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CLEVELAND, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, biotechnology, construction and building materials, is pleased to provide a recap of solid performance, milestones and achievements in 2018 and outlook for 2019.
The annual letter recaps the journey from a seven-employee company at the beginning of 2018 that generated $58,000 in revenue, to ending 2018 on a $40 million annual revenue run-rate with a conglomerate of operating businesses spanning various industries and 75 employees. Management expects at least 20% organic growth for 2019.
Since announcing our plans in late-2017 and with the progress made in 2018, we built a significant business foundation, which we feel is highly scalable. The business plan we introduced last year, and expanded upon over the past twelve months, is a transactional approach to value creation for the Company: acquiring businesses, integrating them, and growing them with the latest techniques and in a synergistic way. As a public company, this provides our shareholders the benefit of quickly growing revenue in a liquid ownership environment. This is precisely what we achieved in 2018:
We prioritize the creation of shareholder value. Our most recently reported revenue for Q3 2018 was a fraction of our current revenue rate, as our most significant acquisitions just closed over the past two months. Last year in our annual letter, we also predicted “high valuation objectives, in contrast to a private ownership structure,” if we were successful. This concept also proved to be correct in 2018 based solely on the limited revenue reported to date:
Our overall business strategy in 2019 is to pursue larger accretive acquisitions, grow our existing divisions, and streamline operations. This includes establishing a shared services group to centralize functions common to all business units, optimizing our banking and institutional relationships, and focusing on internal best practices through our “Source of Strength Doctrine.”
Our acquisition strategy pursues healthy businesses with good people and a growth plan. We do not do “turnarounds” due to their inherent risks, and their unique and extensive requirements. We are very happy with our current industry verticals. We are pursuing an automotive division. We may enter additional industries, but only if the opportunities are meaningful and will not detract from our focus on growing what we have.
We will add to our executive team, to ensure we successfully manage the complexities of a high growth organization and stay “ahead of the curve”. Additions will immediately be useful in finalizing uplist and registration objectives. These objectives remain in process, but were briefly eclipsed by our small team needing to focus on the significant opportunities we had to grow the company through two major acquisitions in Q4 2018.
Overall, our team is thrilled with where we are. There was a lot of hard work, some scary moments, and not everything always went according to plan. But we have a committed group of great people, who rallied around the mission, did their best, stayed focused, trusted each other, and ultimately achieved more than was thought possible one year ago.
We are extremely thankful not only to our team for their efforts, but also to our shareholders for giving us the opportunity and for your support, encouragement, patience, and enthusiasm. We could not have done these things without you. We look forward to continued progress in 2019, so please stay tuned and again, thank you for your support.
Daniel G. Martin,
Founder, Chairman, CEO
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.
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.