August, the fall Biotech conference schedule was released. “With the recently announced patent approval, and obtaining exclusive worldwide rights to the technology, we believe that now is the time to collaborate with other scientists that have technologies which serve Innovest’s mission and could benefit from the relationship,” said Dr. Dwain Morris-Irvin, Biotech Division President and the StemVax founder. Dr. Morris Irvin and his team will be attending two conferences this fall: the Society for Neuroscience (SFN) 48th annual meeting, “Neuroscience 2018”, November 3-7 in San Diego, CA, and the BIO Investor Forum October 17-18 in San Francisco, CA.
Innovest’s base operations continued to grow, including focused marketing efforts resulting in coverage in such publications as the Los Angeles Business Journal. Not only were sales once again at record levels, but the Call Center business is now generating double the baseline revenue it was generating just a few months ago, when it was acquired, highlighting managements focus on successful integration of acquired entities and helping them succeed.
The Company’s stock price grew 33.1% in August, from $.20 starting the month to closing August 31 at $.2663. Innovest maintains an unchanged free-trading float of 11,796,710 common shares with no convertible debts, no warrants or options outstanding, and employs 45.
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.
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.